ATLANTA—Morehouse College and Atlanta University Center institutions Clark Atlanta University and Spelman College are initial academic partners in the ten-year, $90 million AltFinance: Investing in Black Futures initiative launched by Global Management, Inc. (Apollo), Ares Management Corporation (Ares) and Oaktree Capital Management, L.P. (Oaktree) to train talented students to work in the alternative investment industry. Alternative investments include assets aside from stocks, bonds, and cash, such as precious metals, real estate, commodities, private equity, hedge funds, venture capital, financial derivatives, and cryptocurrency, among others. The initiative will provide students at Morehouse and other historically Black colleges or universities (HBCU) with access to scholarships, mentor fellowships, and virtual education in the field.
“Morehouse is preparing our students to lead the world of tomorrow, and that includes the alternative investment industry,” said David Thomas, Ph.D., Morehouse College president. “As our graduates who are now leaders in the industry have shown, those who control financing often have an outsized impact on societal and economic outcomes. As men of color intensify their roles as drivers of economic ingenuity and commercial innovation, it is imperative that they have intimate knowledge of the intricacies of complex, alternative investment strategies. Our partnership in the AltFinance initiative will further open doors of opportunity for Morehouse and other HBCU students to push the boundaries of the status quo and to create new avenues for equitable access to wealth-building vehicles, capital, private funds, and financial tools which will grow businesses and empower enterprising minds.”
Apollo, Ares, and Oaktree are each contributing $3 million per year for 10 years to run the program, marking the first major multi-firm commitment to increase opportunities in the alternatives industry in partnership with HBCUs.
The initiative is designed to diversify the alternative investment industry by attracting, training, and providing career opportunities for college students at the AUC. It is expected to launch by the first half of 2022 and may expand beyond the three-initial partner HBCUs in years to come.
For additional information on AltFinance, please visit altfinance.com.