Clark Atlanta University (CAU) announced that it will be one of the historically black colleges and universities which will prepare students for equity or alternative-credit investing careers, as a part of an extensive $90 million joint initiative.
The AltFinance: Investing in Black Futures”™ is an initiative which will be administered by ALT Finance Corp. This nonprofit was established by Apollo Global Management, Inc., Ares Management Corp., and Oaktree Capital Management LP. Each one of the firms committed $3 million a year, over a period of 10 years to fund it, according to details.
Clark Atlanta University will kick off Alt Finance’s initiative. It is meant to attract, train, and provide career development, offer mentor fellowships, and scholarship opportunities for college students who attend CAU, Morehouse
or Spelman College. The three inaugural HBCUs are part of the Atlanta University Center Consortium (AUCC), according to the announcement.
The Wharton School said that their role will be proving a best-in-class virtual institute offering educational materials and tools.
“We are proud to play an important role in the creation of AltFinance which, through its efforts to support HBCUs, will make an immediate and positive difference for students of color,” Erika James, dean of The Wharton School explained.
Additionally, the virtual institute will be open to HBCU program participants. They will receive coursework and supplementary content developed by top professors and finance professionals. CAU’s press release also stated that students who are selected for mentored fellowships will be able to work with a mentor from the industry. According to The Wharton School, the fellowship component will entail partnership with Management Leadership for Tomorrow (MLT). This national nonprofit organization works to ensure that Black, Hispanic/Latino and Native Americans are able to thrive at the highest corporates levels in America. John Rice, founder and CEO of MLT, added that the alternatives investment industry is very influential.
“It’s a field for smart, creative and passionate people who can develop and execute ideas that break the mold. HBCU students should be prominent among the next generation of leaders for the industry,” Rice remarked. “AltFinance will be transformational for its future participants. They will have the chance to learn about investing and apply those skills to accelerate their trajectory as well as have a positive impact on our communities. It will be a game-changer for every one of them.”