Three investment firms are launching a joint initiative aimed at attracting more Black talent to their industry, which has struggled to do so despite numerous attempts over the years.
Apollo Global Management Inc., Ares Management Corp. and Oaktree Capital Management LP are committing a total of $90 million over 10 years toward the effort, which involves partnering with historically Black colleges and universities, or HBCUs, executives from the firms said.
AltFinance, as the initiative will be known, will include a mentored fellowship, a scholarship program and a virtual institute offering curriculum designed by the University of Pennsylvania’s Wharton School. The fellowship and scholarship, which will initially be available to students from Clark Atlanta University, Morehouse College and Spelman College, are aimed at preparing students for careers in private-equity or alternative-credit investing.
The virtual institute will be available to students at any HBCU that opts to participate.
The three firms are forming a nonprofit foundation called Alt Finance Corp., which will administer the programs. Each is committing $3 million a year to fund the organization for the next decade.
Source: Wall Street Journal
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