ATLANTA, GA — Morehouse College and Atlanta University Center institutions, Clark Atlanta University and Spelman College, are the first academic partners in the ten-year, $90 million AltFinance: Investing in Black Futures initiative. This initiative was launched by Global Management, Inc., Ares Management Corporation, and Oaktree Capital Management, L.P. to train talented students to work in the alternative investment industry.
Aside from stocks, bonds and cash, alternative investments include precious metals, real estate, commodities, private equity, hedge funds, venture capital, financial derivatives and cryptocurrencies, among others. The program would give scholarships, mentor fellowships and virtual instruction in the field to students at Morehouse and other historically Black colleges or universities, or HBCUs.
“Morehouse is preparing our students to lead the world of tomorrow, and that includes the alternative investment industry,” stated Morehouse College president David Thomas, Ph.D. “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 will each contribute $3 million per year for the next ten years to manage the program, marking the first large multi-firm commitment to expand opportunities in the alternative businesses in collaboration with HBCUs.
The project aims to diversify the alternative investment business by attracting, training and offering job opportunities for AUC students. It is expected to begin in the first half of 2022 and may eventually grow beyond the three initial partner HBCUs.
Please visit altfinance.com for more information on AltFinance.
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