Washington, DC, June 2022 – AltFinance, a program created to increase diverse representation across the alternative investment industry, announced Thursday that it is contributing a $2 million gift to its Historically Black Colleges and Universities (HBCU) founding partners, Howard University of Washington D.C. and the Atlanta University Center institutions: Clark Atlanta University, Morehouse College and Spelman College.
Each of the four liberal arts institutions will receive $500,000 from AltFinance to further support their alternative investment fellowship program, which seeks to educate, train, mentor, and guide HBCU students into successful careers in the alternative asset management industry.
This donation commemorates the one-year anniversary of the launch of AltFinance. Over this time, AltFinance hosted 12 networking and information sessions reaching more than 200 HBCU students. The program’s first cohort, which launched in January 2022, includes 31 students from across the four founding schools. The majority of these students have secured highly-competitive internships in the alternative investment industry or at investment banks this summer, gaining valuable real-life experience and continuing to be in regular contact with their AltFinance mentors.
The fellows, faculty, and administration from each of these schools have been integral in helping AltFinance build a successful fellowship program in partnership with nonprofit Management Leadership for Tomorrow (MLT) as well as establishing the AltFinance Institute, a mix of top-tier virtual academic content in partnership with The Wharton School of the University of Pennsylvania.
“The partnership between these four colleges and universities and AltFinance has already begun to create meaningful and lasting impact for HBCU students, the alternative investments industry, and our shared future,” stated Marcus Shaw, CEO of AltFinance. “We have established a solid foundation in our first year of work, and we look forward to continued collaboration with the students and staff from each school over the next several years. This is just the beginning of our work, establishing a best-in-class alternative investment fellowship program.”
Launched in June 2021, AltFinance is a collective effort and cross-sector partnership to address the diverse talent pipeline challenges facing the alternative investment industry. Apollo Global Management, Ares Management Corporation, and Oaktree Capital Management have come together by committing to contribute a total of $90 million over 10 years to help HBCU students interested in finance gain exposure, mentorship, and hands-on experience to jumpstart a long-term career in the alternative financial industry.
“AltFinance has not only introduced students to investing, but it has also tapped into their entrepreneurial spirit, which are key elements of a career in the alternative investment industry,” stated Clark Atlanta University School of Business Dean Silvanus Udoka.
AltFinance has three main pillars: AltFinance Fellowship, AltFinance Institute, and AltFinance Scholarship:
- The Fellowship provides students from partner HBCUs intensive preparation, mentorship, and guidance for breaking into a career in alternatives;
- The Institute will provide students at all HBCUs with virtual courses and programming to build financial acumen;
- The Scholarship provides program fellows with need-based funding each year they are in the program to pursue their academic endeavors.
“The AltFinance Fellowship program has provided our students an opportunity to join a trillion-dollar, fast-paced and limitless industry that impacts innovation and finances projects in important industries such as healthcare, technology, and the service sector,” stated Dean Anthony Wilbon, Ph.D of Howard University School of Business.
“Financial leadership is among the most important attributes of a Morehouse student and graduate,” said David A. Thomas, Ph.D., Morehouse College President. “Our partnership with AltFinance will empower our students to become financial change agents who can not only build wealth for themselves, but also foster sustainable prosperity in challenged communities for individuals and families from all economic backgrounds. We continue to prepare professionals who can catalyze a more equitable financial future based on broader access to investment opportunities.”
“We are proud to partner with AltFinance to help increase the number of Black women working in alternative investments,” stated Spelman College President Mary Schmidt Campbell, Ph.D. “This donation is very timely in supporting student learning as Spelman launches the Center for Black Entrepreneurship in partnership with Morehouse College.”
Learn more about AltFinance by visiting www.altfinance.com.