Alternative investment firms Apollo Global Management, Ares Management, and Oaktree Capital Management have announced a ten-year, $90 million initiative aimed at diversifying the industry by supporting students at historically Black colleges and universities (HBCUs) who are interested in finance.

With the goal of providing pathways into careers in alternative investing, a sub-section of asset management focused on private equity and credit, venture capital, real estate, and infrastructure, AltFinance: Investing in Black futures will provide HBCU students with access to education, training, mentorship, scholarships, internships, and full-time career opportunities. To that end, each firm will commit $3 million a year in support of a mentored fellowship program in partnership with Management Leadership for Tomorrow (MLT), intensive courses through a virtual institute created by the Wharton School of the University of Pennsylvania, and a need-based scholarship program. To be launched in early 2022 with members of the Atlanta University Center Consortium — Clark Atlanta University, Morehouse College, and Spelman College — as initial partner institutions, the programs may be expanded to other HBCUs.

"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," said Morehouse College president David Thomas. "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."

(Photo credit: AltFinance: Investing in Black futures)