Key Takeaways
- • Howard University selected as one of four HBCUs to participate in "AltFinance: Investing in Black Futures™," a $90 million, 10-year joint initiative to create diverse talent pipelines into the alternative investment industry.
- • Apollo Global Management, Ares Management Corporation, and Oaktree Capital Management each commit $3 million annually for a decade—the first major multi-firm commitment of its scale to diversify opportunities in alternatives investing.
- • Program delivers three core components: a mentored fellowship program, a tailored virtual institute, and scholarship funding to address barriers HBCU students face entering private equity and alternative finance careers.
- • Partnership includes Howard University, Morehouse College, Spelman College, and Clark Atlanta University; administered by ALT Finance Corporation, a nonprofit established by the three founding firms.
Summary
Howard University has been named a principal partner in "AltFinance: Investing in Black Futures™," a $90 million initiative launched jointly by three leading investment firms to diversify the alternative investment industry. Apollo Global Management, Ares Management Corporation, and Oaktree Capital Management established the program, with each firm committing $3 million annually over 10 years. The initiative marks the first major multi-firm commitment of this magnitude focused specifically on increasing opportunities for Black students in alternatives investing.
The program targets four historically Black colleges and universities: Howard University, Morehouse College, Spelman College, and Clark Atlanta University. AltFinance addresses a critical talent pipeline challenge by creating structured pathways for HBCU students to enter careers in private equity and alternative finance—sectors historically underrepresented by Black professionals. The initiative operates through three coordinated components: a mentored fellowship program pairing students with industry professionals, a customized virtual institute providing tailored training and skill development, and a scholarship program reducing financial barriers to participation.
Howard University President Wayne A. I. Frederick credited the three investment firm leaders—Marc Rowan (Apollo), Michael Arougheti (Ares), Howard Marks (Oaktree), and Bruce Karsh (Oaktree)—for their commitment to eliminating systemic barriers facing HBCU students. Howard University School of Business Dean Anthony Wilbon expressed enthusiasm for the partnership, underscoring the School of Business's role in advancing diversity within finance. The initiative is administered by ALT Finance Corporation, a nonprofit entity established by the three founding firms to oversee program implementation and ensure accountability to participating institutions.
The program targets four historically Black colleges and universities: Howard University, Morehouse College, Spelman College, and Clark Atlanta University. AltFinance addresses a critical talent pipeline challenge by creating structured pathways for HBCU students to enter careers in private equity and alternative finance—sectors historically underrepresented by Black professionals. The initiative operates through three coordinated components: a mentored fellowship program pairing students with industry professionals, a customized virtual institute providing tailored training and skill development, and a scholarship program reducing financial barriers to participation.
Howard University President Wayne A. I. Frederick credited the three investment firm leaders—Marc Rowan (Apollo), Michael Arougheti (Ares), Howard Marks (Oaktree), and Bruce Karsh (Oaktree)—for their commitment to eliminating systemic barriers facing HBCU students. Howard University School of Business Dean Anthony Wilbon expressed enthusiasm for the partnership, underscoring the School of Business's role in advancing diversity within finance. The initiative is administered by ALT Finance Corporation, a nonprofit entity established by the three founding firms to oversee program implementation and ensure accountability to participating institutions.
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