Key Takeaways
- • Three leading alternative investment firms—Apollo Global Management, Ares Management Corporation, and Oaktree Capital Management—committed $30 million over 10 years ($3 million annually per firm) to establish "AltFinance: Investing in Black Futures™," a diversity initiative targeting HBCUs.
- • Howard University, Morehouse College, Spelman College, and Clark Atlanta University are the fourBCUS selected to participate in the $90 million initiative, marking the first major multi-firm commitment to increase diversity in the alternatives industry.
- • The program comprises three components: a mentored fellowship program, a tailored virtual institute, and a scholarship program designed to create clear career pathways for HBCU students into private equity and alternative finance roles.
- • The initiative directly addresses barriers that Black students face in accessing careers in alternative investment, with administration handled by ALT Finance Corporation, a nonprofit established by the three founding firms.
Summary
Howard University has been named a partner in "AltFinance: Investing in Black Futures™," a $90 million joint initiative launched by three of the alternative investment industry's largest firms to diversify talent pipelines and create employment pathways for historically Black college and university students. Apollo Global Management, Ares Management Corporation, and Oaktree Capital Management each committed $3 million annually for 10 years—the first coordinated multi-firm pledge of its scale to address diversity gaps in the alternatives sector.
The partnership encompasses four HBCUs: Howard University, Morehouse College, Spelman College, and Clark Atlanta University. According to Howard University President Wayne A. I. Frederick, the initiative represents a significant commitment from industry leaders Marc Rowan (Apollo), Michael Arougheti (Ares), Howard Marks and Bruce Karsh (Oaktree) to eliminate barriers that historically have prevented HBCU graduates from pursuing careers in private equity and alternative finance.
The program is structured around three core components: a mentored fellowship program pairing students with industry professionals; a tailored virtual institute providing specialized training in alternative investment strategies and operations; and a scholarship program to reduce financial barriers to participation. Administration of the initiative falls to ALT Finance Corporation, a nonprofit organization established by the three founding firms to ensure consistent execution across participating institutions.
Howard University School of Business Dean Anthony Wilbon emphasized the institution's enthusiasm for participating in the initiative, positioning the program as a strategic opportunity to strengthen the pipeline of Black talent entering high-finance careers. The announcement reflects a broader institutional recognition within the alternatives industry that diversity in recruitment, training, and career advancement requires structured, capital-backed commitment rather than ad hoc efforts.
The partnership encompasses four HBCUs: Howard University, Morehouse College, Spelman College, and Clark Atlanta University. According to Howard University President Wayne A. I. Frederick, the initiative represents a significant commitment from industry leaders Marc Rowan (Apollo), Michael Arougheti (Ares), Howard Marks and Bruce Karsh (Oaktree) to eliminate barriers that historically have prevented HBCU graduates from pursuing careers in private equity and alternative finance.
The program is structured around three core components: a mentored fellowship program pairing students with industry professionals; a tailored virtual institute providing specialized training in alternative investment strategies and operations; and a scholarship program to reduce financial barriers to participation. Administration of the initiative falls to ALT Finance Corporation, a nonprofit organization established by the three founding firms to ensure consistent execution across participating institutions.
Howard University School of Business Dean Anthony Wilbon emphasized the institution's enthusiasm for participating in the initiative, positioning the program as a strategic opportunity to strengthen the pipeline of Black talent entering high-finance careers. The announcement reflects a broader institutional recognition within the alternatives industry that diversity in recruitment, training, and career advancement requires structured, capital-backed commitment rather than ad hoc efforts.
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