Key Takeaways
- • AltFinance accepted 44 new HBCU students into its second Fellowship class, which began in mid-August 2022, bringing total participants in the program to 75.
- • The second cohort includes students from founding partner schools Howard University, Clark Atlanta University, Morehouse College, and Spelman College, plus four new HBCUs: Florida A&M University, Hampton University, Morgan State University, and North Carolina A&T University.
- • AltFinance is a 10-year, $90 million initiative established by Apollo Global Management, Ares Management Corporation, and Oaktree Capital Management, L.P., administered by ALT Finance Corporation.
- • More than 77% of the first Fellowship class recently completed competitive summer analyst programs in alternative asset management and banking, according to the company.
Summary
AltFinance, a program aimed at increasing diverse representation across the alternative investment industry, announced that 44 new historically Black college and university (HBCU) students have been accepted into its second Fellowship class, which kicked off in mid-August 2022, according to a Business Wire release. The second cohort more than doubles the number of Black students in the program, which now totals 75 participants. The class includes students from the program's founding partner schools, Howard University, Clark Atlanta University, Morehouse College, and Spelman College, as well as four new HBCUs: Florida A&M University, Hampton University, Morgan State University, and North Carolina A&T University.
Marcus Shaw, Chief Executive Officer of AltFinance, said the company is gaining momentum among students, HBCU faculty and administrations, other academic institutions, and the alternatives industry. He described the expanded fellowship and added HBCU representation as key metrics toward the goal of creating sustainable impact at scale in the alternative asset industry for HBCU students.
AltFinance was established in June 2021 by leading alternative investment firms that collectively committed $90 million over 10 years to build a diverse talent pipeline. The initiative, described as "Investing in Black Futures," provides education, training, mentorship, scholarship funding, internships, and full-time career pathways for students at partnering HBCUs. The fellowship is run in partnership with the nonprofit Management Leadership for Tomorrow (MLT), and the company is creating the AltFinance Institute, a virtual co-curricular finance program developed with The Wharton School of the University of Pennsylvania.
The company reported that more than 77% of the first Fellowship class recently completed highly competitive summer analyst programs in alternative asset management and banking, positions that serve as a launching point for finance careers.
Marcus Shaw, Chief Executive Officer of AltFinance, said the company is gaining momentum among students, HBCU faculty and administrations, other academic institutions, and the alternatives industry. He described the expanded fellowship and added HBCU representation as key metrics toward the goal of creating sustainable impact at scale in the alternative asset industry for HBCU students.
AltFinance was established in June 2021 by leading alternative investment firms that collectively committed $90 million over 10 years to build a diverse talent pipeline. The initiative, described as "Investing in Black Futures," provides education, training, mentorship, scholarship funding, internships, and full-time career pathways for students at partnering HBCUs. The fellowship is run in partnership with the nonprofit Management Leadership for Tomorrow (MLT), and the company is creating the AltFinance Institute, a virtual co-curricular finance program developed with The Wharton School of the University of Pennsylvania.
The company reported that more than 77% of the first Fellowship class recently completed highly competitive summer analyst programs in alternative asset management and banking, positions that serve as a launching point for finance careers.
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