Morehouse College will share in a $2 million gift contributed by the nonprofit AltFinance to support Historically Black Colleges & Universities (HBCUs) partnering in its Alternative Investments Fellowship Program, which is in its inaugural year. The program was launched in collaboration with alternative investment industry firms committed to improving diversity in the profession.
The gift commemorates the launch of AltFinance and expands its investment in the talent of business scholars at the Atlanta University Center. Morehouse College, Clark-Atlanta University, and Spelman College will each receive $500,000 from the AltFinance contribution. Howard University will also receive $500,000 of the gift. AltFinance serves 31 fellows from its four HBCU partnering institutions, providing each cohort of scholars with training, mentoring, networking, and internship opportunities.
“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.”
The AltFinance gift to Morehouse College will fund academic initiatives in the Business and Economics Division and provide additional resources for the general fund. Morehouse College is the nation’s only historically Black liberal arts institution for men and is the top producer of Black men who go on to earn doctorates in STEM, education, and the humanities. Morehouse is also a top feeder to competitive MBA programs in the Ivy Leagues and beyond.
“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.”
The Alternative Investment fellows, faculty, and administration from Morehouse College and the other participating schools have been integral in helping AltFinance build a successful fellowship program, which is being operated in partnership with nonprofit Management Leadership for Tomorrow (MLT).
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. The nonprofit was formed after Apollo Global Management, Ares Management Corporation, and Oaktree Capital Management agreed to work together and 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’s recent $2 million gift that is being split between four HBCUs is part of that investment.
AltFinance has three main pillars: the AltFinance Fellowship, the AltFinance Institute, and the AltFinance Scholarship:
- The AltFinance Fellowship provides students from partner HBCUs intensive preparation, mentorship, and guidance for breaking into a career in alternative investment industry.
- The AltFinance Institute will provide students at all HBCUs with virtual courses and programming to build financial acumen through a partnership with The Wharton School of the University of Pennsylvania.
- The AltFinance Scholarship provides program fellows with need-based funding each year they are in the program to pursue their academic endeavors.