WASHINGTON – Howard University is pleased to be named one of four historically Black colleges and universities (HBCUs) to participate in a $90 million joint initiative that will provide students with clear pathways to careers in the alternative investment industry. Three leading investment firms, Apollo Global Management, Inc. (Apollo), Ares Management Corporation (Ares) and Oaktree Capital Management, L.P. (Oaktree) launched “AltFinance: Investing in Black Futures™” to diversify the alternative investment industry by attracting, training and providing career opportunities for college students attending HBCUs. Each of the firms will contribute $3 million per year for 10 years, marking the first major multi-firm commitment to increase opportunities in the alternatives industry.

“We are very grateful for the opportunity to participate in the AltFinance initiative alongside this triad of leading investment firms and other distinguished HBCUs,” said President Wayne A. I. Frederick. “I would like to thank Marc Rowan, Michael Arougheti, Howard Marks and Bruce Karsh for their commitment to diversifying the finance industry by creating pathways for HBCU students and eliminating the barriers our students face in pursuing careers in private equity and alternative finance.”

The AltFinance partnership includes Howard University, Morehouse College, Spelman College and Clark Atlanta University. The initiative has three primary components: a mentored fellowship program, a tailored virtual institute and a scholarship program. The initiative will be administered by ALT Finance Corporation, a nonprofit organization established by the three founding firms.

“We are extremely excited to join the AltFinance initiative,” said Howard University School of Business Dean Anthony Wilbon, Ph.D. “This kind of investment in HBCUs is critical to ensuring that African-American students have opportunities to pursue influential roles in private equity and alternative finance by eliminating financial barriers and creating pathways through mentorship and training.”

Fellowships will provide select students at partner HBCUs the opportunity to work directly with a mentor and learn the ins and outs of finance and alternatives. The fellowship program will be run in partnership with Management Leadership for Tomorrow (MLT), a national nonprofit organization working to ensure that Black, Hispanic/Latino and Native American people reach and thrive at the highest levels of corporate America. AltFinance fellows will also have access to needs-based scholarship funding with the goal of eliminating barriers to exploring and preparing for a career in alternative investments. Additionally, students will have access to a best-in-class virtual institute with curriculum designed by The Wharton School of Business. The virtual institute will be open to interested students at all HBCUs.

“Over the past few years, I’ve had the honor of building a close relationship with Howard University and seeing firsthand the incredible potential of its students,” said Bruce Karsh, co-chairman and chief investment officer of Oaktree. “I couldn’t be more pleased that Howard is one of AltFinance’s four founding HBCUs, together with Clark-Atlanta, Morehouse and Spelman. This initiative isn’t just about creating opportunity for HBCU students – it’s about forging a path for future leaders in alternative investing. I have no doubt that these talented students will have a lasting positive impact on our firms and our industry.”

For additional information on AltFinance, please visit altfinance.com.

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About Howard University

Founded in 1867, Howard University is a private, research university that is comprised of 13 schools and colleges. Students pursue more than 140 programs of study leading to undergraduate, graduate and professional degrees. The University operates with a commitment to Excellence in Truth and Service and has produced one Schwarzman Scholar, three Marshall Scholars, four Rhodes Scholars, 12 Truman Scholars, 25 Pickering Fellows and more than 165 Fulbright recipients. Howard also produces more on-campus African-American Ph.D. recipients than any other university in the United States. For more information on Howard University, visit www.howard.edu.

About AltFinance

AltFinance: Investing in Black Futures is a 10-year, $90 million initiative established by Apollo Global Management, Inc., Ares Management Corporation and Oaktree Capital Management, L.P. to help diversify the financial services industry. The AltFinance initiative will be administered by ALT Finance Corporation, a nonprofit organization established by the three founding firms. The initiative is intended to provide clear pathways for students at partnering HBCUs into careers in the alternative investment industry. The program provides access to education, training, mentorship, scholarship funding, internships and full-time career opportunities. The fellowship program will be managed in partnership with Management Leadership for Tomorrow (MLT). The Wharton School of the University of Pennsylvania will create a virtual institute.