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Three VCs commit $90 million to an HBCU initiative

PitchBook reports that Apollo Global Management, Oaktree Capital and Ares Management have announced a 10-year, $90 million partnership with three Historically Black Colleges and Universities (HBCUs) to train and provide career opportunities for Black students.

Three Atlanta institutions of higher education – Morehouse College, Spelman College and Clark Atlanta University – are participants with Apollo, Oaktree and Ares each committing $3 million annually for the next decade to fund the initiative through the nonprofit Alt Finance Corporation. The program is expected to launch in the first half of 2022 and could eventually expand beyond the three HBCUs.

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