Apollo Global Management, a manager of alternative assets such as corporate credit and private equity, said it has committed more than $100m over the next decade to a new foundation run by the firm’s employees that will provide grants to organizations focused on economic opportunity.
The foundation will partner with non-profits seeking to promote educational access, skills development, network building and access to capital for aspiring professionals and entrepreneurs, the New York-based firm said.
Apollo peer Blackstone Inc said last week that it had tapped Maura Pally, former executive vice president at the Clinton Foundation, to lead its 15-year-old charitable foundation that promotes economic opportunity and access to education.
Earlier this month, Apollo set a goal for its portfolio companies in its private equity business to collectively spend more than $1 billion on suppliers run by individuals from diverse backgrounds by 2024. In 2021, Apollo launched a 10-year $90 million initiative to expand opportunity for students attending historically Black colleges and universities.
Read more: Reuters
