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Carlyle Group and Robert Toigo Foundation announce fellowships for minoriti
Updated: Thursday, October 22nd, 2009
The Carlyle Group, a private equity firm, has announced it will invest $1 million and educational support in the Robert Toigo Foundation's fellowship program to benefit minorities who have graduated from business schools.
To further its mission to help minority MBA holders succeed in finance, the non-profit organization will team with the firm to launch the Toigo Private Equity MBA Fellowship program.
Graduates selected to participate in the program will receive experience in the private equity sector through work at the Carlyle Group, a plan sponsor, a portfolio or operating company as well as training sessions sponsored by the foundation. Highly qualified candidates may also receive an annual stipend, which will include $50,000 to put toward student loan repayment.
Through their partnership, the organizations aim to promote "the tremendous value diverse teams and diverse experiences bring to…the industry as a whole," said David M. Rubenstein, the firm's managing director and co-founder.
Associates, bachelors and masters degrees in business may open doors to similar career-launching programs. The demand for financial managers, whose median earnings ranged between $66,690 and $125,180 in 2006, is expected to increase by 12 percent over the next seven years.
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