School of Business receives one of the largest gifts in history that will be used to create the HPS Center for Financial Excellence and develop best-in-class programs focused on finance and private investment
Washington, D.C., March 16, 2021 (GLOBE NEWSWIRE) -- Howard University today announced that it has received a $10 million gift from HPS Investment Partners, LLC (HPS) and The Kapnick Foundation. The gift will be used to create the HPS Center for Financial Excellence at Howard University School of Business, which will focus on helping students better prepare for careers in private investment and investment banking.
The new HPS Center for Financial Excellence at Howard University School of Business will serve as a platform for experiential learning, giving students access to the latest technology and relevant software through the expansion and enhancement of a finance lab. The center will also introduce a unique academy for finance students to take advantage of professional development opportunities, internships with HPS and focused recruitment opportunities with other firms. In addition to the physical space, the gift will support the development of new programs and curriculum to teach students the fundamentals of private equity, investment banking and investment management.
“African-American students have historically been overlooked in recruitment efforts for careers in private investment and investment banking, but many firms are beginning to recognize the need to build a more diverse pipeline and the tangible benefits it has for their businesses,” said Howard University School of Business Dean Anthony Wilbon, Ph.D. “We could not be more grateful to HPS and The Kapnick Foundation for making this tremendous investment in Howard students. This partnership will make a major difference by providing a pathway for Howard students to become leaders in these important sectors of the financial service industry.”
“When Black professionals have struggled to succeed in the financial industry, they have been held back by a lack of access and opportunity, not a shortage of talent or capability,” said Howard University President Wayne A. I. Frederick, M.D., MBA. “This problem requires a pipeline from HBCUs to major firms within the industry. But in addition, we have to provide our students with the best experiences available, so they are positioned to compete for top jobs and move the industry forward as they excel in their careers. This gift from HPS and The Kapnick Foundation will play an instrumental role in helping to advance these efforts.”
The gift will also establish two endowed scholarship funds to help cover the cost of tuition for undergraduate and graduate business students. The HPS Partners Endowed Scholars program will award annual scholarships to cover the tuition costs of undergraduate business students. The Kapnick Foundation Endowed Scholars program will support graduate students in Howard University’s JD/MBA program by providing tuition assistance for the MBA portion of their degree.
“It is an honor and a privilege to be able to provide these resources to the Howard University School of Business in an effort to help this renowned academic institution accelerate its commitment to preparing students for careers in private investment and investment banking, two interconnected fields that have historically suffered from a lack of diversity,” said Scott Kapnick, chief executive officer of HPS. “We look forward to working closely with Dean Wilbon, President Frederick and the University to create compelling opportunities for Howard students and could not be more excited to begin awarding scholarships.”
“What this gift and the partnership with HPS and The Kapnick Foundation really demonstrates is how we as alumni can play a prominent role in bringing resources to the University,” said Howard University Alumni Association President Charlie Lewis (’89), who leveraged his professional network to foster the partnership between HPS and the School of Business. “I hope this showcases how we just have to look around us and in our own networks for opportunities to make a significant impact for generations of Howard students to come.”
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, 11 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.