Private equity investor pays off tuition for graduates of Spelman College [View all]

After Robert Smith, the wealthiest African-American in the United States, pledged to pay off the student loans of the 2019 class of Morehouse College, he issued a challenge to others in his position to follow suit.

“I’ve got the alumni over there and this is a challenge to you alumni,” said Smith. “Let’s make sure every class has the same opportunity going forward. Because we are enough to take care of our own community.”

The $34 million gift inspired Frank Baker, who has also reportedly known Smith for years.

Baker is similar to Smith in many regards. Both found business success by starting a private equity firm that invests in technology companies and both started their Wall Street careers in 1994 in the mergers and acquisitions group of Goldman Sachs.

Read more: https://www.phillytrib.com/news/across_america/private-equity-investor-pays-off-tuition-for-graduates-of-spelman-college/article_65c09482-9f50-11ea-9396-d35172ab6168.html