Private equity investor pays off tuition for graduates of Spelman College
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.
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to those good gentlemen.