KKR and SEO Start Internship Program for Minorities
Veteran private equity firm Kravis Kohlberg and Roberts (KKR) has spawned an internship program for promising minority students. Partnering with the Sponsors for Educational Opportunity (SEO), KKR kicked off the Alternative Investment Fellowship Program last April.
Under the program, four or six aspiring financial analysts of color would go through training and mentoring for 18 months. After this period, students may graduate to take on associate jobs at KKR.
In an industry still dominated by whites, the Alternative Investment Fellowship Program tries to create a more racially diverse workforce. William Goodloe, CEO of SEO, said, “Focusing on the private equity industry is a natural next step in SEO’s evolution…in creating successful workplace diversity programs.”
Founded in 1963, SEO has long sponsored internship programs that sign up talented minority students. Its flagship program, SEO Career, has produced more than 5,000 graduates, a fount of talent for investment banks, corporate law firms, and world-class companies.
Joseph Bae, a KKR executive in Asia, is an alumnus of SEO’s Career Program. “A diverse workplace is a proven competitive advantage and a business imperative. We recognize that we – and the private equity industry overall – can do more to engage with talented professionals of color when hiring young executives,” he said. Indeed, KKR has pledged its commitment to the fellowship for three years.
Henry Kravis, his cousin George Roberts, and Jerome Kohlberg built their eponymous private equity firm in 1976. Pioneers in the industry, the trio instigated some of the most storied leveraged buyouts in history, including the takeover of RJR Nabisco in 1988.
Prior to launching this world-renowned alternative asset manager, Henry Kravis and company worked at Bear Stearns & Co. Today, Henry Kravis and George Roberts share KKR’s reins as CEO. Kohlberg had resigned in 1987.
