In This Newsletter

ICAP in Action
Team Notes: News and Trends
On the Horizon
 

ICAP in Action

The ICAP Team Hosts the 2025 HBCU Fellows in Washington, DC

The 2025 Milken Institute HBCU Fellows cohort kicked off in January in Washington, DC. This new cohort represents 15 HBCUs across the country, including new representation from Wiley University and Paul Quinn College in Texas, Rust College and Jackson State University in Mississippi, and Grambling State University in Louisiana. The two-day event included an intimate dinner with the Milken Institute's key supporters and friends, educational courses, and conversations with the HBCU fellowship program's strategic partners.
 

HBCU Fellows Program launch dinner
 

HBCU 2025 cohort class sessions
 

Since kickoff, the cohort has completed the program's educational courses, which cover topics ranging from “Deconstructing Debt” to the “Mechanics of Venture Capital and Capital Markets in FinTech.” In addition to these courses, the Fellows participated in the program's weekly “coffee chat” series: conversations that go beyond the technical side of finance and highlight the personal experiences of high-achieving industry leaders in the sector. This spring, Fellows will have the opportunity to attend conferences to learn about these concepts in action before starting their internships in the summer.

(Left to right) Kim Lew, president and CEO, Columbia Investment Management Company; Rommel Marseille, managing director, DigitalBridge; Aron Betru, chief strategic officer and chief operating officer, Trident; Jamie Woodard, partner, Conteur Capital Partners
 

Director Troy Duffie Talks Problem-Solving in an Evolving Asset Management Industry with Forbes

Troy Duffie sat down with Forbes magazine to discuss three pressing topics: the resources needed to solve problems at scale, what it means to "on-ramp" next-generation talent, and the state of financial markets in 2025. In an interview with Forbes Senior Writer Jabari Young, Duffie discussed inclusive capitalism’s impact on the asset management industry, highlighting the importance of providing the right tools to enable undergraduate students from underrepresented minorities to enter the workforce successfully, while also equipping leaders in the industry with the means to create an inclusive environment supporting this next generation of talent. Duffie also underlined the strength of the US financial sector despite all the government shake-ups thus far, stating, “Crazy as things seem to be right now in the US, the sustainability of government, the strength of capital markets exists in the US in ways they don’t exist in other parts of the world, so people are clamoring to get their money into the US to make sure it grows.”

Senior Director Blair Smith Contributes to Affordable Housing Research

Blair Smith collaborated with the McKinsey Institute for Black Economic Mobility on a report detailing the accessibility of homeownership for Black Americans in 2025. The report, Investing in Housing: Unlocking Economic Mobility for Black Families and All-Americans, found that good-quality, affordable housing is a challenge for Americans across the board—from urban to rural areas, from the poor to the middle class, and across racial groups as well. McKinsey’s research reimagines solutions that recast housing as a tool to accelerate economic growth for Black families, which will make a positive impact on the US economy in the long run.

The HBCU Strategic Initiative and Fellows Program Co-Launches a Student-Led Podcast

The Alternative and Direct Investments Securities Association (ADISA) launched a new podcast in partnership with the Milken Institute HBCU Fellows program, titled A Student's Intro to Alternative Investments. Each episode features a conversation between a Milken Institute HBCU Fellow and an industry leader within the ADISA membership network. Listen to the first episode.
 

Team Notes: News and Trends

New Champions for Diversity, Equity, and Inclusion

While dozens of companies—including Target, Amazon, Meta, McDonald’s, and Walmart—have rolled back diversity, equity, and inclusion (DEI) initiatives, others are opting to keep DEI afloat. Companies like Delta, Costco, and JP Morgan have publicly reaffirmed commitments to DEI. The call to lean into DEI initiatives also goes beyond corporations and the private sector. In February, the attorneys general of 16 states issued joint guidance reaffirming their position on the continued legality of certain DEI initiatives. The attorneys general wrote, “[D]iversity, equity, inclusion, and accessibility best practices are not illegal, and the federal government does not have the legal authority to issue an executive order that prohibits otherwise lawful activities in the private sector or mandates the wholesale removal of these policies and practices within private organizations, including those that receive federal contracts and grants,” in addition to providing a list of DEI best practices to consider. Most DEI initiatives have been found not only to be legal but also to positively impact the strength of the economy and the state of the nation’s workforce. McKinsey & Company’s DEI research shows that companies in the top quartile of gender or ethnic diversity are now 39 percent more likely to have above-median profitability and to financially outperform their peers.
 

On the Horizon

The Milken Institute Global Conference is just around the corner! The 2025 Global Conference, Toward a Flourishing Future, will convene thousands of impactful thought leaders and changemakers in Beverly Hills, CA, from May 4 to May 7, 2025, to discuss the world’s most pressing issues in health, philanthropy, and finance. Learn more.

CalPERS and CalSTRS are hosting their annual Catalyst Conference (recognized as California's emerging and diverse investment manager forum) on May 12–13, 2025. This year’s event will bring together allocators, emerging and diverse investment entrepreneurs, consultants, and industry experts to discuss best practices for allocating to today’s top emerging talent. Learn more.

BLCK VC will convene its entire community for the first time ever from June 29 to July 1, 2025, in Washington, DC. The summit will gather investors, program alumni, limited partners, and ecosystem builders to engage in shared learning, build meaningful connections, facilitate cross- sector collaboration, and continue building the future of Black venture capital together. Learn more.