Investcorp executives are investing in the tenants in its apartment complexes, committing $500,000 to provide scholarships for trade schools.
Earlier this year, the alternative investment firm partnered with TitanCorp's THRIVE, a trade school scholarship program offered by value-added real estate manager TitanCorp to residents of its $2 billion apartment community portfolio. As of March 31, Investcorp had $41.2 billion in assets under management, including assets managed by third-party managers.
So far, Investcorp has awarded one scholarship — $1,400 for an English language class, an Investcorp spokeswoman said in an email. Investcorp has received 10 applications for scholarships, with a few more currently in the queue, including another scholarship for an English language class, and one for a medical assistant/phlebotomist course.
To apply for the scholarship program, each applicant must sign a pledge about promising to uphold TitanCorp's philosophies, according to the TitanCorp's THRIVE scholarship website.
Among the 10 statements that make up the pledge are "I understand that I am in control of my life" and "I understand that dreams don't work unless I do."
Michael O'Brien, co-head of real estate, North America at Investcorp, said in a news release that there is a "strong need for qualified individuals with advanced degrees." The scholarships will give recipients "the opportunity to reach new goals and find success in their communities," Mr. O'Brien said.