Robert F. Smith's Student Freedom Initiative has announced a partnership to provide $100 million in capital from the Steinbridge Group to develop impactful real estate projects in and around HBCUs and MSIs, according to a statement.

"In order to educate and train the next generation of diverse leaders and innovators, institutions must have access to an affordable education, and they must be surrounded by a thriving community. Through Steinbridge's commitment, these communities will have the resources to transform underutilized space to help attract and retain talent while making a college education affordable for students. By taking a holistic approach, we are driving greater educational and workforce equity to open career paths that will help close the racial wealth gap through the lens of education," said Robert F. Smith, founder and chairman of Student Freedom Initiative.

Steinbridge Group's strategy involves converting the underused land associated with HBCUs and MSIs into real estate assets that foster economic growth and empowerment, a statement reads.

"Our nation's HBCUs and other MSIs produce 75 per cent of Ph.D.s, 46 per cent of Business Executives, 50 per cent of Engineers, 80 per cent of Federal Judges, 85 per cent of doctors, and 75 per cent of Veterinarians in African American and minority communities. This collaboration with the Student Freedom Initiative will help us engage with these institutions to discuss pathways to access our $100 million capital commitment that activates their underutilized real estate and expands their economic base," said Tawan Davis, founder and CEO of Steinbridge Group.

The selection process for HBCUs and MSIs to benefit from the investment will occur over the next few months.