To those ends, the Sponsors for Educational Opportunity (SEO) have banded with legendary private equity investor Kohlberg Kravis Roberts & Co. (KKR). Together, KKR and SEO established the Alternative Investment Fellowship Program, which aims to increase the visibility of minorities in the private equity workforce.

Under the program, four or six aspiring financial executives would get a chance to work for KKR as associates. To be qualified, they must undergo training of 18 months. SEO has gotten a three-year support from KKR for this project.

Founded in 1963, SEO is one of the first nonprofit groups of its kind in New York City. It has rapidly grown over the years to become a full-fledged international nonprofit, with branches in the UK and China.

Renowned in America for its workplace diversity initiatives, SEO helps 1,000 youngsters every year. Its flagship Career Program alone has produced 5,000 graduates, who have secured full-time positions in chief investment banks, law firms, and international corporations.

One exemplary alumnus of the said program is Joseph Bae, who now enjoys a senior position with KKR in Asia. In addition to the program, SEO also offers services through the Alumni and Philanthropy Program, and the Scholars Program.

SEO’s partner in the Alternative Investment Fellowship Program is a pioneer in the private equity industry. KKR runs divisions in New York, London, Paris, Tokyo, Washington D.C., San Francisco, Menlo Park, Houston, Hong Kong, Sydney, Beijing, and Mumbai. It supports conventional private equity funds, externally managed accounts, capital funds, and credit strategy funds, among others.

Henry Kravis and George Roberts, along with Jerome Kohlberg, founded the company in 1976. The former two orchestrated the phenomenal 1988 buyout of RJR Nabisco. Today, they are leading new innovations in private equity, including the Green Portfolio Project.

“The acquisition of Crosstown represents a significant first step for the new joint venture and our desire to define a new business standard in managing the licensing and administration of content rights,” an e-mailed statement from BMG Rights chief executive, Hartwig Masuch, read.

Of course, with the Crosstown catalog valued at $80 million, who wouldn’t be thrilled about the undertaking? With the help of Henry Kravis and George Roberts of KKR, this purchase would double the number of songs controlled by BMG Rights Management.

The catalog holds all-time favorite hits like, Ricky Martin’s “Livin’ La Vida Loca,” Britney Spears’ “Toxic” and Sheryl Crow’s “All I Wanna Do.”

When the venture was announced July 8, two sources familiar with the project gathered that the partners will spend 250 million euros, equivalent to $336 million, putting up a global music-rights business.

Henry Kravis and George Roberts’ New York-based company, KKR will reportedly control 51% of the joint venture, leaving 49% to Guetersloh, Germany-based Bertelsmann.

The Crosstown purchase is still laid open to the required regulatory approvals, BMG said in the statement.

Bertelsmann Chief Financial Officer Thomas Rabe released this statement when news of the venture went public: “We both want to broaden BMG’s global reach faster than originally anticipated. In this way, we will be able to actively participate in the expected market consolidation.”