1、The Bigger Picture|June 13,2023Historically Black,Historically Underfunded Investing in HBCUs The Goldman Sachs Group,Inc.Gizelle George-Joseph gizelle.george- Devesh Kodnani Executi ve Summary 3 Hi stori cally Black 5 HBCUs Today:Sti ll a Pathway to Equali ty for Black Ameri cans 9 Hi stori cally U

2、nderfunded 22 Investi ng i n HBCUs 25 Di sclosure Appendi x 31 Gol dman SachsThe Bi gger Pi ct ureTabl e of Cont ent s The Bigger Picture is a publication series from Goldman Sachs Global Investment Research devoted to longer-term economic and policy issues,which complements our more market-focused

3、analysis.For other important disclosures,see the Disclosure Appendix.2HISTORICALLY BLACK,HISTORICALLY UNDERFUNDED INVESTING IN HBCUsExecut i ve Summary1 Historical l y Bl ack Col l eges and Universities(HBCUs)have pl ayed a prominent1.rol e in the education and equal ity of Bl ack Americans.Pri or t

4、o the Ci vi l War,college educati on for Black Ameri cans was rare and i n many Southern states i llegal.Thi s study exami nes the role of HBCUs i n the economi c progress of BlackAmeri cans and i denti fies acti ons that poli cymakers and corporate leaders can take tosupport these i nsti tuti ons t

5、hat conti nue to contri bute si gni ficantly to narrowi ng thelarge and persi stent i ncome and wealth gap for Black Ameri cans.HBCUs remain a pathway to equal ity for Bl ack Americans.College educati on2.remai ns a vi able path to economi c mobi li ty but raci al di spari ti es i n educati onalachi

6、 evement persi st across the US.Whi le there have been si gni ficant gai ns for BlackAmeri cans i n hi gher educati on,Black students graduati on rates remai n lower thanthe nati onal average.HBCUs offer affordable educati on for low-i ncome Ameri cansHBCU students often come from less advantaged ba