Investment
First Black-Owned Mutual Fund Secures $200 Million to Launch ‘Project Black’ By Charlene Rhinehart
ARIEL INVESTMENTS, THE FIRST black-owned mutual fund firm in the USA, announced the launch of Ariel Alternatives and the Project Black initiative. The firm is stepping into the private fund business with a $200 million commitment from JPMorgan Chase. Led by Ariel Investments co-CEO Mellody Hobson and global investment manager Leslie A Brun, the fund seeks to invest and scale minorityowned businesses to close the racial wealth gap. “It is no secret that the racial wealth gap in America continues to widen, day by day, says Brun in a release. “While we have been encouraged and inspired by the supply chain diversity commitments recently made by large corporations, we believe that it is time to accelerate these promises with real, measurable steps. Our work will aim to bring operational excellence, financial resources, minority ownership, and leadership to these companies.”
(l-r) Ariel Investments co-CEO Mellody Hobson and global investment manager Leslie A Brun
Introducing Ariel Alternatives ‘Project Black’ Initiative Founded in 1983 by John W. Rogers, Jr., Ariel Investments (www.arielinvestments.com) has grown to manage $15 billion in assets by leveraging a patient investment philosophy. Now, the company is embarking on a new journey through the establishment of its private asset management firm, Ariel Alternatives. The firms’ first mission: Project Black. The goal is to invest and scale minority-owned businesses that can become leading suppliers to Fortune 500 companies. The project will focus on suppliers to various industries, including transportation, technology manufacturing, and media and marketing, 74
March-April 2021
Project Black Vision According to a release, Project Black (www. arielinvestments.com/content/view/3991/1850/) will invest in middle-market companies that are not currently minorityowned. The entities will be transformed into certified minority business enterprises, as well as existing Black and Latinxowned businesses. The team hopes that Project Black will “forge a new class DAWN
www.africabusinessassociation.org
