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Laxman Pai, Opalesque Asia:

Ariel Alternatives, a subsidiary of Chicago fund manager Ariel Investments, has raised $1.45 billion for Project Black, its inaugural commingled investment vehicle.

Project Black is the first private equity initiative of Ariel Investments, which celebrates its 40th anniversary this year.

The global asset management firm said in a press release that the Fund seeks to invest in middle-market companies that may not currently be minority-owned, as well as existing Black- or Latino/a-owned businesses, with $100 million to $1 billion in revenue.

"Under the Fund's ownership, these companies are expected to be transformed into certified minority business enterprises of scale that can serve as Tier 1 suppliers1 to the Fortune 500. Ariel Alternatives aims to forge partnerships between its network of the world's largest corporations and its portfolio companies," said the release.

Leslie A. Brun, Co-Founder, Chairman & CEO of Ariel Alternatives, said: "We chose to partner with large institutions that are seeking to drive widespread corporate vendor diversity. Our goal is to help close the racial wealth gap by creating minority-owned businesses of scale through access to both capital and customers."

Project Black will leverage $1.45 billion in commitments from its limited partners and co-investors spanning the consumer retail, energy and infrastructure, financial services, healthcare, sovereign and private wealth, and technology sectors. ......................

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