Ariel Investments has launched a private asset management firm, Ariel Alternatives, whose mission is to help build sustainable minority-owned businesses.
Ariel Alternatives intends to invest in middle-market companies that are not currently minority owned and transform them into certified minority business enterprises, as well as investing in existing Black and Hispanic-owned businesses.
The goal, Ariel said in a release, is to position these companies as leading suppliers to Fortune 500 companies, thereby supporting supply chain diversity.
Ariel said that JPMorgan Chase & Co. has committed up to $200 million to be co-invested alongside what will be known as Project Black.
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