Black in eCommerce
Ariel Alternatives Closes Project Black at $1.45 Billion: A New Era in Closing the Racial Wealth Gap
Ariel Alternatives, the first private equity venture in Ariel Corporation's 40-year history, announced the successful close of Project Black, a $1.45 billion private equity fund aimed at reducing the racial wealth gap by establishing minority-owned businesses at scale that can serve as top-tier suppliers for Fortune 500 companies.
The fund's investors include AmerisourceBergen, Amgen, Ballmer Group, Hobson/Lucas Family Foundation, Lowe's, Merck, NextEra Energy, Nuveen Investments, Qatar Investment Authority, Salesforce, Synchrony, Truist, Walmart, and JPMorgan. This makes Project Black one of the largest first-time private equity funds in history.
The racial wealth gap has been a long-standing issue in the US, and Project Black aims to address this by providing support and resources for minority-owned businesses to grow and succeed. By partnering with Fortune 500 companies, Project Black seeks to create a sustainable impact in closing the racial wealth gap and promoting diversity and equality in the business world.
This is a monumental step towards creating a more inclusive and equitable business landscape, and Ariel Alternatives is to be commended for its efforts in driving this change. The close of Project Black is a positive and inspiring example of how businesses can play a critical role in addressing social and economic challenges and promoting positive change in our communities.