02.22.2021

First Black-Owned Mutual Fund Secures $200 Million to Launch ‘Project Black’

First Black-Owned Mutual Fund Secures $200 Million to Launch ‘Project Black’ Photo Courtesy Black Enterprise

Ariel Investments, the first black-owned mutual fund firm in the nation, 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 minority-owned businesses to close the racial wealth gap.

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