Ariel Alternatives is a private equity subsidiary of Ariel Investments (AUM $14.9B)—the first Black-owned mutual fund company in the U.S. Built upon a 41-year-old foundation, Ariel Alternatives was launched in 2021 by Co-Founders Les Brun and Mellody Hobson. The firm's inaugural, $1.45B Project Black fund intends to scale sustainable minority-owned businesses and close the racial wealth gap by investing in middle-market businesses with $100 million - $1 billion in revenue. These companies will meet the needs of Fortune 500 companies seeking to significantly increase their mandates with minority-owned businesses, and ultimately generate jobs and economic growth within underrepresented communities.