AmerisourceBergen commits $100M to Ariel Alternatives’ inaugural “Project Black” fund

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Conshohocken, Pa.-based AmerisourceBergen announced Wednesday it has committed $100 million to Project Black, a private equity fund launched by Ariel Alternatives to create minority businesses of scale.

Ariel Alternatives, LLC closed Monday on Project Black, LP, the first private equity initiative of Ariel Investments, LLC. The fund will invest in middle-market companies with between $100 million to $1 billion in revenue owned by Black- or Latino/a owners, as well as businesses that may not currently be minority-owned. With help from the fund, the companies are expected to transform into certified minority business enterprises that can serve Tier 1 suppliers to the Fortune 500.

AmerisourceBergen said it was its responsibility to commit funding to increase the diversity of the marketplace.

“At AmerisourceBergen, we have a responsibility to lean into our position at the center of the global healthcare industry to positively impact the communities we serve,” said Steven H. Collis, chairman, president, and CEO of AmerisourceBergen. “That responsibility includes how we advance health equity, address social determinants of health and reduce systemic disparities with the goal of moving health forward. At the heart of who we are is our passion for partnership. Investing in Ariel Investments Project Black is a powerful, collective way to advance racial and social equity by creating economic opportunities that will empower communities across the United States.”

Ariel Alternatives said Project Black will leverage $1.45 billion in commitments, including AmerisourceBergen’s, from its limited partners and co-investors across the market – from retail, energy and infrastructure, financial services, healthcare, private wealth management, and technology sectors. Each investor has committed between $100 and $200 million over the fund’s seven-year investment period.

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