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Ariel Investments, the first black-owned mutual fund firm in the nation, announced the launch of Ariel Alternatives and the Project Black initiative.

Ariel Investments co-CEO Mellody Hobson and global investment manager Leslie A Brun, secured $200-million to invest in minority-owned businesses in an effort to close the racial wealth gap.

Project Black‘s goal is to invest and scale minority-owned businesses that can become “leading suppliers to Fortune 500 companies.”  (Source: