ARIEL ALTERNATIVES, LLC

Thesis

Ariel Alternatives, an affiliate of Ariel Investments, launched in February 2021 with its inaugural fund, 'Project Black, LP,' closing at $1.45 billion in February 2023. The firm's core thesis is to scale sustainable minority-owned businesses to serve as leading suppliers to Fortune 500 companies. They invest in middle-market companies with revenues between $100 million and $1 billion and EBITDA between $10 million and over $50 million, primarily in North America. Their strategy involves taking majority positions in businesses, including existing minority-owned companies or those transformable into certified minority business enterprises. Key sectors include IT Services, Energy & Utility Services, Business & Financial Services, and Media and Marketing Services. The firm leverages its network for customer introductions and demand aggregation, aiming for sustainable growth and long-term strategic development. Beyond financial returns, Ariel Alternatives aims to close the racial wealth gap by generating jobs and economic growth within underrepresented communities. Their approach is patient, focused, and non-consensus, building on the values of Ariel Investments. As of March 31, 2026, the firm reported total regulatory AUM of $1,510,990,112.

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