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-The capital will be used to create minority-owned businesses of scale
-The investment aligns with QIA's mission to invest in innovative companies that have a positive impact globally
New York, Doha, 1 February 2023 – QIA has participated in the inaugural private equity fund of Ariel Alternatives, LLC, Project Black, LP (“Project Black" or the “Fund"). Ariel Alternatives is the private equity subsidiary of Ariel Investments, LLC (“Ariel").
Project Black is the first private equity initiative of Ariel, which celebrates its 40th anniversary this year as the first Black-owned investment management firm in the United States. The Fund invests in middle-market companies that are not currently minority owned, as well as existing Black-, Latina- and Latino-owned businesses, with $100 million to $1 billion in revenue.
Project Black will leverage $1.5 billion in commitments from the fund and its co-investors, including QIA, spanning the consumer retail, energy and infrastructure, financial services, healthcare, sovereign and private wealth, and technology sectors. Each investor has committed $100-$200 million over the fund's seven-year investment period.