Ariel Investments Raises $1.45 Billion for Debut Private-Equity Fund

Ariel Investments is expanding into private equity with a new fund aimed at filling what the asset manager sees as unmet demand for minority-led suppliers to Fortune 500 companies.

Ariel Alternatives LLC, the private-equity arm of the Chicago fund manager, said it raised $1.45 billion for Project Black LP, its inaugural commingled investment vehicle.