Mellody Hobson

While many U.S. companies committed to working with minority-led companies after the murder of George Floyd and the rise of the Black Lives Matter movement in 2020, the number of suppliers that fit the bill is lacking. To fill this gap, Ariel Investments president and co-CEO Mellody Hobson hatched an idea that has turned into a massive $1.45 billion fund. Hobson’s brainchild, a private equity fund called Project Black, buys middle-market companies and helps them by introducing them to prospective minority executives and board members or to potential Fortune 500 customers. Hobson has helped the fund raise money from limited partners such as Walmart and co-investors such as JPMorgan Chase.