Ariel Alternatives held a final close on its Project Black fund

Ariel Alternatives has announced the closing of its growth equity fund.

Fund: Project Black
Amount raised: $1.45 billion
Target size: $2.5 billion
Stage of fundraising: Final close
Final close: February 2023


Ariel Alternatives announced the final close of Project Black on $1.45 billion.

The New York-based private equity investment firm launched Project Black in September 2021. LP’s and co-investors from the consumer retail, energy and infrastructure, health care, and technology sectors, etc invested $1.45 billion to Project Black.

The Fund’s limited partners and co-investors include:

  • AmerisourceBergen Corporation
  • Amgen Inc.
  • Ballmer Group
  • Hobson/Lucas Family Foundation
  • Lowe’s Companies, Inc.
  • Merck & Co., Inc.
  • NextEra Energy, Inc.
  • Nuveen, the asset manager of TIAA
  • Qatar Investment Authority
  • Salesforce, Inc.
  • Synchrony Financial (co-investor)
  • Truist Financial Corporation (co-investor)
  • Walmart Inc.

Project Black which invests in growth equity is focused on the North American region.

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