Mellody Hobson raises $1.45 billion for Project Black Fund

Mellody Hobson, the co-CEO of Ariel Investments, has raised $1.45 billion for Project Black, a fund aimed at investing in companies with diverse leadership. The fund, which was launched last year, has now raised a total of $2.4 billion.

Hobson has been a vocal advocate for diversity in the corporate world and has been working to address the lack of representation of people of color in leadership positions. Project Black aims to provide capital to companies that have diverse leadership and to help build a more inclusive corporate America.

Hobson’s fundraising efforts for Project Black have been successful due to her reputation and track record in the investment world, as well as the growing demand for diversity and inclusion in the corporate sector. The fund has already made investments in several companies, including music streaming service Tidal, which is owned by rapper Jay-Z.

In a statement, Hobson expressed her gratitude to the investors who have supported Project Black and reiterated the importance of diversity in the corporate world. “We believe that investing in companies with diverse leadership will not only provide strong financial returns, but will also help create a more equitable and just society,” she said.