Apollo Plans to Scale Up Investment in Businesses Owned by Women and Minorities
A Brief Summary
The private equity arm of Apollo Global Management Inc. intends to expand spending on minority and women-owned businesses across all of its portfolio firms. By 2024, it plans to spend more than $1 billion on diverse-owned suppliers and service providers, Apollo stated.
Read Full Article Below
All portfolio firms will be eligible for the new initiative, which will include examinations of supplier diversity capabilities and baseline impact as part of procurement due diligence.
Matt Nord and David Sambur, Co-Heads of Private Equity at Apollo, said: “Within our Private Equity business, we have a unique opportunity to reach thousands of diverse-owned businesses through our funds’ portfolio companies, and we have a responsibility to capitalize on that reach to drive impact. The launch of this supplier diversity program is a natural next step in our journey and advances our mission of expanding opportunity and uplifting diverse-owned businesses in our communities. We also believe increasing diverse spending will result in long-term, sustainable value across our portfolio, leading to better outcomes for our investors.”
Apollo said it has joined the National Minority Supplier Development Council (NMSDC) and the Women's Business Enterprise National Council (WBENC) to achieve its new goal, giving portfolio companies access to platforms that can help them build relationships with qualified diverse suppliers and expand their existing networks. The business will also engage with procurement teams to implement the initiative and give a toolkit to guarantee best practices through its Apollo Portfolio Performance Solutions (APPS), expertise, support, and resources platform for interacting with portfolio firms.