Global alternative investment manager Apollo announced the launch of a Supplier Diversity program, setting a new goal to achieve more than $1 billion in spend with diverse businesses, including minority- and women-owned businesses, across its private equity funds’ portfolio companies.

The new program will be offered to all portfolio companies, and Apollo said that reviews of supplier diversity capabilities and baseline impact will be considered 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 spend will result in long-term, sustainable value across our portfolio, leading to better outcomes for our investors.”

In order to achieve its new goal, Apollo said that it has joined the National Minority Supplier Development Council (NMSDC) and the Women’s Business Enterprise National Council (WBENC), providing portfolio companies with access to platforms that can facilitate relationships with qualified diverse suppliers and expand their existing networks. The firm will also utilize its Apollo Portfolio Performance Solutions (APPS), its expertise, support, and resources platform for engaging with portfolio companies to work with procurement teams to implement the program and provide a toolkit to ensure best practices.

Carletta Ooton, Head of ESG for Private Equity at Apollo, said:

“Over the last year, our team has worked incredibly hard to create a scalable framework that will empower our portfolio companies and drive greater impact for diverse suppliers across industries. We recognize this is only the beginning and we look forward to continuing to build out our expertise and impact across our companies, firm and ultimately, our industry.”