{"id":746956,"date":"2023-04-12T08:10:38","date_gmt":"2023-04-12T12:10:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/apollo-fund-portfolio-companies-achieve-1b-in-diverse-spend-apollo-expands-target-to-2b-by-end-of-2025\/"},"modified":"2023-04-12T08:10:38","modified_gmt":"2023-04-12T12:10:38","slug":"apollo-fund-portfolio-companies-achieve-1b-in-diverse-spend-apollo-expands-target-to-2b-by-end-of-2025","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/apollo-fund-portfolio-companies-achieve-1b-in-diverse-spend-apollo-expands-target-to-2b-by-end-of-2025\/","title":{"rendered":"Apollo Fund Portfolio Companies Achieve $1B in Diverse Spend, Apollo Expands Target to $2B by End of 2025"},"content":{"rendered":"

\nThe Firm aims for expanded impact after its funds\u2019 portfolio companies surpassed target of $1B in diverse spend by 2024
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NEW YORK, April 12, 2023 (GLOBE NEWSWIRE) — Apollo (NYSE: APO)\u00a0today announced the achievement of more than $1 billion in diverse spending across its funds\u2019 private equity portfolio as part of the firm\u2019s Supplier Diversity Program. This represents a significant milestone in Apollo\u2019s objective of expanding opportunity across the workplace, marketplace and communities in which it and its funds\u2019 portfolio companies operate, and contributing to a more inclusive economy. Building on this success, Apollo announced an expanded target to achieve $2 billion in diverse spending across its funds\u2019 private equity portfolio by the end of 2025.<\/p>\n

\u201cExceeding our diverse spend goal demonstrates great progress in our journey to drive economic impact for diverse-owned businesses. While we are proud of this accomplishment, we understand that our work is just beginning,\u201d said Matt Nord and David Sambur, Co-Heads of Private Equity for Apollo. \u201cGoing forward, we will continue to work with these businesses to drive long-term, sustainable value creation across our funds\u2019 portfolio companies, while also pushing for greater impact across our industry.\u201d<\/p>\n

Apollo\u2019s supplier diversity initiative emphasizes year-over-year growth in diverse spend across Apollo\u2019s funds\u2019 portfolio companies with an emphasis on minority- and women-owned suppliers. Since launching the initiative in 2021, Apollo\u2019s Portfolio Performance Solutions (\u201cAPPS\u201d) team has collaborated with portfolio company procurement teams to measure diverse spending and identify channels for expanding partnerships with diverse-owned businesses, while also accelerating progress by developing and implementing tailored supplier diversity strategies and toolkits. Several of Apollo\u2019s funds\u2019 portfolio companies made significant strides in 2022 that contributed to the $1 billion spending achievement, including ADT, Novolex, and Yahoo, among others.<\/p>\n

\u201cThe high level of enthusiasm around Apollo\u2019s Supplier Diversity Program displayed by portfolio companies played a key role in allowing us to achieve this milestone,\u201d said Carletta Ooton, Head of ESG for Private Equity at Apollo. \u201cWe\u2019re looking forward to continuing this collaboration as we grow our program through new partnerships, consistent metrics tracking, and other new initiatives to advance industry-wide progress, in addition to our expanded $2 billion financial target.\u201d<\/p>\n

Apollo is also a corporate member of the National Minority Supplier Development Council (\u201cNMSDC\u201d) and the Women\u2019s Business Enterprise National Council, enabling Apollo\u2018s funds\u2019 portfolio companies to build relationships with trusted, certified diverse suppliers.<\/p>\n

\u201cI am excited to congratulate Apollo on this impressive milestone. At NMSDC, last year we set the ambitious goal of achieving $1 trillion in annual revenue for our certified minority business enterprises, and the dedication to supplier and business diversity from organizations with the size and scale of Apollo is critical to this effort, as well as our ability to end the racial wealth gap,\u201d said NMSDC CEO and President Ying McGuire. \u201cNMSDC looks forward to continuing to work with Apollo in its ongoing efforts to expand and maximize the reach of its Supplier Diversity Program.\u201d<\/p>\n

As the Firm\u2019s Supplier Diversity Program evolves into its next phase, Apollo will seek to expand the reach of its efforts:<\/p>\n