Apollo, a global alternative investment manager, has set a goal to achieve $2bn in diverse spending by the end of 2025.
According to ESG Today, the spending will have an emphasis on minority- and women-owned suppliers, across its funds’ private equity portfolio by the close of 2025.
The new goal follows the revealing by the firm that it had recently surpassed its prior target of $1bn in diverse spend.
Apollo also revealed it had launched its Supplier Diversity Program. Under this, its Apollo Portfolio Performance Solutions team, its expertise, support, and resources platform for engaging with portfolio companies, collaborates with portfolio company procurement teams to measure diverse spending, expand partnerships with diverse-owned businesses and implement supplier diversity strategies and toolkits.
Apollo co-heads of private equity Matt Nord and David Sambur said, “Exceeding 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.
“Going forward, we will continue to work with these businesses to drive long-term, sustainable value creation across our funds’ portfolio companies, while also pushing for greater impact across our industry.”
Carletta Ooton – head of ESG for private equity at Apollo – added, “The high level of enthusiasm around Apollo’s Supplier Diversity Program displayed by portfolio companies played a key role in allowing us to achieve this milestone. We’re 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.”
Zurich, a global insurance provider, recently launched a new initiative to decarbonise its supply chain by providing suppliers with tools and resources to measure their emissions.
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