Global alternative investment manager Apollo announced a new goal to achieve $2 billion in diverse spending, with an emphasis on minority- and women-owned suppliers, across its funds’ private equity portfolio by the end of 2025.

The new goal comes as Apollo revealed that it has already surpassed its prior target of $1 billion in diverse spend, set early last year.

Matt Nord and David Sambur, Co-Heads of Private Equity for Apollo, 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.”

With the establishment of Apollo’s initial $1 billion target, the company also announced the launch of its Supplier Diversity Program, under which the firm’s Apollo Portfolio Performance Solutions (APPS) 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.

The company reported that several of its portfolio companies, including ADT, Novolex, and Yahoo, made significant diverse spend strides last year, contributing to the achievement of the $1 billion target.

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

“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.”