"Forty years later, the oldest Black-owned investment firm in the U.S. manages more than $16 billion in assets. Most of that is in mutual funds and separately managed accounts, though $1.45 billion is in a new private equity fund dubbed Project Black. The brainchild of his co-CEO Mellody Hobson, the new fund aims to buy existing mid-size businesses and install Black and Latino executives who can build them into top tier suppliers to the S&P 500. "
