Investing

Mellody Hobson

Co-CEO and president of Ariel Investments, the Chicago value manager (~$13.8B AUM). In 2021 she co-founded its private-equity arm Ariel Alternatives; she also chairs Starbucks' board and is a JPMorgan director.

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Ariel Investments co-CEO

Over $16 billion (2023); firm assets grew from $1.2B to $17.8B under HobsonAriel Investments AUM

$1.45 billion, closed February 2023Ariel Alternatives / Project Black fund

$4.65 billion, 2022 — first Black woman with an NFL ownership stakeDenver Broncos purchase (Walton-Penner group)

Joined 1991; President from 2000; Co-CEO since 2019Tenure at Ariel Investments

~39% — the firm's largest shareholderStake in Ariel Investments

2021–2024; first Black woman to chair a Fortune 500 company's boardStarbucks board chair

Watch

Mellody Hobson in her own words

Ariel Investments Co-CEO Mellody Hobson Talks Financial Literacy · via Bloomberg Podcasts

The thesis

How Mellody Hobson invests

Mellody Hobson runs Ariel Investments, the value-investing firm she joined in 1991, on a patient, long-horizon approach the company symbolizes with its turtle logo and the motto 'slow and steady wins the race.' In 2021 she co-founded Ariel Alternatives and its $1.45 billion Project Black fund, which buys profitable middle-market companies and builds them into minority-owned suppliers of scale for large corporations. Beyond her own firm she has taken high-profile board and ownership roles, from chairing Starbucks to a stake in the Denver Broncos. Her argument for closing the racial wealth gap is that access to customers can matter as much as access to capital.

Our logo is a turtle, and for 30 years, we have been underscoring this idea of patient investing.

LEADERS Magazine, 2014 ↗

We can't be color blind, we have to be color brave.

TED Blog, 2014 ↗

Access to customers may be more important.

Forbes, 2023 (on Project Black) ↗

The portfolio

What Mellody Hobson has backed

12 documented positions — each sourced to named reporting.

Ariel Investments (firm / leadership)

Chicago-based value-investing firm, one of the largest Black-owned asset managers in the US, running mutual funds and separately managed accounts.

When: Joined in 1991; became President in 2000 and Co-CEO in 2019; the firm's largest shareholder at roughly 39%.
Why: Built her career on patient, contrarian value investing summed up by the firm's turtle logo and 'slow and steady wins the race.'
Status: Active; assets over $16 billion (2023), having grown firm AUM from $1.2B to $17.8B during her tenure.

Ariel Investments (official) ↗Forbes, 2023 ↗

Ariel Alternatives / Project Black (fund)

Private-equity arm's $1.45 billion inaugural fund that buys middle-market companies ($100M–$1B in revenue) and scales them as minority-owned suppliers to Fortune 500 corporations.

When: Co-founded Ariel Alternatives in 2021; Project Black closed at $1.45B in February 2023 with LPs including Walmart, Lowe's, Salesforce and JPMorgan.
Why: To narrow the racial wealth gap by giving diverse-led firms both capital and access to large corporate customers.
Status: Deployed across acquisitions including Sorenson, CQ Fluency and My Code.

Forbes, 2023 ↗Black Enterprise, 2023 ↗

Sorenson Communications (Project Black portfolio)

Leading US provider of communication services for people who are Deaf and hard of hearing.

When: Project Black's first acquisition — a 52.5% stake at a $1.3 billion enterprise value, April 2022.
Why: A profitable, mission-aligned platform to certify as a minority business enterprise and grow.
Status: Project Black portfolio company.

Willkie Farr & Gallagher, 2022 ↗Forbes, 2023 ↗

CQ Fluency (Project Black portfolio)

Language and translation services company focused on healthcare, with clients including Cigna, Aetna and UnitedHealth.

When: 70% stake acquired in 2023.
Why: Fits Project Black's model of building diverse-owned suppliers to large corporations, and pairs with Sorenson in inclusive-communication services.
Status: Project Black portfolio company.

Forbes, 2023 ↗

My Code (Project Black portfolio)

Multicultural media and marketing firm reaching Hispanic and Black audiences through a network of 1,200+ publishing partners.

When: Nearly 60% majority stake at a $400 million enterprise valuation, announced December 2023 — Project Black's third acquisition and first in marketing.
Why: Extends Project Black into media and advertising with a scaled, minority-focused business.
Status: Project Black portfolio company.

Black Enterprise, 2023 ↗

Denver Broncos (NFL ownership)

NFL franchise.

When: Joined the Walton-Penner Family Ownership Group that bought the Broncos for a then-record $4.65 billion in 2022.
Why: A landmark sports-ownership stake; she became the first Black woman with an ownership interest in an NFL team.
Status: Active owner (in her fourth year as of 2025) within the ownership group.

Denver Broncos (official) ↗

Project Level (women's sports fund) + NWSL Denver

Ariel's women's-sports-focused private investment fund, launched January 2025 to back professional and emerging teams, leagues and related businesses.

When: Lead minority investor in Denver's NWSL expansion team (the league's 16th franchise, playing from 2026); Hobson serves as Alternative Governor.
Why: To 'level the playing field' by investing in the fast-growing economics of women's sports.
Status: Active; the Denver NWSL team is its initial investment.

Sidley Austin, 2025 ↗

Starbucks (board chair — role)

Global coffee retailer.

When: Long-serving director who chaired the board from 2021 to 2024.
Why: A high-profile corporate governance role; she was the first Black woman to chair a Fortune 500 company's board.
Status: Retired from the Starbucks board in 2026 after nearly two decades as a director.

Ariel Investments (official) ↗

JPMorgan Chase (board director — role)

Largest US bank.

When: Serves as a director on the JPMorgan Chase board.
Why: Corporate governance role at a systemically important financial institution.
Status: Current director.

Ariel Investments (official) ↗

DreamWorks Animation (former board chair — role)

Animation studio.

When: Chaired the DreamWorks Animation board during its public-company years.
Why: Governance role bridging finance and media.
Status: Ended with the 2016 sale of the studio to NBCUniversal/Comcast.

Ariel Investments (official) ↗

Estée Lauder Companies (board director — role)

Global beauty and cosmetics company.

When: Long-standing member of the Estée Lauder board.
Why: Corporate governance role.
Status: Board member.

Ariel Investments (official) ↗

LA28 Olympic & Paralympic Games (board — role)

Organizing committee for the 2028 Los Angeles Olympic and Paralympic Games.

When: Serves on the board of LA28.
Why: Civic and sports governance role.
Status: Current board member.

Ariel Investments (official) ↗

Photo: Joi Ito — Wikimedia Commons, CC BY 2.0

What the record doesn't say

Read this with the gaps in mind.

Ariel's public-equity holdings shift over time; Project Black is early in a seven-year deployment (returns unproven), and her personal stake in the Broncos group isn't disclosed.

Go deeper

Frequently asked questions

What has Mellody Hobson invested in?

Mellody Hobson has backed Ariel Investments (firm / leadership), Ariel Alternatives / Project Black (fund), Sorenson Communications (Project Black portfolio), CQ Fluency (Project Black portfolio), and 8 more. Each one is listed on this page with what the company does and a link to named reporting.

How much has Mellody Hobson invested?

Cheque sizes are almost never disclosed, and Mellody Hobson's are mostly private. Where a round size, stake or valuation has been reported we cite the source; otherwise we flag it as undisclosed rather than guess.

How does Mellody Hobson invest?