Apollo is doubling down on supplier diversity across its private equity portfolio, which includes major companies such as security services provider ADT and digital media company Yahoo.

The giant private equity firm wants to increase spending with suppliers and vendors owned or managed by women and minorities, raising total outlays by companies held in its portfolio to $2bn by the end of 2025. The move comes after the New York firm surpassed an original $1bn goal two years early and as similar efforts pick up steam across the US economy.