(Reuters) – Apollo Global Management, (NYSE:) Inc stated Tuesday it committed more than $100m over the next ten years to a new foundation that is managed by its employees and will make grants for organizations that promote workplace diversity.

New York-based company said the foundation would partner with non profit organizations to encourage educational access, skilled development, and capital availability for entrepreneurs and professionals.

Apollo employees will help identify recipients and pitch grants at a foundation council that is also composed of employees. Lauren Coape – An executive director at the foundation, explained that this process is similar to Apollo’s selection of deals. She also stated that it will guarantee grassroots participation.

Coapee-Arnold stated that they were tapping into the same processes Apollo used to invest so employees could be part of every stage of grantmaking, and that the foundation could expand opportunities for causes that are important to them.

Private equity, which is traditionally male-dominated and white, has increased its efforts to increase the representation of women in leadership and staff from underrepresented backgrounds within its ranks. It also invests more heavily in philanthropic giving that is focused on community development.

Apollo peer Blackstone (NYSE 🙂 Inc announced last week that it has appointed Maura Paally, an ex-executive vice president at Clinton Foundation to head its 15-year old charitable foundation which promotes economic opportunity as well as education access.

Apollo announced last year that its U.S.-based companies would have met the 30% target set by it in 2020 to ensure diversity on their board. Apollo’s 16 members include at least 3 directors who identify as minorities.

Apollo, through its private equity company, set an ambitious goal to spend $1 billion by its portfolio companies on suppliers owned by people from different backgrounds. Apollo initiated a $10 million, 10-year program to provide more opportunities for students from historically Black universities and colleges.