People News!

MEMORANDUM

TO: Clients and Friends
FROM: Mellody Hobson, Co-CEO
DATE: September 8, 2026
RE: People News!

We are delighted to welcome two exceptional industry leaders to Ariel: Rodney Cohen, who will serve as Co-CEO and Chief Investment Officer of Ariel Alternatives, and Melody Rollins, who joins as Executive Vice President and Global Head of Distribution. Having both Rodney and Melody choose Ariel-and begin on the same day-is especially exciting and gratifying. As we continue striving to exceed expectations and build for the future, we are honored to have these highly respected executives working with us.

Rodney Cohen-Time-Tested Investor, Enterprise Builder, Celebrated Leader

With Rodney heading Ariel Alternatives alongside me, the management of our private equity business will mirror my Co-CEO pairing with John Rogers at our parent company. While I continue to oversee the day-to-day businesses of all of Ariel, John remains laser focused as CIO of public equity investing at Ariel Investments, with Rodney driving private equity outcomes as CIO of Ariel Alternatives. To this point, Rodney spearheads all investment decisions for Project Black-building and overseeing the investment team; establishing and refining investment processes; and chairing its investment committee. He will also serve on the investment committee of Project Level.

Rodney comes to us with over 30 years of experience as a senior private equity investor and firm builder. His career reflects an entrepreneurial investment approach, supported by deep sourcing capabilities, broad industry relationships and hands-on execution in middle-market buyouts as well as complex situations. He has invested across consumer, industrials, media, sports, healthcare and business services, with a focus on identifying differentiated opportunities and creating value through active ownership.

Prior to joining Ariel, Rodney served as the Head of Private Equity Strategies at Black Diamond Capital Management. Before Black Diamond, he spent a decade at The Carlyle Group where he was Co-Head of Carlyle's middle market investment activities while serving on multiple investment committees and working closely with senior leaders on broader corporate activities. In 2013, he led an investment in Philadelphia Energy Solutions which was named the "Best One Carlyle Deal" in the firm. Earlier in his career, he co-founded Pegasus Capital Advisors, a private equity platform built and scaled from scratch. Having received a J.D. from Columbia University, Rodney practiced law before transitioning to investing.

While investment acumen and business growth are paramount, another hallmark of exceptional leadership is "followership"-the ability to attract and retain talented people who will wear the firm's jersey with pride. On this point, our reference checks for Rodney reflected one consistent theme-no matter where he has worked, he has always been the team leader of choice. He was awarded the "Best One Carlyle Contribution" for "placing the welfare of the firm and its investors as first priority by: living the core values of the firm; unselfishly contributing to the success of Carlyle colleagues; and maintaining the highest standards of professionalism, integrity and trust." This relational track record reflects key attributes we seek in an Ariel leader.

Melody Rollins-Client Champion, Growth Leader, Culture Carrier

Meanwhile, Melody will oversee firmwide client service, investor relations and business development at Ariel. (Yes, we have the same first name! For now, we are taking a page out of grade school. I am Mellody H, and she is Melody R. Someone suggested "Old Mellody" and "New Melody," but that was not my favorite.)

Melody is a mission-driven executive whose strong reputation has been cemented over a 25-year career. Since graduating from Georgetown and MIT, she has repeatedly risen to the top of some of the most successful investment firms in the country-overseeing client engagement, firmwide growth and product innovation. Most recently, as Global Head of Core Institutional Clients, she led Bridgewater Associates' largest commercial segment. Over seven years, she built a high performing team, partnered with the world's largest asset owners and helped drive a firmwide digital transformation.

Her 16-year career at PIMCO is where she cut her teeth and became the industry success that she is today. Having risen to Executive Vice President, Head of US Institutional Client Management, Melody ultimately oversaw a 70-person team and co-led the firm's 400-person New York office. During this impressive tenure, she also co-developed PIMCO's first private equity and hedge fund strategies.

Between her time at Bridgewater and PIMCO, Melody spent over two years as a Partner, Executive Committee member and Head of Client Service & Business Development at Brightwood Capital Advisors, a private credit manager.

In addition to driving results, Melody is known for building inclusive cultures and accelerating career paths for emerging talent. She is the ultimate culture carrier-a role that is highly valued at Ariel. In 2024, these strengths and more were recognized by Pensions & Investments when Melody was celebrated with a Lifetime Achievement Award for influential women in institutional investing.

Given their deep industry experience and significant roles, we are thrilled to have Rodney and Melody help lead us into the future. Both will serve on Ariel's Executive Committee. Additionally, since Melody's responsibilities run across our public and private equity businesses, she will also sit on our firmwide Operating Committee.

Yue Bonnet-Thank You and Good Luck

We want to express our sincerest thanks to Yue Bonnet who recently informed us of her intention to leave Ariel to pursue other opportunities. During her two years at Ariel Alternatives, Yue helped build out the Project Black investment team while sourcing deals and overseeing portfolio companies. In addition, she acted as an important point of contact for our LPs. We wish her all the best as she moves on. To fill this position, Rodney is mining relationships and interviewing seasoned investment talent to work alongside him.

As always, we appreciate the opportunity to serve you and welcome any questions you might have.