Thanks to initiatives such as Ownership Works, a growing number of private markets firms have begun to integrate employee ownership schemes. However, few firms have gone further in this regard than Apis & Heritage Capital Partners. Founded in 2020, the firm finances the conversion of companies with substantial Black, Indigenous and People of Color (BIPOC) workforces into 100 percent employee-owned businesses through its employee-led buyout strategy. The firm closed its first fund in 2022. In this episode, senior reporter Charles Avery connects with Philip Reeves, who co-founded the firm alongside Todd Leverette, to understand how such a strategy works in practice and how it delivers positive impact and returns for investors. To subscribe and hear more episodes, search for The New Private Markets Podcast wherever you get your podcasts, or click here.