Steve and Connie Ballmer are investing $400 million in an effort to boost Black investment fund managers and Black businesses.
The former Microsoft CEO and his wife are working with four investment organizations focused on Black venture capital and private equity funds.
Fairview Capital and Goldman Sachs will make investments exclusively to Black-led venture capital and private equity funds, with at least 30% of underlying portfolio companies led by Black entrepreneurs/founders, according to the Ballmers. The partnerships include a commitment to amplify the impact of the funds with additional capital.
J.P. Morgan Chase and GCM Grosvenor, as well as Ariel Alternatives’ Project Black are also involved. Project Black is a private equity initiative with a mission to scale sustainable Black, Latina and Latino-owned businesses.
“This is an incredible opportunity to invest in an undercapitalized market,” Steve Ballmer said. “We hope it will signal to other investors the value in giving Black investment managers access to capital. There are great people out there, and we are excited to catalyze this segment and look forward to excellent returns.”
Ballmer, who is the owner of the Los Angeles Clippers NBA franchise, is No. 10 on the Bloomberg Billionaires Index with a net worth of $84 billion.
