West Hartford-based Fairview Capital is one of two Black-owned investment companies that will benefit from a quarter-billion-dollar commitment by billionaire Steve Ballmer, who owns the Los Angeles Clippers and is a former Microsoft CEO.
The Wall Street Journal reported Wednesday that Fairview Capital and Chicago-based Ariel Investments, which are among the top Black-owned businesses in the country, will gain a combined $250 million.
Ballmer told the WSJ that he made the investment with his own assets, not from his philanthropic organization. The funds are part of $400 million that he and his wife, Colleen, have committed this year to help ameliorate the disparity in access to capital for Black fund managers.
The money will go toward Black-led venture capital and private equity managers, with the aim of helping Black entrepreneurs obtain capital, the WSJ reported.
Ballmer told the WSJ that he has been concerned about the funding imbalance between Black and white investment firms for years, but decided to take action following the murder of George Floyd in 2020.
Ballmer, who retired from Microsoft in 2014, is the ninth-wealthiest person in the world, with a net worth of about $84 billion, according to Bloomberg.
