Steve Ballmer and Connie Ballmer have invested $400 million in Black investment funds to support Black entrepreneurs and businesses.
Former Microsoft CEO Steve Ballmer and his wife work with four investment firms that specialize in Black equity and venture capital.
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. Partnerships include the commitment to amplify the impact of funds by providing additional capital.
J.P. Morgan Chase and GCM Grosvenor, as well as Ariel Alternatives’ Project Black are also involved. Project Black is a private investment initiative that aims to scale Black and Latina-owned sustainable 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 is owner of the Los Angeles Clippers NBA team. He is No. With a net worth $84 billion, Ballmer is ranked 10th on the Bloomberg Billionaires Index.