April 13th 2024.
Fairview Capital Partners, a private equity and venture capital investing firm, has recently announced that it has sold a minority ownership stake to New York Life, one of the largest mutual life insurance companies in the country. This partnership marks a significant milestone for Fairview, as it is now backed by one of the world's leading financial institutions.
Founded 30 years ago, Fairview has quickly become one of the nation's largest Black-owned firms in the private equity and venture capital space, with over $10 billion in assets under management. Its clients include institutional investors such as public and private pension plans, foundations, and endowments. The terms of the deal were not disclosed.
According to Fairview's co-founder, Larry Morse, the partnership with New York Life will bring about new opportunities for the company's growth. He expressed excitement about the potential to accelerate their growth and expand their investments with the industry's top venture capital firms, as well as diverse and emerging fund managers.
JoAnn Price, Fairview's other co-founder, also shared her thoughts on the partnership, stating that it aligns with their commitment to transforming the business and culture in the venture capital and private equity industry. She believes that this collaboration will unlock additional value for their investors.
The company revealed that it is focused on expanding its existing business in the venture capital, diverse and emerging managers, and co-investment categories. With the support of New York Life, Fairview may also be able to explore new opportunities in adjacent categories in the future.
Fairview's partnership with New York Life is a significant accomplishment, as the latter is a Fortune 100 company and the nation's largest mutual life insurance company. Tony Malloy, New York Life's executive vice president and chief investment officer, emphasized the shared values and missions of the two companies to generate positive investment returns for clients while also creating meaningful economic outcomes over the long term.
Back in 2019, Fairview and Ariel Investments received a combined commitment of $250 million from billionaire Steve Ballmer to help address the insufficient capital accessible to Black entrepreneurs. This partnership with New York Life further solidifies Fairview's leadership and longevity in the market. The company's co-founders, along with its managing partners and partner, will continue to lead Fairview as majority owners.
As part of New York Life's $1 billion impact investment, the company has committed $200 million to Fairview. This initiative aims to bridge the racial wealth gap by investing in underserved and undercapitalized communities. Through this program, New York Life has made significant commitments to diverse and emerging fund managers, resulting in the support of numerous businesses. Larry Morse also serves on New York Life's Impact Advisory Board, further strengthening the relationship between the two companies.
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