Issue link: https://nebusinessmedia.uberflip.com/i/1486240
HARTFORDBUSINESS.COM | DECEMBER 5, 2022 25 and the Black community because of the success of Black businesses that access this new capital." Fairview has agreed to invest 30% to 70% of Ballmer Group's $50 million commitment in funds and companies that are Black-led or Black-owned. Fairview will match that with $50 million from other portfolios it manages. Between 80% and 100% will be invested in early-stage venture capital funds, and up to 20% in later- stage growth equity funds, according to Morse. The portfolio will be built over the next 36 to 48 months, he said. The fund has a 12-year life, with potential one-year extensions. Fairview also has the ability to commit up to 20% of the capital to co-investment opportunities presented by the underlying fund managers. Big score Morse believes Ballmer Group was enticed by Fairview's solid track record and history of long-term success. Morse co-founded the company with co-founder and Managing Partner JoAnne Price. "We're never dealing with first-time investors," Morse said. "They will always be people who have some history of investing institutional capital profitably." Morse said that of the $70 trillion controlled by asset managers in the United States, less than 1% of that capital is committed to minority fund managers, and an even smaller percentage to Black fund managers. He said the Ballmers' invest- ment helps "move the dial," but more needs to happen to infuse capital into markets that are "woefully undercapitalized." "For Steve and Connie to commit $400 million in capital to this space is significant," Morse said. "It's a signal of sorts, and one hopes that it becomes a beacon for other investors of their type to take a closer look at what the performance has been for managers in this space and perhaps some of them will find their way to emulating them." The investment is the largest from a single family office that Fairview has ever seen, though Fairview has managed larger pools of money. "I've never seen anything that compares to this from a single family office focused on Black fund managers with the notion of increasing capital available to Black entrepreneurs and company founders," Morse said. Black entrepreneurs have histor- ically found it especially difficult to obtain capital to pursue business ambitions, Morse said. The Ballmers' infusion could mean the landscape is changing. "It's encouraging and the hope always is that this is not the end of something, but rather the beginning of something that will become more appreciable over time," Morse said. FOCUS: PHILANTHROPY Building Ideas That Work... Building Ideas That Work... Contact us at 860.482.7613 or visit us at BorghesiBuilding.com 2155 East Main Street Torrington, Connecticut 06790 © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing ™ is a division of BlueScope Buildings North America, Inc. Borghesi Building & Engineering Co., Inc. will guide you in defining your project goals, help analyze your prospective property and provide a realistic budget. For more than 80 years, Borghesi Building & Engineering Co., Inc. has provided quality and reliability with design and energy efficient construction. With an attractive design, it presents to your customers a comfortable relaxing environment to help promote sales. You will appreciate the quality your facility presents. Billionaire Steve Ballmer and his wife, Connie. PHOTO | RANDELL WALTON PHOTOGRAPHY