WEST HARTFORD, Conn.--(BUSINESS WIRE)--The Ford Foundation, Visa Foundation, and Fairview Capital today announced a partnership and expanded financial commitment to the Fairview Foundations Emerging Managers Fund which invests in funds and direct co-investments backed by diverse and women-owned venture capital and private equity firms.
According to the U.S. Government Accountability Office, U.S.-based asset management firms manage over $70 trillion and women and minority-owned firms manage less than 1 percent of those assets. With the universe of diverse venture capital and private equity firms expanding rapidly, the opportunity and impetus for institutional investors to invest with this set of managers has never been greater.
The multi-year investment fund, originally backed by the Ford Foundation in 2019, was launched to catalyze the growth of diverse firms nationwide by focusing on new firms and small funds. The fund also serves as a model to other foundations and endowments that an appropriately structured programmatic approach to investing with diverse managers can generate market or above market returns.
“We are thrilled to partner with Visa Foundation and Fairview Capital to help build an asset management industry that more closely reflects the society we live in,” said Roy Swan, Director of Mission Investments for the Ford Foundation. “This is an excellent opportunity to seek superior financial returns and advance inclusive capitalism at the same time.”
Fairview will manage the investment fund with significant financial commitments from both Visa Foundation and the Ford Foundation. Visa Foundation, the philanthropic affiliate of the global payments company Visa (NYSE: V), and the Ford Foundation, an independent nonprofit foundation, are both committed to advancing greater diversity, equity, and inclusion in the financial markets.
“Visa Foundation is honored to partner with Fairview Capital and the Ford Foundation to invest in minority- and women-owned venture capital and private equity firms,” said Graham Macmillan, President, Visa Foundation. “We believe that we can achieve a more equitable economic system by including everyone, everywhere, and our investment in Fairview demonstrates their track record towards that goal.”
As one of the largest minority-owned investment companies in the United States, Fairview Capital has been a leader in pioneering investment strategies for successfully investing with diverse and emerging managers for nearly 30 years. Fairview Capital has a proven track record of investing on behalf of institutional investors and believes that the size of the diverse manager opportunity set, and the observed quality of managers, in terms of talent, performance, deal flow, and strategic advantages over other firms, is more substantial than ever before.
“When we formed our initial partnership with the Ford Foundation we believed that, in time, nothing would prove more compelling to additional institutional investors than our demonstrated success in building a high-performing portfolio of talented, diverse investment managers investing capital profitably across a broader landscape of people and investment opportunities than that of most private markets investors,” said Laurence C. Morse, Ph.D., Co-Founder and Managing Partner of Fairview Capital. “The fact that the Visa Foundation has analyzed the results of this effort and chosen to partner with us and the Ford Foundation to expand it further is immensely gratifying, and we could not be more pleased to have the opportunity to partner with them.”
About Fairview Capital:
Fairview Capital is a leading private equity and venture capital investment management firm founded nearly 30 years ago by Laurence C. Morse, Ph.D., and JoAnn Price. Fairview Capital is one of the largest minority-owned investment companies in the United States with over $10 billion under management since inception. The firm invests on behalf of institutional investors including the world’s leading foundations, endowments and public and private pension plans. Fairview Capital is renowned for its entrepreneurial spirit, diverse leadership team, inclusive investment approach, and deep expertise that continues to shape the industry. Headquartered in West Hartford, CT, Fairview Capital also has an office in San Francisco, CA. For more information visit https://fairviewcapital.com/.
About Visa Foundation:
Visa Foundation seeks to support inclusive economies where individuals, businesses and communities can thrive. Through grantmaking and investing, the Foundation prioritizes the resilience and growth of micro and small businesses that benefit women. The Foundation also supports broader community needs and disaster response in times of crisis. Visa Foundation is registered in the U.S. as a 501(c)3 entity. For more information, visit: https://usa.visa.com/about-visa/philanthropy/visa-foundation.html.
About the Ford Foundation:
The Ford Foundation is an independent, nonprofit grant-making organization with assets currently valued at $16 billion. For more than 85 years it has worked with courageous people on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. With headquarters in New York, the foundation has offices in Latin America, Africa, the Middle East, and Asia.