NewsFairview Capital Sells Minority Ownership Stake To New York Life

Fairview Capital Sells Minority Ownership Stake To New York Life

New deal is expected to help Fariview Capital spur growth with venture capital firms, along with diverse and emerging fund managers.

Fairview Capital Partners has sold a minority ownership stake to mutual life insurance giant New York Life.

Fairview told BLACK ENTERPRISE that the deal will help spur the West Hartford, Connecticut-based firm’s overall growth. The company’s top executives further shared what the deal means for the business.

Fairview Co-Founder Larry Morse stated, “New York Life’s partnership and capital will create even more opportunities for Fairview. This includes accelerating our growth and expanding our investing with the industry’s foremost venture capital firms, along with the leading diverse and emerging fund managers.”
In her statement, Fairview Co-Founder JoAnn Price added, “We will also continue to build on our commitment to transforming business and culture in the venture capital and private equity industry as we work to unlock additional value for our investors.”

Fairview disclosed that the firm is focused on expanding its existing business in the venture capital, diverse and emerging managers, and co-investment categories. The relationship with New York Life may perhaps allow Fairview to innovate further and enter new or existing adjacent categories in the future.

Tony Malloy, executive vice president and chief investment officer at New York Life, stated, “New York Life and Fairview are very much aligned in terms of our shared core values and missions to build and sustain meaningful economic outcomes over the long term while also generating positive investment returns for clients.”
He added, “Our investment is a testament to our long-standing relationship and Fairview’s established and storied track record. This investment will support the Fairview team in furthering their growth and evolution as pioneers in the industry.”

It was stated the partnership with New York Life further solidifies Fairview’s continued leadership and longevity in the market. Co-founders Price and Morse, along with managing partners Kola Olofinboba, Alan Mattamana and Aakar Vachhani, and partner Kwesi Quaye, will remain in control as Fairview’s majority owners.

Through that initiative, New York Life stated it made various commitments into diverse and emerging fund managers that each support dozens of businesses, resulting in several hundred businesses impacted overall. Further, Fairview’s  Morse serves on New York Life’s Impact Advisory Board.

Source: Black Enterprise

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