New York Life Acquires Minority Ownership Stake in Fairview Capital

NEW YORK--(BUSINESS WIRE)--
New York Life, America’s largest¹ mutual life insurer, today announced that the company has acquired a minority ownership stake in Fairview Capital. One of the largest minority-owned investment management firms in the United States, Fairview is a leader in venture capital and private equity investing, with over $10 billion under management since its inception 30 years ago. The firm invests on behalf of institutional investors, including public and private pension plans, foundations, and endowments.

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“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,” said Tony Malloy, Executive Vice President and Chief Investment Officer at New York Life. “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.”

“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,” said Fairview Co-Founder Larry Morse. “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,” said Fairview Co-Founder JoAnn Price.

As part of New York Life’s initial $1 billion impact investment initiative to help bridge the racial wealth gap by investing in underserved and undercapitalized communities, the company has committed $200 million to Fairview since 2021. Through the collaboration, New York Life made a variety of commitments into diverse and emerging fund managers that each support dozens of businesses, resulting in several hundred businesses impacted overall. Fairview’s Dr. Morse also serves on New York Life’s Impact Advisory Board which helps inform the company’s ongoing impact investment strategy.

This alliance marks a major inflection point for Fairview, as this partnership with New York Life further solidifies the firm’s continued leadership and longevity in the market. The majority ownership in the firm will continue to reside with the Fairview team, which, in addition to Co-founders JoAnn Price and Larry Morse, includes Managing Partners Kola Olofinboba, Alan Mattamana and Aakar Vachhani, and Partner Kwesi Quaye.

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest¹ mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.²

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/5/2023. For methodology, please see http://fortune.com/fortune500/.

²Individual independent rating agency commentary as of 11/17/2023: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

ABOUT FAIRVIEW CAPITAL

Fairview Capital is a leading venture capital and private equity investment management firm founded 30 years ago. With over $10 billion under management since inception, Fairview is one of the largest minority-owned investment management firms in the United States. The firm invests on behalf of institutional investors, including the world’s leading public and private pension plans, foundations, and endowments. Fairview is renowned for its entrepreneurial spirit, organizational culture and diversity, inclusive and thesis-driven 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 www.fairviewcapital.com.

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New York Life:

Kevin Maher
New York Life

(212) 576-6955

[email protected]

Fairview Capital:

Chanel Cathey
Fairview Capital

(860) 674-8066

[email protected]

Source: New York Life Insurance Company