Ballmer Group co-founders Steve and Connie Ballmer have announced a $400 million investment with four organizations focused on Black investment managers and Black-owned businesses.

The Ballmers are pursuing a “fund of funds” strategy with Fairview Capital and Goldman Sachs. The investments will go exclusively to Black-led venture capital and private equity funds, and at least 30 percent of the underlying portfolio companies will be led by Black entrepreneurs and founders. The partnerships include a commitment from Goldman Sachs and Fairview Capital to amplify the impact of the funds with additional capital. The Ballmers also will work with J.P. Morgan and GCM Grosvenor, as well as Ariel Alternatives’ Project Black. Project Black is a private equity initiative with a mission to scale sustainable Black, Latina, and Latino-owned businesses to serve as Tier 1 suppliers to Fortune 500 companies.

“This is an incredible opportunity to invest in an undercapitalized market,” said Steve Ballmer. “We hope it will signal to other investors the value in giving Black investment managers access to capital. There are great people out there, and we are excited to catalyze this segment and look forward to excellent returns.”

(Photo credit: Getty Images/Courtney Hale)