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April 11, 2024

New York Life acquires minority stake in West Hartford’s Fairview Capital

PHOTO | CHELSEA MARRIN JoAnn Price and Laurence Morse, co-founders and managing partners of Fairview Capital in West Hartford.
By David Krechevsky

West Hartford-based Fairview Capital Partners Inc., one of the largest minority-owned private equity investment management firms in the United States, said late Thursday that New York Life has acquired a minority ownership stake in it.

Terms of the deal were not disclosed.

New York Life, the largest mutual life insurance company in the United States, said it has committed $200 million to Fairview since 2021 as part of its initial $1 billion impact investment initiative to help bridge the racial wealth gap by investing in underserved and undercapitalized communities. 

Through its initiative, New York Life has made a variety of commitments to diverse and emerging fund managers that each support dozens of businesses, resulting in several hundred businesses impacted overall.

“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.”

He added that the investment will support Fairview’s team “in furthering their growth and evolution as pioneers in the industry.”

Fairview Co-Founder Larry Morse, who also serves on New York Life’s Impact Advisory Board, assisting with its investment strategy, said the 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,” Morse said.

Co-founder JoAnn Price said Fairview 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 said the alliance marks a major inflection point, because the partnership with New York Life further solidifies the firm’s continued leadership and longevity in the market. 

Founded in 1994 by Morse and Price, Fairview Capital is a venture capital and private equity investment management firm with over $10 billion under management since its inception, according to the firm. 

While New York LIfe has taken a minority ownership stake, majority ownership in the firm will remain with the Fairview team, which also includes Managing Partners Kola Olofinboba, Alan Mattamana and Aakar Vachhani, and partner Kwesi Quaye.

New York Life Insurance Co. is a Fortune 100 company founded in 1845 and is one of the largest life insurers in the world. Based in New York City, its family of companies offer life insurance, retirement income, investments and long-term care insurance.

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