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More than 30 years have passed since Reginald Lewis made history by becoming the first Black American to own and operate a billion-dollar corporation, after he led the $985 million leveraged buyout of the food conglomerate Beatrice International.

His 1987 buyout made headlines on Wall Street and, by 1991, earned the Baltimore native a spot on The Forbes 400 with a net worth of $340 million (or roughly $830 million in current dollars)—the only Black person to make the list of America’s wealthiest that year.

“It literally meant everything,” says Levoyd Robinson, cofounder and CEO of CFI Partners, about seeing Lewis on a magazine cover. At the time, Robinson was a student at Howard University with his own dreams of success in finance. “It was proof that it’s possible—it’s actually possible that you can” have a career in private investment, Robinson says.

What many people overlook about Lewis’ landmark deal is the foundation on which it was built. Lewis had been a star athlete in high school and college, and after graduating from Harvard Law, he worked as a corporate attorney for fifteen years. In 1983 Lewis started TLC Group, a private equity firm at a time when the leverage buyouts were often unwelcome and unpopular. The very next year he purchased McCall Pattern Company, a sewing products maker, for $22.5 million. Lewis and his partners invested just $1 million and borrowed the rest. In July 1987, Lewis sold McCall for $90 million, prompting The New York Times to run an article with his picture and the headline: “90-1 Return for Investor.”

“The McCall deal really laid the groundwork for our next transaction because it gave us credibility in the marketplace,” said Lewis in 1988 to the Los Angeles Times. His next deal was Chicago’s Beatrice Foods, which had $1.8 billion in revenues.

For the second annual ForbesBLK 50: Money Masters, we searched for Black Americans in the world of private capital who are following in Lewis’s footsteps. Lewis, who died in 1993, had built a net worth of $400 million ($897 million in today’s dollars). ForbesBLK selected BLK 50 members primarily in three areas: private equity, private credit, and venture capital. The 2026 list builds on the inaugural list, ForbesBLK 50: Power, Wealth and Impact, which featured the most influential and wealthy Black Americans in business. Some names from the 2024 list return, like Robert F. Smith, cofounder of $100 billion Vista Equity Partners, as well as entrepreneurs Jay-Z and Serena Williams, who have also excelled in private investments.

The second BLK 50 highlights new wealth creators and billionaires such as David Grain, founder of Grain Management, a private equity firm with $6 billion in assets. Grain, who started the private equity firm in 2007, has a net worth of $2.5 billion. Stefan Kaluzny, founder of Sycamore Partners, is also a new billionaire. In 2025, Kaluzny led the $10 billion buyout of Walgreens, and has an estimated net worth of $1.3 billion.

Robert Johnson, cofounder of Black Entertainment Television, or BET, is back on the billionaire list. He owns RLJ Equity Partners, a private equity firm managing more than $150 million in assets. In 2001, Johnson and his ex-wife Sheila sold BET to Viacom for $3 billion. That year, he became the first Black billionaire to make the The Forbes 400, with an estimated net worth of $1.3 billion. Today, Forbes estimates his net worth at $1 billion.

In total, individuals on the ForbesBLK 50 comprise an AUM of more than $200 billion.

Fairview Capital Partners, an investment management firm, reports that there are more than 1,000 women and minority-owned private equity and venture capital firms in the U.S. That’s up from only 100 firms in 2014 when Fairview published its first market review of women and minority-owned private equity and venture capital firms. As of 2024, 168 of the 1,000 firms are Black-owned. That’s up from 122 firms in 2022, and 67 firms two years prior, according to Fairview’s data.

Despite the growth of Black and minority-owned firms, many private capital firms are facing an uncertain future. The field is awash with competition, making fundraising and deal pricing extremely challenging. This, plus the rise in interest rates has made “leverage” more expensive and hurt valuations, creating a difficult environment for exits. Even more worrisome is the potential for artificial intelligence to disrupt portfolio companies, especially in the area of software. President Trump’s war on diversity-focused initiatives hasn’t helped matters.

“This environment today is backward looking in many respects,” says veteran financier Derek Jones, former vice-chairman of investment firm GCM Grosvenor. However, Jones says, firms that remain dedicated to diversity will win. “It has to be connected to performance,” he adds. “Diversity plus performance equals out performance.”

The Money Masters featured on ForbesBLK 50 are thriving despite industry headwinds.

A-CCody Pickens for ForbesAdeyemi AjaoCoFounder and Managing Partner, Base10 PartnersAUM: $1.8 BillionAge: 43 | Location: San Francisco, CAA Forbes Midas List honoree (2023-24), Ajao is a serial investor and cofounder and managing Partner of Base10 Partners, the first Black-led venture capital firm to reach $1 billion in assets. Base10 is known for backing well-known companies including Blank Street Coffee, Instacart and Reddit. A Stanford graduate, Ajao is also the cofounder of social network Tuenti, which was acquired by Telefonica in 2010 for $100 million.

VIEW PROFILE‎ Frank Baker Cofounder, Managing Partner, Siris Capital GroupAUM: $5.9 BillionAge: 53 | Location: West Palm Beach, FLBaker is a cofounder and managing partner of private equity firm Siris Capital Group, which he launched in 2011 with Peter Berger and Jeffrey Hendren. The firm focuses on technology and reports investing roughly $9 billion across three funds. Before founding Siris, Baker was a managing director at Ripplewood Holdings and began his career in the mergers and acquisitions group at Goldman Sachs. He earned a Bachelor of Arts in economics from the University of Chicago and an MBA from Harvard.

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‎ Ronald BlaylockCofounder, Managing Partner at GenNx360 Capital PartnersAUM: $2.3 BillionAge: 66 | Location: New York, NYAfter earning an undergraduate degree from Georgetown and an MBA from New York University’s Stern School Blaylock worked at UBS and Citigroup. In 1993 he cofounded Blaylock & Company. The minority-owned investment bank underwrote and advised on more than $150 billion in transactions serving blue-chip clients including AT&T, Boeing, Google. Blaylock also held senior executive roles at UBS and Citigroup. In 2006, Blaylock cofounded of private equity firm GenNx360 Capital Partners.

VIEW PROFILEIllustration by Adrian Brandon for ForbesUrsula BurnsCofounder, IntegrumAUM: $2.5 Billion Age: 67 | Location: New York In 2009, Burns became the first Black woman to lead a S&P 500 company after being hired as Chairwoman and CEO of Xerox. She initially joined Xerox as a summer intern in 1980 and rose through the ranks, serving as Chairwoman until 2017. Four years later, Burns cofounded private equity firm Integrum Holdings and raised an inaugural fund of $1.1 billion. An iconic name in the business world, Burns isn’t a new Forbes lister. She was one of 50 women named the 2018 World’s Top 50 Women in Tech list. Burns holds a master’s degree in mechanical engineering from Columbia University and a bachelor’s degree from the Polytechnic Institute of New York University.

VIEW PROFILE‎ Ben Carson Jr. Cofounder, Managing Partner, FVLCRUMAUM: $424 MillionAge: 40 | Location: Bethesda, MDThe son of Dr. Ben Carson, the former Secretary of Housing and Urban Development, Ben Carson Jr. is the cofounder and managing partner of FVLCRUM, where he oversees the firm’s strategy and portfolio that targets transactions up to $40 million. Carson Jr. previously served as executive vice president at financial consultant firm The Warner Companies, advising companies on mergers and acquisitions. Carson earned a bachelor’s degree in psychology from Tufts University in 2007.

VIEW PROFILEIllustration by Adrian Brandon for ForbesShawn “Jay-Z” Carter Cofounder, MarcyPen Capital PartnersAUM: $1.1 BillionAge: 56 | Location: Los Angeles, CA A ForbesBLK 50 alumnus, Jay-Z returns to the list for his expanding influence in private investments, helping him become a billionaire in 2021, the first hip-hop artist to reach that milestone. Born Shawn Carter and raised by a single mother in Brooklyn, Jay-Z released his debut album, Reasonable Doubt, in 1996. Since then, he has won 24 Grammys and launched multiple companies. In 2018, he cofounded Marcy Venture Partners with business partner Jay Brown, naming the firm after the housing projects where he grew up. The venture capital firm initially focused on technology before expanding into consumer, lifestyle, and culture-driven brands. Marcy Venture Partners (MVP) has backed companies such as Ledger, Gemini, and Rihanna’s company, Savage X Fenty. In 2024, MVP merged with private equity firm Pendulum Holdings to form MarcyPen Capital Partners.

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‎ Kesha Cash Founder, General Partner, Impact America Fund AUM: $177 Million Age: 48 | Location: Oakland, CACash grew up in a low-income community and was the first in her family to graduate from college. She started her career on Wall Street and later earned an MBA from Columbia University. Cash is recognized for identifying overlooked opportunities and supporting founders serving underserved communities. Her Impact America Fund invests primarily in funding prior to Series B, with check sizes up to $3 million.

VIEW PROFILEIllustration by Adrian Brandon for ForbesSherrese ClarkeFounder, CEO, HarbourView Equity PartnersAUM: $2.7 BillionAge: 49 | Location: Newark, NJClarke grew up in Queens, New York, after her Jamaican parents moved to the United States in the 1970s. Her father, Desmond, worked as a taxi driver and also invested in real estate. She began her career in finance as an intern at Morgan Stanley and became a Managing Director in 2009. In 2021, she founded HarbourView Equity Partners, a private equity firm that buys rights to well-known music catalogs, capturing the revenue from royalty fees, and is backed by major financial institutions, including KKR and Apollo.

VIEW PROFILE‎ Don CornwellCofounder, CEO, Dynasty Equity AUM: $670 MillionAge: 55 | Location: New York, NYKnown for advising some of the most prominent sports, media and gaming transactions, Cornwell is the cofounder and CEO of Dynasty Equity, a global sports investment firm he leads alongside Jonathan Nelson. Before starting Dynasty Equity, Cornwell worked at McKinsey & Co. and in corporate development for the NFL. Cornwell is also a founding partner at PJT Partners and previously spent 18 years at Morgan Stanley, where he served as head of global sports investment banking. Cornwell is credited with landmark transactions including the sales of the Buffalo Bills in 2014 and has served as a strategic adviser to the NFL and NBA. He is a graduate from Harvard College and earned an MBA from Stanford.

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D-K‎ Damien DwinFounder, CEO, Lafayette SquareAUM: $944 Million Age: 50 | Location: Washington, DCThe son of a bus driver and a long-time government worker, after graduating from Georgetown in 1997, Dwin began his career at Saloman Brothers as an analyst and then as a trader at Goldman Sachs in New York and London. In 2020, he founded Lafayette Square, a private credit firm with the mission of “driving capital to working-class places.” Lafayette Square provides capital to small businesses and middle market companies with cash flow under $50 million. By 2030, Dwin said Lafayette’s goal is to help create 100,000 working-class jobs in sectors such as healthcare, telecom, and transportation. Before founding Lafayette, Dwin cofounded private credit firm Brightwood Capital Advisors in 2010.

VIEW PROFILE‎ Barry GivensCofounder, Managing Partner, Collab CapitalAUM: $125 Million Age: 40 | Location: Atlanta, GAGivens grew up in Atlanta, where he saw many examples of Black success and wealth. He remembers that his childhood dentist, doctor, and even the city’s mayor were Black. This shaped his perspective of economic opportunity. He went on to study mechanical engineering at Georgia Tech, and in 2014, cofounded Monsieur, a startup that made robotic bartenders. The company raised over $4 million before licensing its technology in 2017. Two years later, Givens and his partner Jewel Burks Solomon launched Collab’s first fund of $51 million to support underserved entrepreneurs.

VIEW PROFILEIllustration by Adrian Brandon for ForbesDavid GrainFounder, CEO Grain Management AUM: $6.7 BillionAge: 63 | Location: Washington, DCThe son of a trucking entrepreneur, Grain was born in Brooklyn, earned a bachelor’s from College of Holy Cross and an MBA from Dartmouth. Additionally, Grain held senior roles at AT&T and Morgan Stanley before founding private equity firm Grain Management in 2007. The firm invests in telecommunications infrastructure, including fiber networks, wireless spectrum and cellphone towers. Grain owns roughly 64 percent of the firm that’s worth approximately $300 million. According to Forbes data, Grain is worth $2.5 billion.

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‎ Bruce Hampton Cofounder, 5th Century PartnersAUM: $500 MillionAge: 38 | Location: Chicago, ILBefore launching middle-market focused PE firm 5th Century in 2021, he worked for the Vistria Group, where he focused on investments in education and healthcare. Hampton grew up in Cleveland and earned an MBA from Harvard and a finance degree from Indiana, where he played Division I football. Hampton started his career in investment banking at JPMorgan Chase. In 2021, he raised the firm’s first fund, which totaled $144 million.

VIEW PROFILEJamel Toppin for ForbesMellody HobsonCofounder, Co-CEO, Ariel Alternatives AUM: $14.3 BillionAge: 56 | Location: Chicago, ILHobson joined Ariel in 1991 after graduating from Princeton University and spent nearly two decades as president before being named co-CEO. In 2019, she purchased a large stake from Ariel founder, John W. Rogers Jr, as part of a planned leadership transition, increasing her stake to 39.5%. Under her leadership, the firm expanded beyond public markets, launching Ariel Alternatives and raising $1.45 billion in 2023 for Project Black, a private equity fund focused on scaling Black-owned businesses. In 2025, Hobson also founded Project Level, a new investment platform aimed at making investments in women’s sports. In February, Project Level closed on its first raise of $250 million. Hobson is also in her fourth year as an owner of the Denver Broncos as part of the Walton-Penner Family Ownership Group.

VIEW PROFILE‎ Aaron HolidayCofounder, Managing Partner, 645 Ventures AUM: $555 MillionAge: 44 | Location: New York, NYAs managing partner of venture firm 645 Ventures, Holiday oversees the firm’s investment strategy and works closely with founders to scale early-stage technology companies. He co-launched the firm in 2014, starting with an initial fund totaling $7.6 million, and has since backed companies including FiscalNote, Goldbelly, Iterable and Squire. Previously, Holiday developed trading and derivatives software at Goldman Sachs and financial services company GFI Group, and later advised high-growth startups. A Morehouse alum, Holiday also holds an MBA from Cornell.

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‎ Charles HudsonFounder, Managing Partner, Precursor Ventures AUM: $250 Million Age: 47 | Location: San Francisco, CAPrecursor Ventures focuses on funding business-to-business software, consumer software and connected hardware. Before launching Precursor, Hudson was a partner at SoftTech VC and held business development roles at Google, Zynga and Gaia Interactive. Additionally, Hudson held a role at In-Q-Tel, the venture capital investment arm of the CIA. Hudson earned an MBA and a bachelor’s in economics and Spanish from Stanford University.

VIEW PROFILEShareif Ziyadat/Getty ImagesAndre IguodalaCofounder, Managing Partner, Mosaic General PartnershipAUM: $200 Million Age: 42 | Location: San Francisco, CAFollowing a stellar 19-year NBA career, Iguodala wasted no time putting his basketball earnings and connections to work. In 2021, he cofounded venture capital firm Mosaic General with partner Rudy Cline-Thomas. The firm has made investments in companies including crypto platform Coinbase, media company Cheddar, Robinhood, and sports agency Athlete’s First. Selected ninth overall in the 2004 NBA Draft by the Philadelphia 76ers, Iguodala is a four-time NBA champion, 2015 NBA Finals MVP, and Olympic gold medalist.

VIEW PROFILEMichael Loccisano/Getty ImagesRobert L. JohnsonFounder, CEO, RLJ Equity Partners AUM: $155 MillionAge: 79 | Location: Bethesda, MDJohnson is the founder and chairman of The RLJ Companies, a diversified portfolio of business holdings that includes private equity firm RLJ Equity Partners. Johnson, who has returned to Forbes ranks of billionaires, first built his fortune as the founder and chairman of cable network BET, the first Black-owned company to be publicly traded on the New York Stock Exchange. In 1979, Johnson borrowed $15,000 in seed money to start the network. And in 2001, he sold BET to Viacom for roughly $3 billion, increasing his net worth to $1.3 billion. In 2003, Johnson also became the first Black majority owner of an NBA team when he paid a $300 million expansion fee to purchase the Charlotte Hornets (then Bobcats). However, the team lost hundreds of millions under his watch. By 2010, Johnson sold a majority stake in the franchise to basketball great Michael Jordan for roughly $180 million. A graduate of the University of Illinois, Johnson received a master’s from Princeton.

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Editor’s Note: Johnson’s private equity firm’s AUM falls below our required minimum. However, given his history in private investments and continued influence, Forbes elected to include him in our ForbesBLK Money Masters list. ‎ Tammy JonesCofounder, CEO, Basis Investment Group AUM: $3 Billion Age: 60 | Location: New York, NYJones has more than 25 years of experience in investing and financing commercial real estate. Jones is the daughter of jazz musician Al Lucas, a bass player who played with the likes of saxophonist Dexter Gordon. Despite her exposure to the arts, investing was Jones’ real passion. In 2009, she cofounded Basis Investment Group, a real estate private credit firm that invests in commercial properties, including storage units, hotel properties, and senior housing. Jones holds a bachelor’s degree in economics from Cornell University and an MBA from Georgia State University.

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‎ Paul JudgeChairman, Managing Partner, Open Opportunity FundAUM: $150 MillionAge: 48 | Location: Atlanta, GAJudge is Chairman and cofounder of the Open Opportunity Fund, a venture capital firm that supports underrepresented tech founders. Since launching in June 2020, Open Opportunity Fund says it’s invested in 75 Black and Latino startups. Judge grew up in Baton Rouge, Louisiana, graduated from Morehouse College. He earned a doctorate in cybersecurity from Georgia Tech.

VIEW PROFILESlaven Vlasic/Getty ImagesStefan Kaluzny Founder, Managing Partner, Sycamore PartnersAUM: $13.9 Billion Age: 59 | Location: Palm Beach, FLOne of three new billionaires to make the list, Kaluzny launched PE firm Sycamore in 2011. The firm owns major brands including Walgreens, Staples, Hot Topic, and Torrid. The son of a pianist and a teacher, Kaluzny grew up on the Lower East Side of Manhattan, and earned a bachelor’s degree from Yale and an MBA from Harvard. He worked as a management consultant at Bain & Co. and, in 1994 he left to cofound Delray Farms, a chain of fresh grocery stores serving low-income Hispanic communities in Chicago. Today, Forbes estimates Kaluzny is worth $1.3 billion. Before starting Sycamore, Kaluzny was Managing Director at private equity firm Golden Gate Capital.

VIEW PROFILEL-R‎ Lindsay LeeFounder, Managing Partner, Authentic VenturesAUM: $200 Million Age: 55 | Location: Oakland, CABefore founding Authentic, Lee managed a family office leading early investments in companies including AppLovin, Guardant Health, Apartment List and Cambly. He earned a bachelor’s degree in economics from the University of Florida.

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‎ Tuoyo LouisCofounder, Managing Partner, Seae Ventures AUM: $217 MillionAge: 51 | Location: Boston, MALouis is an investor with more than 20 years of experience across finance, healthcare and innovation. In 2019, he cofounded venture capital firm Seae Ventures alongside partner Jason Robart. He was also a founding team member of Zaffre Investments, the venture subsidiary of Blue Cross Blue Shield of Massachusetts, where he managed the firm’s day-to-day operations and served on multiple portfolio company boards. Louis holds a bachelor’s in molecular cell biology from University of California, Berkeley and an MBA from Clark Atlanta University.

VIEW PROFILE‎ Marc McMorrisCofounder, Co-CEO, Carrick Capital PartnersAUM: $2 Billion Age: 57 | Location: San Francisco, CABefore founding Carrick, McMorris was a managing director at investment firm General Atlantic, where he led the firm’s Palo Alto office, and previously held roles at Goldman Sachs, Morgan Stanley and the Federal Reserve Bank of New York. McMorris earned a degree in economics from the University of Pennsylvania, and an MBA from Wharton.

VIEW PROFILE‎ Dr. Laurence MorseCofounder Fairview Capital PartnersAUM: $9 BillionAge: 74 | Location: West Hartford, CT In 1994, JoAnn Price, then President of National Association of Investment Companies (NAIC), pitched the idea of starting the first Black-owned fund-of-fund investment firm to Morse. Two years later, in 1996, the duo closed a $100 million fund designed to invest in the funds of emerging investment managers. More than 30 years later, Fairview Capital has $9 billion under management, headquarters in West Hartford, Connecticut and 26 employees. Raised in Jacksonville, Morse’s father worked at the Afro-American Life Insurance Company, one of the first businesses to aid Black Americans in obtaining life insurance and mortgages. Morse graduated from Howard University and then earned his doctorate in economics from Princeton. Before cofounding Fairview, he worked as a labor economist and had stints at UNC Ventures and TSG Ventures.

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‎ Martin NesbittCofounder, Co-CEO, Vistria GroupAUM: $17 BillionAge: 63| Location: Chicago, ILThe son of a nurse and factory worker, Nesbitt grew up in Columbus, Ohio. Founded in 2013, Vistria invests in healthcare, education, and financial services. Before launching with partner Kip Kirkpatrick, Nesbitt cofounded The Parking Spot, an off-airport parking provider which was sold to Green Courte Partners in 2011 for $360 million. The deal sparked Nesbitt’s interest in private equity. A long-time friend of President Barack Obama, an association that started through basketball and a night of Scrabble, Nesbitt is also Board Chair of The Obama Presidential Center. A graduate of Albion College, Nesbitt holds an MBA from the University of Chicago’s Booth School.

VIEW PROFILE‎ Marlon NicholsCofounder, Managing Partner, MaC Venture CapitalAUM: $527 Million Age: 49 | Location: Los Angeles, CAMaC Venture Capital is an early-stage firm investing in technology startups. The firm has backed companies including media company Blavity, data platform MongoDB, and e-commerce grocery company Thrive Market. A graduate of Cornell University, Nichols founded venture capital firm Cross Culture Ventures and, in 2019, merged the firm with MX Ventures to form MaC Venture Capital. The merger included an inaugural fund of $110 million.

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‎ Nnamdi Okike Cofounder, Managing Partner, 645 Ventures AUM: $555 MillionAge: 45 | Location: New York, NYThe son of immigrants from Nigeria and Germany, Okike oversees the firm’s investment strategy, governance and compliance. Since cofounding 645 Ventures in 2014, Okike has backed high-growth companies including media company Overtime, tenant screening company RentSpree, and cybersecurity software company Panther Labs. Before 645 Ventures, Okike was an investor at Insight Partners, where he invested in 19 companies and helped drive exits totaling more than $9 billion. He has a bachelor’s degree, law degree and MBA from Harvard University.

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‎ Charles Phillips Cofounder, Managing Partner, Recognize AUM: $3.5 BillionAge: 66 | Location: New York, NYPrior to launching the firm, Phillips was the CEO and chairman of Infor, a software company, and served as president of Oracle Corporation. Additionally, Phillips was a managing director at Morgan Stanley and served as a captain in the U.S. Marine Corps. He earned his bachelor’s degree in computer science from the U.S. Air Force Academy, an MBA from Hampton University, and a J.D. from New York Law School.

VIEW PROFILE‎ Stacy Brown-PhilpotFounder, Managing Partner, Cherryrock Capital AUM: $172 MillionAge: 50 | Location: Palo Alto, CABrown-Philpot grew up in Detroit and has built her career in technology, leadership, and helping others access capital. She started out in investment banking at Goldman Sachs in 1999, then earned her MBA from Stanford University. After that, she joined Google as a director of sales. Later, she became CEO of TaskRabbit, where she expanded the company to over 100 markets before it was acquired by IKEA in 2017. In 2020 and joined the investment committee for SoftBank’s Open Opportunity Fund, a $100 million venture fund supporting Black and Latino founders, until SoftBank sold it in 2023. That same year, she started Cherryrock Capital, a venture capital firm that invests in early-stage companies and underserved founders.

VIEW PROFILE‎ JoAnn PriceCofounder Fairview Capital PartnersAUM: $9 BillionAge: 75 | Location: West Hartford, CTPrice cofounded Fairview Capital Partners in 1994 and has grown it into one of the largest minority-owned venture capital and private equity firms in the world. A Forbes’ 50-over-50 lister in 2023, Price grew up in North Wales, about 20 miles from Philadelphia and graduated from Howard University in 1971. After a short time as an assistant to a Pennsylvania state legislator, she joined the American Association of Minority Enterprise Small Business Investment Companies in 1978. This later became the trade group NAIC. By 1983, Price was president. Ten years later she cofounded Fairview and helped bring in investments from the California Public Employees’ Retirement System (CalPERS), the country’s largest public pension fund. New York Life has invested $200 million with Fairview, and in October 2022, Steve Ballmer, the former Microsoft CEO, and his wife Connie invested $70 million as part of a $400 million initiative to support Black-owned alternative investment firms.

VIEW PROFILEIllustration by Adrian Brandon for ForbesNasir QadreeFounder, Managing Partner, Zeal Capital Partners AUM: $186 MillionAge: 41| Location: Washington, DCZeal Capital Partners invests in financial technology, healthcare, and the future of learning and work. Founded in 2020, Zeal has raised $186 million across three funds—Fund I, Fund II and Barclays Black Formation Investments—including capital committed by HBCU endowments, including Spelman College and Hampton University. Qadree grew up in Southwest Atlanta and is the grandson of former NBA player Jackie Moore. He previously cofounded The Bees Knees Baking Company, a New York City coffee shop, before building his venture capital.

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André RiceFounder, President, Muller & Monroe Asset Management AUM: $1.5 BillionLocation: Chicago, ILRice oversees firm strategy, client service, and business development, and chairs the investment committee. He launched the firm in 1999 after gaining experience as a deal investor and working in mergers and acquisitions at Kraft Foods and in securities sales at Goldman Sachs. Rice is a certified public accountant who began his career at Peat, Marwick, Mitchell & Co.He holds a bachelor’s degree from South Carolina State University and an MBA from the University of Chicago.

VIEW PROFILE‎ Tarrus RichardsonFounder, CEO, IMB Partners AUM: $330 MillionAge: 56 | Location: Bethesda, MDIMB Partners launched in 2010. With more than 25 years of private equity experience, Richardson has invested more than $500 million and led over 20 platform buyouts and add-on acquisitions. He previously cofounded ICV Partners, one of the earliest minority-owned private equity firms and held roles at JLL Partners and Citibank. Beyond investing, Richardson founded the Council of Urban Professionals and serves as a founding board chair of All Star Code. He has a bachelor’s degree from Purdue University and an MBA from Harvard Business School.

VIEW PROFILE‎ Jason RobartCofounder, Managing Partner, Seae Ventures AUM: $217 MillionAge: 60 | Location: Washington, DCSeae Ventures is an early-stage venture firm focused on mostly on healthcare. Before starting Seae, Robart was chief strategy officer at Blue Cross Blue Shield of Massachusetts and president and CEO of Zaffre Investments, its investment arm. Robart earned his bachelor’s degree in political science from Middlebury College.

VIEW PROFILECarmichael RobertsCofounder, Managing Partner, Material Impact AUM: $800 MillionLocation Boston, MACarmichael Roberts career as an entrepreneur-investor in materials innovation informs the firm’s investment strategy. Roberts is known for commercializing university-developed technologies through targeted partnerships with large companies. Before becoming an investor, Roberts cofounded multiple ventures and held business development roles at GelTex Pharmaceuticals, which was acquired by Genzyme for $1.3 billion, and at Dow Chemical.

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‎ Levoyd RobinsonCofounder, CEO, CFI PartnersAUM: $8 Billion Age: 59 | Location: Chicago, IL Robinson grew up in Chicago, the son of a nurse and a plumber. He attended Howard University, where he discovered his interest in finance, thanks in part to his mentor, Wesley Queen, a professor and former director of the Center for Banking Education. After graduating in 1987, Robinson earned an MBA from the University of Wisconsin-Madison and spent time in private credit at PPM America and headed global private debt at Citadel Investment Group. In 2005, he cofounded the private credit firm CFI Partners, which raised $146 million in its first funding round. In 2024, Robinson gave $1.4 million to Howard for school improvements.

VIEW PROFILE‎ Robbie RobinsonCofounder, CEO,MarcyPenAUM: $1.1 BillionAge: 48 | Location: Los Angeles, CAA former financial advisor to President Obama, Robinson graduated from Morehouse College in 1998 on an Oprah Winfrey scholarship. After college, Robinson worked at Goldman Sachs where he met Byron Trott, known on Wall Street as Warren Buffett’s banker. In 2009, Robinson joined Trott on the founding team of BDT Capital Partners in Chicago. A decade later, Robinson started private equity firm Pendulum Holdings alongside wife, D’Rita Robinson, and raised more than $200 million. In 2024, the investment arm of Pendulum Holdings merged with entertainer Jay-Z’s firm to form MarcyPen Capital Partners.

VIEW PROFILES-Z‎ Kenneth SaffoldCofounder, Managing Partner, o15 Capital PartnersAUM: $397 Million Age: 49 | Location: Atlanta, GASaffold oversees firm strategy as well as deal origination and execution. Before founding o15 Capital Partners, Saffold was a managing director at BlackRock and served on the investment committee for BlackRock’s Impact Opportunities Fund, a more than $800 million fund designed to fund underserved communities. Saffold earned an MBA from The Wharton School and a bachelor’s degree from Morehouse College.

VIEW PROFILEHoward SandersFounder, Managing Director, Auldbrass Partners AUM: $600 Million Location: New York, NYAuldbrass Partners is a private equity firm focused on growth and secondary transactions. Since 2011, the firm has invested in software, manufacturing, healthcare, and education technology. Before starting Auldbrass Partners, Sanders was a managing director at Citigroup, where he led private equity investments. He also worked in mergers and acquisitions at Deutsche Bank. Sanders earned an MBA from Harvard and a bachelor’s degree from University of Pennsylvania.

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‎ Sengal SelassieFounder, CEO, Brightwood Capital AdvisorsAUM: $6.0 BillionAge: 57 | Location: New York City, NYSelassie launched private credit firm Brightwood Capital in 2010. He leads the firm’s investment strategy and serves on the executive and investment committees of all Brightwood-managed funds. Selassie previously served as managing partner at Cowen Capital Partners, an investment bank (now TD Cowen), and worked in mergers and acquisitions at Morgan Stanley. He holds a bachelor’s degree and an MBA from Harvard.

VIEW PROFILE‎ Mike SmithCofounder, General Partner, Footwork AUM: $400 MillionAge: 56 | Location: San Francisco, CAIn 2021, Smith cofounded Footwork, a venture capital firm, where he leads early-stage investments in consumer technology companies. Footwork typically invests up to $15 million in startups and focuses on enterprise software. Smith was previously president and COO of personal styling company Stitch Fix, guiding the online platform through it IPO. He also served as COO of Walmart.com before raising Footwork’s initial fund, which raised $175 million.

VIEW PROFILEIllustration by Adrian Brandon for ForbesRobert F. SmithFounder, Chairman, Vista Equity Partners AUM: $100 BillionAge: 63 | Location: Austin, TXIn 2000, Robert F. Smith founded Vista Equity Partners, the largest Black-owned private equity firm in the United States, currently with roughly $100 billion in assets. Vista is a leading technology investor and has increased its focus on artificial intelligence and AI-driven enterprise software. With a net worth of about $10 billion, Smith ranks No. 123 on The Forbes 400 and was featured on the 2024 ForbesBLK 50 list. He was the first Black American to sign the Giving Pledge. In 2019, Smith also pledged to pay tuition for the graduating class of Morehouse College and later launched the 2% Solution. Smith’s career in finance has not been unblemished. In 2020 he paid the Department of Justice $139 million after admitting his involvement in a tax fraud scheme.

VIEW PROFILEIllustration by Adrian Brandon for ForbesJewel Burks Solomon Cofounder, Managing Partner, Collab Capital AUM: $125 Million Age: 36 | Location: Atlanta, GASolomon grew up in the South, where her interest in technology was sparked by a call from her grandfather during harvest season on his Alabama farm. Struggling to identify a tractor part, he turned to her for help—an experience that drew Solomon’s attention to working in an industrial parts call center. That inspired her to launch Partpic, a startup that used photos to find replacement parts, which Amazon acquired in 2016. A Howard University alumna, Solomon now co-leads Collab Capital, a venture capital firm investing in underrepresented founders. The firm has backed startups, including Hairbrella, a headwear startup, and SparkCharge, a mobile electric vehicle charging company. In 2024, SparkCharge was valued at $221 million, according to PitchBook data.

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‎Kimberly White/Getty ImagesLaurence “Lo” ToneyFounder, Managing Partner, Plexo Capital AUM: $230 MillionAge: 59 | Location: San Francisco, CAToney originally planned to pursue investment banking, but while studying at the University of California, Berkeley, he discovered a passion for venture capital. Toney became managing partner of Plexo Capital, which he incubated and spun out of Google Ventures to expand access to early-stage startups. Toney has also held executive roles at Nike and eBay and holds a bachelor’s degree from Hampton University.

VIEW PROFILE‎ Marques TorbertCofounder, 5th Century PartnersAUM: $500 MillionAge: 41 | Location: Chicago, ILTorbert is a cofounder at private equity firm 5th Century Partners, where he invests in middle-market businesses. A native of Cleveland, Torbert met his future partner, Bruce Hampton, at a young age—later reconnecting through professional networking. Before starting 5th Century, Torbert was CEO at post-insurance settlement platform Ametros from 2013 until 2020. Torbert transitioned to Chairman until Amertos sold to Webster Financial Corporation for $350 million in 2023. He began his investment career at Lazard and also served as a private equity associate at investment firm Clarion Capital Partners. Torbert holds an MBA from Harvard and a bachelor’s in economics from Columbia University.

VIEW PROFILERay WhitemanFounder, Managing Partner, Stellex Capital ManagementAUM: $5.0 BillionLocation: New York, NYPrior to founding private equity firm Stellex Capital, Whiteman was a partner at Carlyle Group and served as managing director and co-head of Carlyle Strategic Partners. He earned a bachelor’s degree in political science from Williams College, and an MBA from New York University.

VIEW PROFILEIllustration by Adrian Brandon for ForbesSerena WilliamsFounder, Serena VenturesAUM: $111 MillionAge: 44 | Location: Jupiter, FLKnown for her milestones on the tennis court, Williams is also serving up wins in the private markets and beyond. She founded venture firm Serena Ventures in 2014, focusing on female entrepreneurs and founders from underrepresented groups. Williams retired from tennis in 2022, having won 23 Grand Slams in singles competitions and becoming the highest-paid female athlete in the world. A ForbesBLK 50 lister in 2024, Williams is also ranked No. 11 on Forbes America’s Most Powerful Women in Sports.

VIEW PROFILE‎ Willie WoodsCofounder, President, ICV Partners AUM: $736 Million Age: 63 | Location: Miami, FLBefore launching ICV, Woods served stints in investment banking, advising on mergers and acquisitions, leveraged loans, high-yield bonds, and equity transactions. Woods has also held roles in private equity at Levmark Capital and serves on the boards of the Apollo Theater Foundation. He is a graduate of Morehouse and has an MBA from Harvard Business School.

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‎ Kneeland YoungbloodFounder, Chairman, Pharos Capital GroupAUM: $665 MillionAge: 70 | Location: Dallas, TX Launched in 1998, Pharos invests in healthcare companies that work to improve care for people in underserved communities. Since its inception, the firm says its raised $1.5 billion. Originally from Houston, Youngblood earned a bachelor’s degree in politics from Princeton and a medical degree from the University of Texas Southwestern Medical School. He went on to practice emergency medicine at Baylor University Medical Center and the Medical Center of Plano. In 2024, Youngblood was named to the ForbesBLK 50 list.

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Editor’s Note: This list will be updated daily to reflect fluctuating AUM figures. AUM changes include Auldbrass Partners, Pharos Capital Group and Siris Capital Group. Updated Brightwood Capital Advisors to reflect correct investment firm.

MethodologyIn 2023, Forbes launched its ForbesBLK platform to champion and highlight business and community leaders in the Black Community. Since its launch, ForbesBLK has hosted three business summits in Atlanta, published the World’s Black Billionaires, and launched the ForbesBLK 50 list. To create our 2026 list, Forbes consulted with numerous industry sources and organizations, including the National Association of Investment Companies (NAIC), Blueprint Capital Advisors, Derek Jones, the former vice-chairman of GCM Grosvenor, and Melissa Bradley, managing partner of BEA Venture Fund, a venture capital firm.

Among the criteria used to make the final selections were assets under management (AUM), quality of institutional investors, longevity, and industry reputation. Private equity firms and private credit firms under consideration required a minimum AUM of $300 million; venture capital firms required a minimum AUM of $100 million. We verified AUM using data from the U.S. Securities and Exchange Commission and PitchBook. A maximum of two individuals per firm were eligible to make the list.

ForbesBLK also used Forbes proprietary wealth data to determine individuals’ net worth, along with public and third-party financial data and insights from financial analysts.

Forbes staff: Asia Alexandar, Ali Jackson-Jolley, Matt Schifrin, Chase Peterson-Withorn, as well as contributing writers and editors of the ForbesBLK list.

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