How billionaire is using financial muscle for racial equity

Inspired by the racial justice protests of 2020, Jahm Najafi is ready to shed his normally low profile to make some headlines for his partnerships and philanthropy.

In February, Najafi, a billionaire who runs the Phoenix-based investment firm Najafi Cos., joined former NFL star Colin Kaepernick to form a special purpose acquisition company that they hope to merge with a private company that shares their commitment to diversity and equity.

Najafi, vice chairman of the Phoenix Suns and a member of the NBA’s Board of Governors, is also getting involved with the NBA Foundation. The charitable foundation launched in early August, a couple of weeks before NBA players halted the league’s playoffs with a three-day boycott to call attention to the police shooting of Jacob Blake in Wisconsin.

The 30 NBA teams are collectively contributing $30 million annually for 10 years to establish the foundation. The intent is to advance economic empowerment in Black communities by funding job readiness and placement programs for Black youth.

The Associated Press spoke recently with Najafi, 58, about his philanthropy and other work. The interview was edited for clarity and length.

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Q: How did your partnership with Colin Kaepernick come about? And why was it important for you to have an all-minority board, and incorporate filmmakers like Ava DuVernay in the separate advisory board?

A: I had the opportunity to meet Colin about four years ago through a mutual friend. We had dinner together and realized that our worldview was very similar — on how we think about investments, interactions, cultures and people. Because my primary activity is investments, we started looking at a number of potential investment opportunities we can do together. And when the idea of a publicly-held entity that can be done in a high-profile setting...