Patrick Mahomes, Kevin Durant Joined a $33 Billion Cultural Leadership Fund alongside Black Millionaire Influencers and Athletes
|Fri Aug 19 2022
Patrick Mahomes is always looking to make smart investments with his record breaking NFL contract alongside Kevin Durant and other big athletes.
NFL star Patrick Mahomes signed one of the richest contracts in football history. With all the money, he is looking to make smart investments.
Patrick Mahomes signed a 10-year, $450 million extension that could be worth up to $503 million, per sources. The extension includes a $141.48 million injury guarantee, as well as a no-trade clause. It marks the first time an NFL player has had sports’ most lucrative deal. pic.twitter.com/kohX8rFSFN
— Adam Schefter (@AdamSchefter) July 7, 2020
One of Mahomes investment opportunities came in the form of a third fund led by venture capitalist firm Andreessen Horowitz. This firm is known as a16z and has a goal of growing Black wealth through ownership of future technology companies.
In its first Cultural Leadership Fund, players like Kevin Durant and influencers like Sean Combs and Nas were investors. The first fund was launched in 2018.
In their third investment fund, Patrick Mahomes and NASCAR’s Bubba Wallace were brought on board
CLF’s investment portfolio includes holding equity in companies such as Dapper Labs, Roblox, and Substack. All of these are technology companies that gives black millionaires an avenue to invest and grow their wealth.
This initiative was taken by a16z since people of color, especially Black people, are a minority in the tech sector. Black people only make up around 7% of the tech space, being the lowest out of the major race groups.
As of today, a16z has north of $33 billion in assets under their management. This is primarily composed through holding equity in multi billionaire companies. These companies include Coinbase, Fanatics, and Flexport.
Today, we’re announcing our investment in Flow, which aims to disrupt the current residential real estate market by connecting people to build communities around their homes.
— a16z (@a16z) August 15, 2022
A16z has publicly said their mission is to find Black athletes and influencers who are true representations of cultural leadership and are excited about the advancement of technology.