$150 million new commitment to support affordable housing from Steve and Connie Ballmer

Steve and Connie Ballmer have deepened their long-standing commitment to expanding opportunity and economic mobility with a new $150 million investment in affordable housing through their philanthropic organization, Ballmer Group.

The initiative, announced today, is aimed at building and preserving thousands of workforce and low-income homes for American families, underscoring the couple’s belief that housing is the foundation upon which family stability, educational opportunity, and economic advancement are built.

The investment includes $75 million each into The Vistria Group’s Affordable Housing Strategy and Avanath Capital Management’s Affordable Housing Renaissance Fund—two leading vehicles designed to address the growing housing shortage while creating sustainable pathways for community well-being.

“At Ballmer Group, we believe housing is more than just shelter—it’s the cornerstone for family stability, educational opportunity, and economic advancement,” said John Griffith, Executive Director of Strategy and Operations & National Housing at Ballmer Group.

“Our investment in affordable housing will not only build and preserve thousands of homes for low-income families but also shed light on the opportunity for institutional investment in this critical sector.”

Since founding Ballmer Group in 2015, Steve and Connie Ballmer have directed their philanthropy toward dismantling systemic barriers that limit economic mobility for children and families.

Their giving spans early learning, K–12 education, college and career pathways, behavioral health, criminal justice reform, and now, increasingly, housing stability. The couple’s approach blends strategic grantmaking with catalytic investments, designed not only to meet immediate needs but to strengthen the systems that determine long-term opportunity.

Through their investment, the Ballmers are supporting two firms that reflect their vision for scalable, community-centered impact. With Ballmer Group’s backing, The Vistria Group’s affordable housing strategy now manages $3.4 billion in assets, integrating workforce development, education, and health services to help residents access opportunities that promote upward mobility.

“Ballmer Group’s investment affirms the strength and scalability of Vistria’s housing platform,” said Margaret Anadu, Senior Partner at The Vistria Group. “In less than three years, we’ve built one of the largest institutional strategies focused on affordable and workforce housing—demonstrating both the depth of the opportunity and the importance of disciplined capital in this sector.”

Avanath Capital Management, meanwhile, is pioneering new pathways for wealth- and asset-building among residents of the 15,000 affordable housing units it manages, a figure that will double to more than 30,000 by 2026.

“Ballmer Group’s support is a testament to the impact that can be achieved through investment in comprehensive, affordable, and workforce housing solutions,” said Daryl J. Carter, founder, chairman, and CEO of Avanath.

“Through our perpetual-life Renaissance Fund, Avanath can build and renovate our portfolio, preserving and adding to the country’s affordable housing stock, while also investing at the human level through resident services including food programs, afterschool programs, wellness classes, and financial literacy workshops.”

For Steve and Connie Ballmer, this effort reflects a larger belief that philanthropy should work hand in hand with data, partnership, and institutional collaboration to address the root causes of inequality.

By reinforcing their grantmaking with market-rate investments that attract additional capital, they are advancing a model of philanthropy that is both pragmatic and profoundly human—one that aims to ensure every family has access to a safe, stable home and the opportunity to thrive.