Paul Viera, founder and CEO of the Atlanta-based investment firm EARNEST Partners, is adding a new feather to his cap. On Tuesday, the San Antonio Spurs announced Viera acquired an equity stake in the NBA team and is also joining its board of managers.
“[Viera’s] addition reaffirms our dedication to fostering diversity, promoting inclusion and building leaders and legacies,” said Peter J. Holt, managing partner of Spurs Sports and Entertainment, the group that owns the team.
EARNEST Partners was founded in 1998. The firm is responsible for overseeing over $40 billion for municipalities, states, corporations, endowments and universities, a news release from the Spurs said. Last year, the company was the third-largest money manager in Atlanta, according to the Atlanta Business Chronicle.
Viera’s investment in the Spurs comes one week after food service giant Aramark announced it was selling half its equity in the NBA team for about $100 million, though it did not disclose who the buyer was.
Terms of Viera’s investment were not released by the team.
The Spurs have been expanding their investor group over the past few years. Investment firm Sixth Street and tech entrepreneur Michael Dell bought a combined 30% stake in the team in 2021, according to various reports. Airbnb Co-Founder Joe Gebbia acquired an undisclosed minority stake in the Spurs in 2022.
“The San Antonio Spurs are a revered organization and I am honored to join Peter J. Holt and the other strategic partners as part of their investor group,” Viera said in a statement. “From the outset, I was drawn to the organization’s unique commitment to impact and building a more equitable community for everyone.”
EARNEST Partners has its U.S. headquarters in Midtown and says it is 100% employee-owned. The firm has also expanded into China and has been operating there for more than 10 years.
Viera is also a trustee of the Woodruff Arts Center and a member of its investment committee.
The Atlanta Journal-Constitution and Report for America are partnering to add more journalists to cover topics important to our community. Please help us fund this important work at ajc.com/give
About the Author
