Jordan Big Funds has been approved to invest in Southwest mutual funds by the Walton Family foundation, according to a document filed with the Securities and Exchange Commission on Tuesday.
The Walton Family Fund will invest in the funds as part of the Walton’s initiative to “strengthen the foundations of our communities and build a world-class foundation for education and human development,” according to the document.
Jordan Big funds is an affiliate of the billionaire Walton family.
The funds own the majority of Jordan’s businesses, including JB Hi-Fi, Jordan Brand, Jordan Spade and Jordan Brand Golf, according the company’s website.
The investment will be used to “support our charitable programs and to support and enhance Jordan’s philanthropic efforts, such as the Walton Foundation and the Jordan Brand,” the company said in a statement.
The company said it plans to invest about $20 million in the Southwest fund, which is expected to reach a total value of more than $2 billion by 2019.
Jordan’s corporate parent, the Waltons, own a large portion of the company, with the billionaire brothers controlling over 90 percent.