Marc Lasry’s Avenue Capital Group has so far secured at least $445 million for its sports fund, according to regulatory filings.
The substantial fundraise signals sustained LP interest in exposure to sports teams and related businesses, particularly from fund managers with access to these deals.
The billionaire investment manager and sport investor’s firm—which he co-founded with his sister Sonia Gardner in 1995—launched the sport-focused vehicle in October with plans to deploy LP capital across a variety of sports teams, owners and leagues.
The fund also plans to invest in sports-related media and entertainment rights, real estate and other related businesses.
US sports team valuations have skyrocketed over the past few decades, attracting private capital investors like Blue Owl‘s HomeCourt fund, Arctos Partners and RedBird Capital Partners, who buy minority stakes in franchises.
In fact, as of the end of May, 63 major North American sports teams valued at a total $147.6 billion had some sort of private equity connection—whether through a PE firm as a minority owner or a billionaire backer who made their money through the private markets, according to PitchBook’s PE Sports Dashboard.
Avenue Capital declined to comment.
The fund has already deployed capital into a number of opportunities.
Shortly after the launch, Lasry’s Avenue Sports Fund partnered with NBA star Stephen Curry to acquire the rights to the San Francisco franchise of TGL, Tiger Woods and Rory McIlroy’s golf league.
The vehicle plans to continue investing alongside star athletes, such as former soccer player Lauren Holiday, English striker Harry Kane and former WNBA player Candace Parker.
In early 2024, the firm was part of a consortium of investors led by Fenway Sports Group that infused $3 billion into the PGA Tour.
Lasry’s fund also led a group of investors in its acquisition of sailing race SailGP’s US team and acquired the rights to the New York Mavericks, a professional bull riding team.
As an individual, Lasry has a storied background in sports investing as the former co-owner of the NBA’s Milwaukee Bucks franchise. He sold his stake in the team last year, amassing hundreds of millions of dollars.
Featured image of Marc Lasry by Noam Galai/Getty Images
