Silver Lake has made a strategic investment in Oak View Group, an operator of sports and entertainment venues founded by industry veterans Irving Azoff and Tim Leiweke in 2015. Based in Los Angeles, OVG both develops new facilities and offers an array of services to existing venues, including booking, consulting and sponsorships.
The reported $100 million backing comes with OVG set to begin multiple major projects, including a $660 million renovation of Seattle's Key Arena and the construction of a new arena for the NHL's New York Islanders. The Seattle deal involves a partnership with TPG Capital co-founder David Bonderman and movie producer Jerry Bruckheimer to bring an NHL expansion franchise to the city.
Silver Lake completed 13 investments in 2017, five fewer than the year prior, according to the PitchBook Platform. The Menlo Park firm invests heavily in tech, with nearly 62% of its deals in the IT sector since the start of 2008. In a previous foray into the live events space, Silver Lake led a $4 billion investment in the Ultimate Fighting Championship in 2016.