Arctos Sports Partners has pulled past the $1bn mark for its debut fund targeting stakes in sports franchises.
The firm was launched in 2019 by ex-Madison Square Garden CEO Doc O’Connor and former Landmark Partners veteran Ian Charles, with plans to take stakes in teams across US sports leagues and top European soccer sides.
Arctos is believed to be targeting between $1.25bn and $1.75bn for the fundraise, which has already been backed by investors including Goldman Sachs Group’s Petershill division.
The firm has now registered about $1.03bn for Arctos Sports Partners Fund I, a US securities filing shows.
CSP Securities, Citi Private Advisory and Goldman Sachs & Co are acting as placement agents for the fundraise, the filing adds.
The firm said it plans to provide liquidity and growth capital to “a historically inefficient market”, with the soaring valuations of some teams making it difficult for owners to part with minority stakes.
Arctos plans to step in for those deals, investing between $20m and $300m per deal for passive minority stakes, a report from Axios last year said.
In February this year Arctos formed a blank cheque SPAC investment vehicle looking to raise up to $275m to back “sports teams, leagues, data and technology, digital infrastructure, health and wellness, esports, betting, ticketing, agencies, services and hospitality”, a regulatory filing showed.
Last month Arctos brought in former JPMorgan private bank PE due diligence co-head Robyn Sacks Slutzky as a partner and head of capital solutions.
Slutzky will lead Arctos investor relations and capital raising activities, investment strategy, and overall firm governance.
She was also previously a private equity investor at Prudential Financial.
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