Feb 15, 2022 - Economy

Scoop: The Chernin Group and Night Media launch growth equity fund

Illustration of a cellphone with a word bubble featuring five dollar signs in it — Illustration: Sarah Grillo/Axios

The Chernin Group and talent management company Night Media are setting up a new growth equity vehicle named "NightCap" that will aim to acquire businesses and team them up with content creators, Axios has learned.

Why it matters: It's yet another testament to the influence and commercial power of social media stars, rivaling that of traditional celebrities like actors and musicians.

YouTube star and Night Media client Mr. Beast, for example, has launched consumer ventures under his brand, including a fast food chain and food company whose first product was a trio of chocolate bars.

The big picture: Along with raising $1 billion for a new fund last summer, The Chernin Group added new partners to diversify its investment areas to include crypto, content creation, commerce and health, for example.

The firm also said it's remaining focused on growth equity, though it could invest at earlier stages and raise a separate vehicle for that down the road.
As for Night Media, it formally got into the investment business last spring with the debut of a $20 million VC fund whose limited partners are content creators and social media stars.

The Chernin Group declined to comment. Night Media did not immediately respond to request for comment.

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Scoop: The Chernin Group and Night Media launch growth equity fund

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