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Nov 21, 2023 - Business

Scoop: Pair of private equity firms spin out of RedBird Capital Partners

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Illustration of a cardinal perched on an exit sign

Illustration: Sarah Grillo/Axios

Two partners of RedBird Capital Partners have left to launch their own private equity firms, one focused on pro sports team rights and the other on energy, Axios has learned.

Behind the scenes: The moves come after the nine-year-old firm decided to stop focusing on both areas.

  • In sports, that means emphasizing adjacencies but no longer buying into actual clubs. In energy, RedBird hasn't done a new deal in years.

Sports: Alec Scheiner, who came to RedBird after time with the Cleveland Browns and Dallas Cowboys, has launched a Cleveland-based firm called Otro Capital.

  • His co-founders include fellow RedBird vets Isaac Halyard, Niraj Shah and Brent Stehlik.

Energy: Hunter Carpenter has formed Arete Energy, a Dallas-based private equity firm launched with other ex-RedBirders Alex Goheen and Griffin White. The firm is partnered with commodities trading firm Mercuria Energy Group, which is providing initial capital.

The bottom line: Both transitions are said to be amenable. RedBird is helping to seed Otro Capital, kind of like a Tiger Cub situation, while Arete is leasing space in RedBird's Dallas office.

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