6 hours ago - Economy

NFL owners plan private equity fund with General Atlantic

Dan Primack

Illustration of George Washington in a football helmet — Illustration: Rebecca Zisser/Axios

Private equity firm General Atlantic and 32 Equity, an investment vehicle of the National Football League, plan to raise a fund that will invest in sports-related companies.

Why it matters: For the NFL owners, this advances global expansion goals while also creating a new revenue stream (i.e., carried interest) that needn't be shared with players.

For General Atlantic, this is a high-profile endorsement to include in its imminent IPO prospectus.

Zoom in: The partnership was formally approved yesterday by NFL owners at their annual fall meeting in New York, with formal marketing likely to kick off early next year.

No word yet on fund size target or investment team leads. GA and 32 Equity each will serve as general partners.
Talks between the two sides have been ongoing for about a year.

The bottom line: Expect the fund mandate to be fairly broad, focused on growth-stage companies that derive at least part of their revenue from sports.

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NFL owners plan private equity fund with General Atlantic

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