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Alex Rodriguez. Photo: Maddie Meyer/Getty Images

Alex Rodriguez and former Walmart e-commerce boss Marc Lore have formed a venture capital firm called Vision/Capital/People (VCP).

Why it matters: The strategy, not the people. VCP plans to build a concentrated portfolio, acquiring between 40% and 80% stakes in startups. It's antithetical to VC conventional wisdom, particularly at the earlier stages when success is tough to guarantee.

But speaking of the people: A-Rod and Lore are in the process of buying the NBA's Minnesota Timberwolves, and Lore is a special adviser to a SPAC that A-Rod formed earlier this year.

Details: VCP will begin with $50 million of the pair's own money, but may seek to raise hundreds of millions in outside capital. It also is investing $10 million for a 40% stake in NOW//with, a U.S. social commerce startup that's preparing to launch.

The bottom line: "Owning 40% to 80% of a company means that you don't really need as many hits. One big hit at a 40% stake pays for everything else. I do like the idea of these concentrated bets rather than just sprinkling dollars around. We have the ability to actually influence and be a leader,” Lore told CNBC.

Go deeper

Aug 10, 2021 - Economy & Business

Investment in digital media slows, years after venture-backed boom

Expand chart
Data: Pitchbook; Table: Axios Visuals

Media upstarts are attracting far less cash compared to the venture-backed media boom of 2014 and 2015, according to new data from Pitchbook.

Why it matters: Investors are no longer willing to shell out hundreds of millions of dollars on new digital media sites, given how long it's taken for some of those investments to materialize and drive major returns.

Updated 18 mins ago - Politics & Policy

Congressman criminally charged with lying to feds

Rep. Jeff Fortenberry. Photo: Al Drago/Bloomberg via Getty Images

Rep. Jeff Fortenberry (R-Neb.) has been indicted on charges he falsified records and lied to federal investigators probing an illegal foreign donation scheme, the Justice Department announced on Tuesday.

Driving the news: Fortenberry alerted supporters to the impending charges Tuesday morning, saying in a video uploaded to YouTube federal prosecutors in California "accused me of lying, and are charging me with this."

"Assassin's Creed," but for schools

"Viking Age: Discovery Tour." Image via Ubisoft

For the third time since 2018, Ubisoft is releasing a nonviolent version of its latest “Assassin’s Creed” game as part of a unique effort to turn one of the medium’s most popular series into an educational tool.

Driving the news:Viking Age: Discovery Tour” transforms last year’s “Assassin’s Creed Valhalla” from a bloody 150-hour game about Viking conquest in 9th century England into a peaceful four-hour game about merchants and monks.