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Exclusive: UTA forms strategic partnership with Investcorp

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Oct 12, 2022
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Illustration: Natalie Peeples/Axios

United Talent Agency has formed a strategic partnership with Investcorp that will be focused on companies in the culture and technology space, the agency exclusively tells Axios.

Why it matters: This keeps UTA in business with Investcorp and matches two big, global players in their respective sectors. Investcorp sold its stake in the agency to EQT over the summer. EQT's investment in UTA is reportedly worth $800 million.

Details: Called UTA.VC, the partnership will specifically focus on areas like the creator economy, web3 and the future of entertainment.

  • No financial terms were disclosed.
  • The partnership will be led by Investcorp's Anand Radhakrishnan and UTA's Caroline Jacobs, Clinton Foy and Sam Wick.
  • "UTA.VC is the next evolution of UTA's venture platform. The strategic partnership builds on our successful previous investments in companies — such as Pluto.TV, Radish, ART19 and others — and we are thrilled to have the opportunity to invest and partner with the next generation of companies in this space," Wick and Foy said in a statement.

The big picture: UTA and Investcorp have had a fruitful relationship since the firm first bought a minority stake in 2018.

  • When Investcorp sold its stake in UTA in July, the firm called it "a highly successful investment" and said that since 2018, UTA had more than tripled its EBITDA.
  • During Investcorp's four years as a stakeholder, UTA acquired Klutch Sports, Digital Brand Architects, MediaLink and Curtis Brown Group.

The bottom line: UTA has had a VC division since 2014 and is looking to supercharge those efforts to compete with agency goliaths Endeavor and CAA.

  • Other companies in UTA Ventures' portfolio include Cameo, Consensys, MasterClass, Patreon and Pietra.

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