(Bloomberg) — Sixth Street, the investment firm that owns a 20% stake in the San Antonio Spurs, is planning to raise its first fund dedicated to the sports ecosystem, according to people with knowledge of the matter.
The San Francisco-based firm has held preliminary talks with potential investors about the vehicle, which will seek to invest in sports teams and leagues, media rights and related businesses, said the people, who asked not to be identified. discuss confidential information.
A spokesman for Sixth Street declined to comment.
The firm, led by chief executive Alan Waxman, has made more than $2.5 billion in sports-related investments, primarily through its $29 billion TAO platform, which describes himself as “a home for between-the-box strategies and adjacent opportunities”.
Sixth Street, which manages more than $75 billion, is part of an ownership group for the National Basketball Association's San Antonio Spurs that includes Michael Dell and the Holt family. The firm co-founded Bay FC, the National Women's Soccer League team that counts Sheryl Sandberg among its investors.
In 2022, the firm hit a deal with Spanish soccer team Real Madrid for a stake in some stadium operations and separately increased its stake in La Liga side FC Barcelona television rights up to 25%. Sixth Street, which owns one most of the shares at sports experience firm Legends along with affiliates of the Dallas Cowboys and New York Yankees, in January hired former ESPN executive Russell Wolff as a managing director.
Alternative asset managers including Ares Management Corp., Arctos Partners and Blue Owl Capital Inc. have raised funds dedicated to investments in sports and other firms specialized in the sector, such as Dynasty Equity have STARTED making investments.
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