Global alternative asset management firm TPG, which is based in Fort Worth and San Francisco, has partnered with career Grand Slam golfer Rory McIlroy to launch TPG Sports—a dedicated investing business focused on partnering with companies, teams, and leagues shaping the future of sports.
TPG is launching the strategy in partnership with McIlroy, his business partner Sean O’Flaherty, and their team at Symphony Ventures. McIlroy recently won The Masters at Augusta, Georgia, becoming only the sixth male golfer to win a career Grand Slam by winning all four major golf tournaments.
“The continued global rise in sports viewership and fandom is creating new opportunities that demand creative, growth capital,” TPG President Todd Sisitsky said in a statement. “TPG Sports brings together the hallmarks of our investment style—our bespoke and long-term approach to partnerships, deep operating and business-building capabilities, and a multi-decade ecosystem of industry leaders like Rory and his team—to invest behind and grow businesses that are redefining the future of sports. This is a unique moment in time for sports that calls for a differentiated approach to investing, and we’re grateful for Lunate’s continued partnership as we launch the strategy.”
McIlroy and O’Flaherty will serve as operating partners for the strategy, contributing to sourcing investments and value creation across the portfolio.
“The sports landscape is evolving in real time, and the ways we play, watch, and interact with sports are changing in exciting ways,” McIlroy said in a statement. “With TPG Sports, we have the capabilities, capital, and insights to invest behind and grow the businesses that are enabling this transformation.”
Bringing private equity to sports
TPG Sports will pursue investment opportunities across the sports ecosystem, the firm said.
The strategy will bring “a private equity approach” to sports investing, TPG said, providing business-building capabilities and strategic primary capital to help sports IP and operating businesses grow and scale.
The strategy has secured a “significant” anchor commitment from an investment vehicle managed by Lunate, an Abu Dhabi-based independent alternative investment manager with more than $110 billion in assets under management, the firm added.
“Our backing of TPG Sports demonstrates Lunate’s commitment to identifying differentiated investment opportunities with high return potential for our clients,” Lunate Managing Partner Khalifa Al Suwaidi said. “The sports industry is on the cusp of a revolution, catalyzed by new technologies, evolving fan behavior, and innovative engagement channels. Partnering with TPG enables us to capitalize on these trends by leveraging TPG’s expertise and strong track record of investing in the sports, media, and entertainment sectors.”
TPG called McIlroy and O’Flaherty “experienced business builders” within sports, having founded Golf Pass in conjunction with NBC Sports, as well as co-founding TGL (the TMRW Golf League).
TPG Sports aims to extend their focus on investing in areas where they can drive value and growth. Through Symphony Ventures, McIlroy and O’Flaherty have been active investors across the sports and broader wellness space for nearly a decade. They’ e partnered with TPG on a number of investments over the past six years, including Troon Golf, TPG said.
TPG is a leading private equity investor in media and entertainment, with investments that have included Creative Artists Agency, Entertainment Partners, DIRECTV, Dream11, Fandom, Musixmatch, Spotify, and Troon, among others.
The firm was founded in San Francisco in 1992 and has $246 billion of assets under management and investment and operational teams around the world. It invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions with a unique strategy driven by collaboration, innovation, and inclusion.
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