(Bloomberg) — Just weeks after winning his first Masters title, golf star Rory McIlroy is linking up with investment firm TPG Inc. to launch a sports fund, joining an increasing number of current athletes delving into asset management.
The new venture, TPG Sports, has an anchor commitment from an investment vehicle managed by Lunate, an Abu Dhabi-based investment firm with about $110 billion under management, according to a statement Thursday. The size of the fund wasn’t disclosed.
One of the most recognizable figures in golf, McIlroy last month became only the sixth golfer to claim a career Grand Slam, having won the Masters, the PGA Championship, the US Open and the British Open. With more than $100 million in career earnings — behind only Tiger Woods — McIlroy has been boosting his presence in private equity investing.
McIlroy launched Symphony Ventures — his own investment arm and venture capital operation — in 2019. It’s made more than a dozen investments, in sectors including golf companies, insurance and health care. He also co-founded TMRW Sports, the company behind an indoor golf league known as TGL, alongside Tiger Woods.
TPG has been looking to launch a sports-focused fund over the past year, bringing on McIlroy as an adviser. The golf star previously worked with TPG on a joint investment in 2021 in Troon, a golf operations and advisory company.
Once the domain of retired athletes, an increasing number of active stars, including Steph Curry, Kevin Durant, Lewis Hamilton and Cristiano Ronaldo, have launched funds to handle their personal investments.
RX3, a venture firm co-founded by quarterback Aaron Rodgers, raised $150 million in 2023 for its second consumer-focused growth equity fund.
TPG’s late co-founder, David Bonderman, was a majority co-owner of the NHL’s Seattle Kraken, and a minority owner of the NBA’s Boston Celtics.
Lunate is part of an investment empire overseen by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan. It’s a unit of the UAE’s largest listed conglomerate, International Holding Co., which is chaired by the Abu Dhabi royal.
McIlroy and his business partner, Sean O’Flaherty, will become operating partners of the new fund. The deal was previously reported by the New York Times.
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