iCapital's alternative marketplace has gotten a little hotter as it adds a touch of sports fever through a new partnership.
The fintech platform has allied with Advisors Asset Management to expand the distribution of the Avenue Sports Opportunities Fund, managed by Avenue Capital Group. This collaboration aims to broaden access to the fund, which focuses on investment opportunities within the sports sector, particularly in North America and Europe.
In a statement announcing the partnership, Cliff Corso, president and chief investment officer at AAM, emphasized his firm's commitment to innovation and growth in the alternative investments space.
"This initiative [is] designed to recognize the evolving needs of investors and capitalize on the emergence of sports as an investment opportunity," Corso said.
The Avenue Sports Fund targets attractive, risk-adjusted returns by providing capital solutions to sports teams, owners, and leagues. It also invests in emerging sports and areas like women's sports, with the fund's investment scope spanning both equity and debt opportunities.
Marc Lasry, chairman and co-founder of Avenue Capital Group, highlighted "strong fundamentals across the sports landscape," and how "scarcity value and other qualities are expected to create favorable entry points for investments in this asset class.”
Other firms have also reportedly taken notice. In May, Bloomberg reported that Sixth Street, the San Francisco-based frim that owns a 20 percent minority stake in the San Antonio Spurs, was working on a new vehicle that would invest in sports teams and leagues, media rights, and other related businesses.
The Avenue Sports Fund is ahead of the game, already having made notable investments include SailGP's Team USA, and a golf club in San Francisco tied to a league established by legends Tiger Woods and Rory McIlroy. The fund has also made debt and equity investments in the Ipswich Town Football Club from the English Premier League, which at least some investors from both sides of the pond have soured on recently.
The partnership with iCapital aims to facilitate broader access to the fund for wealth managers and private investors.
“With this partnership, advisors and their high-net-worth clients will have proper educational tools to better understand this asset class and a simplified client experience when investing in these products,” said Dan Vene, co-founder of iCapital.
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