Former Milwaukee Bucks co-owner Marc Lasry has raised over $445 million in his Avenue Sports Opportunities Fund, as reported in documents filed with the Securities & Exchange this week. Billionaire Lasry established the fund in October with a focus on various sports-related businesses such as teams, leagues, media, real estate, and intellectual property.
The fund, according to filings made in June, has seen an increase in commitments amounting to $175 million in a short period of time, bringing the total raised to $445.1 million. The fund has already made moves by acquiring the San Francisco expansion franchise of TGL, a golf league associated with Tiger Woods and Rory McIlroy, and is also considering purchasing a controlling stake in Angel City FC, a valuable NWSL franchise.
In addition to investing in franchises, the Avenue Sports fund is concentrating on women’s sports in both established and emerging leagues, as well as providing financial solutions to sports leagues. While the fund primarily focuses on the U.S., it is open to global investments and interests in sports betting, ticketing, and artificial intelligence. The fund is managed by Jon Greenbaum and Todd Marcy, both with experience in sports and media assets.
The sports fund is part of Avenue Capital, a private equity firm co-founded by Lasry and Sonia Gardner in 1995, which has $12.3 billion in assets. Lasry divested his ownership stake in the Bucks for $3.2 billion last year in preparation for launching the sports fund. Pitchbook first reported on the regulatory filings related to Avenue’s sports-specific fund.