McIlroy and Sean O’Flaherty, the founders of Symphony Ventures in 2019, will head the vehicle which attracted the resources of Abu Dhabi’s anchor investor Lunate
Top golf player Rory McIlroy, the winner of Masters Tournament of Augusta, Georgia, Sean O’Flaherty and Symphony Ventures, a vehicle that both created in 2019, signed a partnership with US alternative asset management giant TPG and launched vertical investment platform TPG Sports which attracted the resources of anchor investor Lunate, an Abu Dhabi firm with more than 110 billion US Dollars of aum (press release).
The new fund will investments in the whole sport ecosystem leveraging TPG’s network and investment experience in the media and entrertainment sectors, with a portfolio that included Creative Artists Agency, DIRECTV, Spotify, Fandom, and Dream11.
McIlroy and O’Flaherty will be TPG Sport’s operative partners given their sector expertise. In 2020, Symphony invested in Golf Genius, a software platform for tournaments (press release). The fund purchased Puttery, a provider of minigolf experiences, in 2021 (press release). In 2021, the managers and TPG invested in Troon Golf, a golf courts manager (press release).
In 2022, McIlroy, Tiger Woods and media executive Mike McCarley co-founded TMRW Sports for harnessing technology to develop innovative approaches in sport and entertainment. The vehicle signed a partnership with PGA TOUR and launched TGL a high-tech team golf championship (press release) that attracted the resources of investors like Arthur Blank, the co-founder of Home Depot and owner of Atlanta Falcons, and Steven Cohen, New York Mets proprietor.
McIlroy said: “The way we play, watch and interact with sports is evolving in real time and changing in exciting ways. With TPG Sports, we have the skills, capital and knowledge to invest in and grow the companies that are facilitating this transformation.”
Todd Sisitsky, TPG chairman, added: “The continued global growth of sports spectators and fans is creating new opportunities that require creative and growth capital. TPG Sports combines the hallmarks of our investment style, our personalised and long-term approach to partnerships, deep operational and business development capabilities, and a decades-long ecosystem of industry leaders like Rory and his team, to invest in and grow companies that are redefining the future of sport. This is a unique time for sport that requires a differentiated approach to investments, and we are grateful for the continued partnership with Lunate in launching the strategy.”
Khalifa Al Suwaidi, a managing partner of Lunate, said: “Our support for TPG Sports demonstrates Lunate’s commitment to identifying differentiated investment opportunities with high return potential for our clients. The sports industry is on the verge of a revolution, catalysed by new technologies, evolving fan behaviour and innovative engagement channels. Partnering with TPG allows us to capitalise on these trends by leveraging TPG’s experience and strong track record in investing in the sports, media and entertainment sectors”.
