Otro Capital has closed its inaugural sports fund, Otro Capital Fund I (Fund I), with $1.2 billion in committed capital, exceeding the fund’s initial target.

This fund represents the largest first-time dedicated sports buyout fund ever raised globally,  the company announced in a press release on Tuesday.

Investors in the fund include a global group of leading pension plans, retirement systems, wealth platforms, endowments, foundations, family offices, and strategic investors,

PJT Park Hill and August Advisors served as placement agents for Fund I. Gibson, Dunn & Crutcher LLP provided legal counsel.

Otro focuses on cash-flowing, middle-market businesses built by founders or rooted in long-lasting intellectual property, with a need for strategic capital and partnership.

"Our primary goal is to treat sports properties like real businesses," said Alec Scheiner and Brent Stehlik, co-founders and partners at Otro. "We are confident that sports assets and adjacent businesses, around the world, will continue to disproportionately capture peoples' attention and loyalty. We believe we can increase existing revenue streams, tap into new ones, and even create wholly new business models.

Since launching Fund I, Otro has deployed capital across multiple investments, including Alpine Racing, one of only 11 Formula 1 teams globally; Two Circles, a leading fan engagement and sports data platform; and FlexWork Sports, a fast-growing youth sports event and marketing business.

The New York-based, sports-focused firm has an estimated $1.3 billion in assets under management. The firm was founded in 2023 by a team with experience in institutional investing and professional sports operations.

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