RedBird Files to Start New Fund, Likely Targeting $2.6 Billion
RedBird Capital has filed paperwork with the Securities & Exchange Commission to launch its fourth fund. The Gerry Cardinale-led investment business has a robust sports practice, including investments in Fenway Sports Group, On Location Experiences and the XFL.
The company filed a series of Form Ds with the SEC for the RedBird Capital Fund IV on Friday and yesterday. Such forms are required to disclose sales to accredited investors—institutional investors or high net worth individuals—but generally divulge little information, including the amount of money sought.
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In the case of the fourth fund, it’s likely to be sizable. Last year, partner Robert Klein told Buyouts that RedBird’s next fund would likely seek to raise $2.6 billion, equal to the size of the third RedBird fund, which launched in 2019.
A spokesman for RedBird declined to comment, citing SEC prohibitions on marketing offerings.
Founded in 2013, RedBird focuses on media, financial services and consumer products, in addition to sports. In recent notable deals, RedBird bought equity in LeBron James’ SpringHill entertainment venture, a 15% ownership of Twenty20 cricket franchise Rajasthan Royals and struck a deal to sell laser tag and bowling restaurant chain Main Event to Dave & Buster’s for $825 million.
In an annual filing with the SEC describing its business, RedBird seeks to “primarily make control and joint control investments in closely held, growth-oriented private companies in partnership with business founders and entrepreneurs.”
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