Just weeks after winning his first Masters title, Rory McIlroy is linking up with investment firm TPG to launch a sports fund, joining an increasing number of current athletes delving into asset management.
The new venture, TPG Sports, has an anchor commitment from an investment vehicle managed by Lunate, an Abu Dhabi-based investment firm with about $110 billion under management, according to a statement on Thursday. The size of the fund wasn’t disclosed.
One of the most recognisable figures in golf, McIlroy last month became only the sixth golfer to claim a career Grand Slam, having won the Masters, the PGA Championship, the US Open and The Open. With more than $100 million in career earnings – behind only Tiger Woods – the Northern Irishman has been boosting his presence in private equity investing.
McIlroy launched Symphony Ventures – his own investment arm and venture capital operation – in 2019. It’s made more than a dozen investments, in sectors including golf companies, insurance and healthcare. He also cofounded TMRW Sports, the company behind the TGL indoor golf league, alongside Tiger Woods.
TPG has been looking to launch a sports-focused fund over the past year, bringing on McIlroy as an adviser. The golfer previously worked with TPG on a joint investment in 2021 in Troon, a golf operations and advisory company.
Once the domain of retired athletes, an increasing number of active stars, including basketball players Steph Curry, Kevin Durant, Formula 1’s Lewis Hamilton as well as Cristiano Ronaldo, have launched funds to handle their personal investments.
RX3, a venture firm cofounded by NFL quarterback Aaron Rodgers, raised $150 million in 2023 for its second consumer-focused growth equity fund.
TPG’s late co-founder, David Bonderman, was a majority co-owner of the NHL’s Seattle Kraken, and a minority owner of the NBA’s Boston Celtics. In Ireland he is best known as an investor and chairman of Ryanair for more than two decades.
Lunate is part of an investment empire overseen by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan. It’s a unit of the UAE’s largest listed conglomerate, International Holding, which is chaired by the Abu Dhabi royal.
McIlroy and his manager, Sean O’Flaherty, will become operating partners of the new fund. – Bloomberg
