The firm, founded by former RedBird Capital Partners executives, exceeded its initial $500m target as pension funds, endowments, and family offices increased exposure to sports franchises and related assets. California Public Employees' Retirement System committed $50m to the fund, according to its website. Otro is targeting investments with positive cash flow, loyal fan bases, and opportunities for operational improvement across professional sports, college athletics, and adjacent services. The firm recently became the first buyout investor to strike a deal in US college sports by acquiring a stake in Utah Brands & Entertainment. '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.' Private equity involvement in sports has expanded rapidly...
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