L Catterton, the private equity firm backed by LVMH, is launching a $500M fund with athletes, including Rockets F Kevin Durant, Angels OF Mike Trout and golfer Patrick Cantlay, “targeting investments in consumer companies,” according to Fontanella-Khan & Agini of the FINANCIAL TIMES. The fund is called “Champ,” an acronym of “Champion Athlete Managing Partner,” and is LVMH’s “latest connection to the sports and consumer industries.” The buyout group said that the joint venture with investor Mark Patricof “aims to harness the influence of sports personalities to enhance portfolio companies’ values by endorsing their products and brands.” The athletes involved have committed more than $50M to the fund and will “invest alongside” the private equity group and Patricof in a “sign of how sports stars are becoming more active in business and investing beyond sponsorship.” The fund’s “high-profile backers” include Bengals QB Joe Burrow, Giants P Logan Webb and Fever G Sophie Cunningham. It also includes influencers such as former LSU gymnast Livvy Dunne (FINANCIAL TIMES, 4/23).
L Catterton launches $500M ‘Champ’ athlete-led consumer fund
