Key Takeaways
- Bruin Capital closed its fourth investment vehicle at $1B, with backing from TJC and 26North Private Equity
- Josh Harris, who co-founded youth sports rollup Unrivaled Sports, adds 26North as a new institutional partner
- The firm has raised more than $2B in total capital since its 2015 launch
- Bruin targets 25% internal rates of return at the asset level, focusing on cashflow-positive businesses
- Roughly 75% of Bruin’s invested capital is deployed in companies headquartered outside the U.S.
New Capital Extends Bruin’s Sports Media Investment Runway
George Pyne’s Bruin Capital secured $1B for its fourth fund, drawing continued support from TJC (formerly The Jordan Company) and adding 26North Private Equity as a new institutional backer. The close brings Bruin’s total capital raised to more than $2B since the firm’s founding in 2015.
TJC has backed Bruin since 2018. Chair and chief executive partner Rich Caputo, a Brown University classmate of Pyne’s, previously told SBJ he views Bruin as a clear leader in the sports investment landscape. “I don’t know anyone who’s even done it close to the scale that Bruin has done it over the past decade,” Caputo said.
26North, founded and led by Washington Commanders control owner Josh Harris, manages approximately $32B in assets and has been active across the sports investment landscape. The firm led a $700M investment in media technology provider NEP Group in October. Harris also co-founded Harris Blitzer Sports & Entertainment and youth sports rollup Unrivaled Sports, giving 26North direct operating experience in the grassroots sports sector.
Focus on Service Providers, Not Team Ownership
Bruin operates as a holding company and has deliberately avoided team investments, instead concentrating on third-party service providers across sports and media. Pyne described the firm’s approach as targeting businesses that generate consistent cash flow and maintain high liquidity.
“We’re probably, at the asset level, looking at 25% internal rates of return,” Pyne said. “We have a specialized approach that focuses on really adding value by developing new product lines and opening up new geographies. They’re the businesses that underpin the sports business that we work in: tech, data, media and commercial services.”
The firm’s current portfolio includes Box to Box Films, Full Swing, PlayGreen, and TGI Sport. Bruin has exited prior positions in Deltatre, On Location, and Two Circles. Roughly three-quarters of Bruin’s invested capital is deployed in companies headquartered abroad, reflecting its global investment focus.
Youth Sports Expertise Meets Global Investment Strategy
The addition of Harris and 26North brings youth sports operating experience to Bruin’s investor base. Through Unrivaled Sports, Harris has built firsthand knowledge of the fragmented youth sports market, while 26North’s institutional scale provides access to larger capital deployment opportunities.
Pyne said the new capital represents validation of Bruin’s track record and will create opportunities that previously did not exist. He highlighted the combination of TJC’s proven partnership and 26North’s network as particularly valuable.
“To have him in there with TJC, I think it will unquestionably open doors and opportunities that didn’t exist before,” Pyne said, referring to Harris. “We’re really excited to be working with both of those groups, one group that we’ve worked well with and have had a tremendous amount of success with in the past, and one that we’re hoping to continue to reinvent and transform with in the future.”
The firm will continue its operational approach to investing, which has differentiated it over the last decade by providing portfolio companies with strategic support beyond capital.
via: SBJ
photo: SportsPro
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