RedBird $2.3 Billion Raise Includes Abu Dhabi-Backed Vehicle
The fourth fund and related vehicles from Gerry Cardinale-led RedBird Capital Partners has gathered $2.3 billion in capital commitments so far, including $750 million from Abu Dhabi’s International Media Investments (IMI), a private company controlled by Manchester City owner Sheikh Mansour bin Zayed Al-Nahya.
In addition to joint venture RedBird-IMI, RedBird Fund IV, as it is formally known, has $1.56 billion in other commitments. Former CNN chief Jeff Zucker is RedBird-IMI’s CEO and Cardinale is its chief investment officer. The JV aims to build and buy sports, media and entertainment entities on a global scale. RedBird is continuing to raise money for Fund IV and expects to close it to new investors by year’s end. The details come from a person familiar with the fund who asked not to be named because they are not authorized to speak publicly.
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A spokesperson for RedBird declined to comment.
RedBird launched the fund nearly a year ago with a target of $2.5 billion, a mark it will likely eclipse, according to the person.
The fund is already investing at least a portion of its capital, most notably leading a syndicate that acquired Italian soccer club AC Milan in a deal valuing the outfit at $1.3 billion. RedBird’s investment in Talent Systems, a casting and audition software system, also sits in Fund IV, according to the person.
The latest round of fundraising brings RedBird’s total assets under management to $8.6 billion. The firm has extensive sports and media investments including the XFL and 10% of Fenway Sports Group, which owns the Red Sox, Pittsburgh Penguins and Liverpool FC. RedBird also has stakes in the YES Network and EverPass Media, the latter in conjunction with the NFL. Cardinale, a former Goldman Sachs partner, formed the RedBird in 2014.
(This story has been updated in the headline and in the second paragraph with details to clarify RedBird IV and its related investment vehicles, and also updated its list of investments in the last paragraph.)
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