Private equity firm BlackSun has raised $1bn for its debut investment vehicle as it builds towards a $7bn fundraising target focused on opportunities spanning sports, media, entertainment and technology, according to a report by Bloomberg.
The firm intends to continue raising money for Mega Fund I from both US and international investors over the coming months, according to Nery Gomez, BlackSun Private Equity’s founder and chief operating officer.
BlackSun has appointed Greenstone Equity Partners as global placement agent. The firm specialises in raising capital from investors across the Gulf, including Saudi Arabia, Kuwait, Oman, Qatar and the UAE.
Gomez said BlackSun expects to bring additional financing partners into the process over the next several months before launching its formal fundraising campaign.
The fund will pursue investments across five core areas: professional sports and franchise ownership; entertainment; fintech; commercial real estate; and media and intellectual property.
The strategy comes as institutional and private capital continues to move deeper into sports and entertainment, with franchise valuations across major leagues reaching record levels and investors increasingly viewing sports assets as long-duration alternatives.
BlackSun is positioning itself differently from more traditional private equity platforms by placing an emphasis on community engagement and partnerships around its investments.
The firm’s approach has already featured some unconventional proposals. In April, BlackSun sought to bring Hollywood guilds into its proposal for Warner Bros Discovery, although the entertainment company had already agreed to a $111bn transaction with Paramount.
More recently, BlackSun joined forces with Native American groups in an effort to secure an NBA expansion franchise in Seattle. The league’s expansion fee for a new team is expected to fall between $7bn and $10bn.
