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Fourth Fund and Related Vehicles Led by Gerry Cardinale Red Bird Capital Capital commitments of US$2.3 billion have been raised to date, including US$750 million from Abu Dhabi’s International Media Investments (IMI), a venture funded by Manchester City owner Sheikh Mansour bin Zayed Al Jazeera. A private company controlled by Le Nahya.
In addition to the joint venture RedBird-IMI, other commitments, formally known as RedBird Fund IV, amount to $1.56 billion.former head of cnn jeff sugar is the CEO of RedBird-IMI and Cardinale is its Chief Investment Officer. The joint venture aims to build and acquire sports, media and entertainment entities globally. RedBird is continuing to raise capital for Fund IV and expects to open it to new investors by the end of the year. The details came from a person familiar with the fund, who asked not to be identified because they were not authorized to speak publicly.
A spokesperson for RedBird declined to comment.
RedBird launched the fund in recent years a year ago The target of $2.5 billion could be eclipsed, the person said.
The fund has committed at least some of its capital, most notably leading a consortium that has bought Italian football club AC Milan in a deal valued at $1.3 billion. Redbird Investment Talent systemThe casting and audition software system also belongs to Fund IV, according to the person.
The latest funding round brings RedBird’s total assets under management to $8.6 billion.The company has a wide range of sports and media investments, including the XFL and a 10% Fenway Sports Group, which owns the Red Sox, Pittsburgh Penguins and Liverpool. RedBird also owns stakes in YES Network and EverPass Media, which is affiliated with the NFL. Cardinale is a former Goldman Sachs partner who founded RedBird in 2014.
(This story was updated in the headline and second paragraph to detail RedBird IV and its associated investment vehicle, and to update its list of investments in the final paragraph.)
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