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KKR takes full ownership of Global Atlantic; NewSpring builds out sports marketing platform

Morning Hubs!

This is Chris, on for Wire Wednesday.

In today’s newsletter, we explore NewSpring Capital’s expansion of its sports marketing services platform.

Also, KKR is acquiring the remaining 37 percent stake in insurance company Global Atlantic.

And, Consello Capital, led by ex-Sycamore executive Peter Morrow, is raising its debut fund.

Sports

Sports investing may be the trendiest strategy to hit the private equity world since the SPAC craze, though with a lot more staying power.

As firms and individual PE partners put money behind sports franchises, the ancillary services to professional sports have also become targets of investment dollars. One such area is sports marketing, which NewSpring Capital is mining for opportunities.

The firm earlier this month announced the first add-on to its sport marketing platform Underdog & Co, acquiring Altius, which advises athletic programs at colleges and universities. The firm expects more add-ons to the platform.

Subscribers to the premium version of the Wire may read all about NewSpring’s playbook.

Insurance

KKR agreed to acquire the remaining 37 percent stake in insurance company Global Atlantic Financial Group for about $2.7 billion. KKR will own 100 percent of the company, the firm said in a statement this morning.

Read all about the deal in the premium version of the Wire.

Newbie

It’s been interesting to track new firm formation and first-time funds in this environment of much slower fundraising and deal activity. You’d think maybe the market wouldn’t have capacity for new firms, but according to sources in this part of the market, new shops are still forming and newbies are still hitting the market seeking money.

One such firm is Consello Capital, the private equity arm of Consello Group, which has been out in the market seeking capital for its first fund. Consello Capital is led by ex-Sycamore Partners senior executive Peter Morrow.

Read more on Buyouts for the details of the fundraising.

That’s it for me! Have a great rest of your Wednesday. Hit me up with tips n’ gossip, feedback or book recommendations at christopher.w@pei.group or find me on LinkedIn.

Read the full wire commentary on PE Hub ...

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