Avenue Sports Fund Closes Over $1 Billion, Eyes Global Opportunities

Former Milwaukee Bucks co-owner Marc Lasry is the co-founder of Avenue Capital Group

Avenue Capital has closed its Avenue Sports Fund with more than $1 billion in committed capital, firmly positioning itself as a heavyweight in the growing field of sports and sports-adjacent investing. The fund, launched in late 2023, is designed to deploy both equity and debt across a wide range of opportunities including teams, leagues, media rights, and emerging ventures that connect sports with technology and entertainment.

The scope of the Avenue Sports Fund is notable. Its strategy stretches beyond traditional investments in established franchises and leagues to embrace women’s sports, new league formats, and platform plays in immersive technology. Already, the fund has backed ventures such as TGL, the innovative golf league launched by Tiger Woods and Rory McIlroy; motorsports company Trackhouse Entertainment; Ipswich Town Football Club in England; and immersive media firm Cosm. This combination reflects a belief that long-term value lies not just in the established core of professional sports, but also in undercapitalized and fast-growing segments that may redefine fan engagement.

For investors, the Avenue Sports Fund represents a diversified approach to the sports sector. Rather than concentrating solely on high-profile franchises with lofty valuations, Avenue is allocating capital across multiple geographies, asset types, and growth curves. This strategy helps balance the risks inherent in sports, which can be capital-intensive and often feature limited exit opportunities. By mixing equity and debt, the fund has flexibility to protect downside while participating in upside, a structure that may appeal to investors looking for stability alongside growth.

The fund’s willingness to back women’s sports is especially significant, as these properties have historically been underserved by capital markets despite growing fan bases and rising media visibility. Similarly, its focus on new content and technology-driven experiences speaks to an understanding of where the next generation of fans are likely to engage most strongly.

Challenges remain, as the industry is increasingly crowded with capital, and many opportunities are priced at a premium. The success of Avenue’s $1 billion vehicle will depend on its ability to execute well, generate meaningful operating improvements in its portfolio, and help drive scale in the properties it supports. Yet the closing of such a significant fund is itself a marker of the moment: sports are no longer a niche play for opportunistic investors but have become a defined, institutionalized asset class attracting billion-dollar capital pools.