Dave Checketts and Eccles Family Launch $1.2 Billion Sports-Focused Private Equity Fund

Former MSG Sports president Dave Checketts and Utah's Eccles family have launched a new $1.2 billion private equity fund under the Cynosure Group banner, targeting investments across the global sports industry. The fund has formally begun fundraising, with initial capital commitments already secured.

Operating through Cynosure Sports & Entertainment, the fund will focus exclusively on sports-related investments, including team ownership stakes, media rights businesses, and related technology and infrastructure assets. The vehicle will be led by Checketts as managing partner, alongside Paul and Spencer Eccles, key executives at the Cynosure Group.

The initiative marks one of the largest sports-dedicated private equity funds to date and reflects increasing institutional interest in the commercial growth potential of the sector. The Cynosure fund is designed to provide long-term, strategic capital to organisations seeking more than traditional financial backing.

Speaking to media about the fund’s direction, Checketts said: “We believe that the global sports and entertainment market is undergoing a generational shift, and there is a tremendous opportunity for experienced, values-aligned capital to support sustainable growth and innovation.”

Checketts brings decades of executive experience to the venture, having previously served as CEO of Madison Square Garden and owner of Major League Soccer’s Real Salt Lake. The Eccles family, whose fortune stems from Wells Fargo predecessor First Security Corporation, has a longstanding history of investment in community-driven ventures across Utah and beyond.

The new fund will not be structured as a blind pool. Instead, it will pursue a deal-by-deal model, allowing limited partners to opt in to each investment opportunity. This approach, increasingly popular in private markets, enables greater flexibility and transparency for investors.

Cynosure has already begun sourcing opportunities, with a focus on North America and Europe. While no specific deals have been publicly disclosed, executives confirmed that the fund is in advanced discussions regarding multiple transactions. Investments will target both majority and minority positions, with a preference for companies seeking growth-stage or strategic capital.

The fund is being launched at a time of heightened private equity activity in sport. Recent years have seen a significant uptick in institutional involvement across major leagues, media rights platforms, and adjacent technologies, driven by predictable revenue models and expanding global audiences.

Unlike some existing sports funds focused primarily on financial engineering, Cynosure Sports & Entertainment emphasises operational partnership, long-term alignment, and values-based leadership. According to Spencer Eccles: “Our intent is not just to invest capital but to add strategic value through relationships, governance, and experience.”

Fundraising for the $1.2 billion target is ongoing, with participation expected from a mix of family offices, institutional investors, and strategic partners. The Cynosure Group will manage the fund’s operations out of its Salt Lake City headquarters.