Private equity firm Providence Equity Partners and US-based sports franchise National Football League (NFL) have set up a $300m quasi-corporate venturing fund to invest in entertainment media entrepreneurs.
Providence is investing in the NFL partnership vehicle from its sixth fund VI, according to news provider peHUB.
News provider Fortune said Providence was providing $250m of this $300m fund targeting growth-equity deals of between $25m and $50m.
The NFL had reportedly considered launching a corporate venturing fund and an NFL spokesman told PEHub: “We may still selectively look at earlier-stage companies, but decided to focus primarily on making fewer but larger investments in more established companies.”