Emergence of Super Funds
PE Giant CVC (founded 1981) launched a new division Global Sport Group (GSG) last month to house it’s $13.6 bn sports portfolio (the largest in PE) and will be overseen by Marc Allera. CVC is refinancing its sports portfolio with advanced discussions taking place with ARES Sports Management
Key Questions
While CVC manages €186 billion AuM most of this capital is committed to existing fund strategies
CVC wants to extend holding periods and avoid forced exits
With exits challenging due to market conditions and buyers unwilling to meet sellers' valuations, refinancing provides breathing room to wait for optimal exit windows.
By refinancing at the fund level (Global Sport Group), CVC can achieve cheaper borrowing costs than refinancing individual assets separately
Partnering with Ares (specialises in private credit for sports assets) s, CVC can spread refinancing risk across multiple institutional lenders, reducing concentration risk and improving terms
The refinancing provides capital to pursue additional investments, such as potential acquisition of a European NBA franchise or stakes in emerging sports properties.
Question: would this prepare CVC for a potential IPO or minority stake sale
GSG portfolio contains
2021 La Liga, €2.1bn investment for 8.25% share in La Liga’s audiovisual revenues for 50 years
2022 Ligue 1, €1.5bn for 13% in LFP Media new commercial entity
2023 WTA (Women’s Tennis Association) $150m for 20% in WTA new commercial entity, which increased it’s commercial revenue by 24% in its first full year (2024) influenced by PIF
March 2025, CVC bid $1bn to acquire IMG-owned tennis tournaments, including the Miami Open and Madrid Open
2021 $100m in Volleyball World, 33% in a new commercial entity, 2022&23 combined profit $84m profit
2018 Premiership Rugby, £200m for 27%. lost x3 clubs in 2022, 2024 0% increase in TV, franchises league being considered.
2020, United Rugby Championship, £120m for 28%, South African teams (Bulls, Stormers, Sharks, Lions) integrated successfully
2021 Six Nations & Autumn series international matches, £365m for 14%
ARES Management Sporting Investments include
2025 NFL Miami Dolphins, 10% (agreed, needs ratifying by commission)
2021,23 MLS Inter Miami, x2 tranches = $225m in return for equity
2023 Chelsea FC, £500m for MCO/Stadium development, 12% in 22 HoldCo Ltd. , Strasbourg Acquired, working on Sporting Clube de Portugal
2022 Atletico Madrid, $193m for 33.96% stake in holding company
Eagle Football Holdings (Lyon, Botafogo, Molenbeek) $400m, loan maturity extended to 2026
2025 France SailGP Team, minority stake
Trent Rockets (Cricket) Cain International and Ares Management acquired 49% for £40m
Sold stake in McLaren Racing (September 25), part of a consortium that acquired 33% in 2022 for $185, sold for near $5bn Sept 2025. The largest sports team exit ever for an institutional fund 5-7X within 4years
Bennett Rosenthal is co-founder of ARES Management who is also principle partner at MLS team LAFC, who has its own MCO with stakes in Swiss team Grasshoppers Club Zurich, Austrian side Wacker Innsbruck and 50% in Red&Gold a JV with FC Bayern Munich which owns stakes in clubs (Racing Club de Montevideo) and Academies (Gambino’s Stars).
Similar portfolios are being created, we have with the creation of ‘Strategic Sports Group’ led by FSG John Henry and recently Apollo (AuM $800bn) new sports fund Apollo Sports Capital (new $5bn fund) will provide permanent capital to the sports sector.
Initial Investment
£80m Notts Forrest
£40m to Sports Invest Holdings (agent Kia Joorabchian) at 10.25%
In discussions with Atletico Madrid