A year after selling Ultimate Fighting Championship for $4 billion and making a boatload off Red Rock Resorts Inc.'s IPO, brothers Frank and Lorenzo Fertitta are back in the news, but this time, they're adding a tech spin.
This week, the brothers announced Fertitta Capital has launched a brand new $500 million investment fund, headquartered right here in West Hollywood.
"There is tremendous opportunity in the market for a firm that combines patient capital with this unique team of experienced investors and operators," said Lorenzo Fertitta, chairman of Fertitta Capital, in a statement. "Our long-term view enables us to avoid mandated investment timelines and instead focus exclusively on what really matters — understanding the needs of the companies we partner with and helping them achieve their operational and financial objectives."
The fund will focus on consumer-facing companies in the technology, media and entertainment sectors. Nakisa Bidarian, who worked with the brothers at the UFC — eventually rising to the position of chief financial officer — will serve as CEO and co-founder, in addition to overseeing the fund's deployment.
Venice-based Fifth Wall Capital also had some big news to share this week. Today, the fund, which was founded by veteran investors Brendan Wallace and Brad Greiwe, announced their first ever fund today, — and it's a big one.
With $212 million, the fund will be completely dedicated to investing in real estate technology. Limited partners in the fund include some of the major players in real estate around the world, including CBRE, Equity Residential and Hines, among others.
"Fifth Wall INSIGHTS will be a destination for just that: insights into the Built World’s biggest ideas, emerging trends and the most audacious concepts," Wallace and Greiwe said in a statement. "We’ll be posting regular pieces from not only our Fifth Wall team, but also from our LPs and portfolio companies."
The fund's portfolio companies include LA-based Clutter, Opendoor, b8ta and VTS.
Images via Fertitta Capital and Fifth Wall Capital (credit: Kate Ochsman).
Have a news tip for us or know of a company that deserves coverage? Let us know or tweet us @builtinla.
