Former IMG executive Bobby Sharma is launching private equity firm Bluestone Equity Partners, with a focus on the global sports, media and entertainment industry.
The firm announced the raise of its inaugural $300 million growth equity round Wednesday to focus on established businesses and proven assets in that area. Sharma leads the firm alongside Kyle Charters, a former Inner Circle Sports executive.
Sharma previously worked as global head of basketball and strategic initiatives at IMG, general counsel of the NBA Development League, where he helped establish the NBA’s first minor league, and vice chairman and CEO of Soccerex.
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“We’re proud to unveil Bluestone Equity Partners and our first growth equity fund, to capitalize, guide, and grow high-quality assets in the sports, media, and entertainment industry,” Sharma said.
“Bluestone’s investment philosophy is to partner with exceptional management teams, boards, and investors who we believe can achieve extraordinary results. We have a clear strategy to invest in, grow, and scale businesses and properties with proven models that will benefit from the strength of our sports, media & entertainment industry expertise and relationships,” Charters said.
Sharma and Charters are also joined by Walker Brumskine, who will be a principal at the firm after working at Apollo Global Management, and Jack Ross, who will join as an associate after working at the Blackstone Group.
This is at least the second private equity firm targeting entertainment to announce the closing of a funding round this month. Shamrock Capital, an L.A.-based firm that focuses on media, entertainment and communications, announced the close of its third equity fund, exceeding its $600 million hard cap, on Feb. 1.
