Peter Chernin Raises $700 Million War Chest for New Dealmaking

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Peter Chernin

Landing new investors follows TCG nabbing stakes in Food52 and MeatEater.

Peter Chernin's TCG investment firm has raised $700 million for dealmaking from new investors.

"We just closed our new fund with over $700 million of commitments from investors. Our teams in Los Angeles and San Francisco are growing and we’ve since added a New York office," Chernin and fellow TCG co-founders Jesse Jacobs and Mike Kerns said Tuesday in a letter to investors.

The closing of the new fund — which will focus on investing in consumer businesses — follows TCG acquiring a majority stake in upscale kitchen and home brand Food52 for $83 million.

"To implement our strategy on a broader scale, we have shifted from a holding company to an investment firm which we call 'TCG.' In many ways, it’s the same team running back the same playbook. We’re still singularly focused on consumer platforms and brands," Chernin and his longtime business partners wrote.

TCG also has investments in Headspace, MeatEater and The Action Network, while The Chernin Group has a stake in Crunchyroll.

Chernin has held a host of top executive roles in the entertainment industry, including as the former head of Fox Filmed Entertainment, where he oversaw production of Titanic and Avatar.