Sports Fund Notches $160M in July Close –

NEW YORK – Sports Capital Partners, the joint venture between Chase Capital Partners and International Management Group (IMG), in July held a close on $20 million, which brings IMG/Chase Sports Capital’s total to $160 million, said Managing Director David Moross.

The close follows an initial commitment of $102 million by Chase Capital last year, and a second close that brought in an additional $38 million in early April. According to Moross, the group will keep the fund open for additional investors until January.

Moross declined to name outside investors but said limited partners include institutions and individuals. The fund was launched in the second quarter of 1998 with a $200 million target. The response to the marketing effort has been strong, Moross said, noting that the only difficulties have come from the fund’s status as a first-time effort.

However, with the completion of the fund’s first two deals – the acquisition of Skip Barber Racing School in the first quarter and the firm’s participation in April in a $30 million round of financing for on-line event-ticketing company, Inc -Moross said he anticipates more investor interest before the final close. registered to go public in June but, as of press time, has yet to have the offering priced. Moross declined to comment on the offering, as it is still pending.

At the time of its launch, Moross had anticipated that the lion’s share of the fund’s investments would occur in Europe; however, more opportunities have presented themselves in the U.S., and he said European activity likely will account for only a quarter of the fund’s commitments, with North American investments making up the balance.