A PE firm that's built its brand on high-profile sports deals is broadening its scope
It's almost Friday! Dan DeFrancesco in NYC, and if you're trying to stay fit but not interested in participating in Dry January, here's some tips from an elite CrossFitter who's not afraid to let loose from time to time.
On tap, we've got stories on a hedge fund that hit it big in 2022 betting against the market, a $50 million fine for Coinbase, and what a meal at the top fine-dining restaurant is like.
But first, it's all about diversification.
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1. RedBird's big bet.
There's no shortage of financial firms looking to invest in sports these days. Whether it's the potential for big returns or just a desire to raise their personal brand, plenty of Wall Streeters are dabbling in sports ownership.
But one firm that's already well established in the space is looking to quietly diversify itself beyond the pitch.
RedBird Capital, which is run by former Goldman Sachs' partner Gerry Cardinale, has a high-profile list of investments in sports and entertainment, including soccer club AC Milan and Skydance Media, the film studio behind "Top Gun: Maverick." And now it is investing in things like... speciality insurance brokers.
RedBird is going against the tide, building out an arm to focus on less-flashier deals in financial services, Insider's Hayley Cuccinello and Dakin Campbell report.
It might seem odd to make that kind of move when you could be helping the New York Yankees or Dallas Cowboys cut deals. But one of the first lessons in finance is the importance of diversification. With seemingly everyone interested in sports these days, Cardinale is smart to want to hedge his firm.
Those flashier investments also won't hurt RedBird's bid to build out other arms of its business.
Sure, any competent investment firm can woo a potential client with some courtside seats. But how many can get them in the locker room or a seat at a movie premier?
Click here to read more about RedBird Capital's push into financial services.
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Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.