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Peter Chernin’s TCG Investment Firm Closes $700 Million Fund

TCG, a consumer and digital media focused investment firm co-founded by former top News Corp exec Peter Chernin, announced that it closed an inaugural fund with over $700 million of commitments from investors.

The company did not identify the investors that contributed to the fund.

Chernin, together with former Goldman Sachs and media exec Jesse Jacobs, formed The Chernin Group in 2010 as a holding company. Last year, along with former Yahoo exec and principal Mike Kerns, the company shifted from a holding company to an investment firm called TCG.

To date, TCG has invested over $200 million in emerging businesses, with an average equity investment of $25 million-$75 million. The company is focused on early-stage consumer businesses.

TCG’s nine portfolio companies are media and commerce site Food52; tabletop games company Exploding Kittens; Steven Rinella’s MeatEater; Headspace, maker of a mindfulness and meditation app; the Action Network, a roll-up venture geared around sports-betting stats and analytics; online wedding registry Zola; personalized celeb video-shoutouts company Cameo; interactive, live-streaming global marketplace ShopShops; and Dadi, a direct-to-consumer male fertility health company.

“We hope our newest companies will be more evidence of the aspirations for the firm – bespoke, ambitious, unique and focused,” Chernin, Jacobs and Kerns wrote in a letter announcing their new fund. “In many ways, it’s the same team running back the same playbook,” they wrote, but the formation of TCG as an investment firm will let the company “implement our strategy on a broader scale.”

In addition to the TCG portfolio of companies, The Chernin Group has investments in a wide range of companies, including Barstool Sports, The Athletic, Mitu, Scopely and Twitter. Last year, Chernin Group sold its controlling interest in Otter Media, the joint venture formed with AT&T, to the telco in a deal reported to be worth $1 billion. Otter Media’s businesses include Fullscreen, Rooster Teeth and Crunchyroll, which are now house under AT&T’s WarnerMedia Entertainment division.

TCG operates offices in Los Angeles, San Francisco and New York.

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