Atwater Capital, a media and entertainment-focused investment firm, has attracted investments from investment giants Goldman Sachs Petershill and KKR.
The funding will increase the total capital commitments of Atwater’s new Atwater Capital Fund I, LP to over $100 million, the company said Wednesday (October 5).
Atwater’s portfolio includes American music company 88Rising, a record label, video production, and marketing company that hosts the Head in the Clouds festival and represents Asian and Asian American artists. The label is behind some recent hits including Joji’s Glimpse of Us.
Atwater is also a backer of Swedish royalty-free soundtrack provider Epidemic Sound, and wiip Productions, the independent studio behind break-out shows Mare of Easttown and The Summer I Turned Pretty.
“It is a hugely exciting time to be investing in media and entertainment, an asset class which is acyclical and buoyed by both digitization and significant growth in global demand.”
Vania Schlogel, Atwater Capital
LEONINE Studios, Mediawan, GfK, MadRiver Pictures, and Freepik are also part of Atwater’s current and previous portfolio.
The investment firm was founded in 2017 by Vania Schlogel, who sits on the board of Epidemic Sound as a Director after serving as its Chairwoman from 2017 to January of this year when she was succeeded by former Shazam boss Andrew Fisher.
“It is a hugely exciting time to be investing in media and entertainment, an asset class which is acyclical and buoyed by both digitization and significant growth in global demand,” Schlogel said.
“We are delighted to be able to partner with Goldman Sachs Petershill, a recognized leader in sponsoring and supporting private equity firms globally, alongside the world-class team at KKR, as we launch our inaugural Fund. We view the anchor commitments from these two blue-chip financial institutions as a strong confirmation of the long-term vision that we have for the Atwater platform.”
Schlogel is also known as the former Chief Investment Officer of Roc Nation, and the CIO of another then-Jay-Z-owned company, TIDAL.
Notably, Schlogel served as a former member of KKR‘s Private Equity team, specializing in the Media sector. She was with KKR from 2009 to 2014 and fast forward to 2022.
“We are delighted to invest with Vania and her team as they identify and back a group of extraordinary media and entertainment entrepreneurs,” Philipp Freise and Ted Oberwager, KKR Partners, said.
“This is the continuation of the great relationship we have built over many years of collaboration with Vania – from her time at KKR and beyond.”
Alisa Amarosa Wood, KKR
Alisa Amarosa Wood, Partner at KKR, added: “This is the continuation of the great relationship we have built over many years of collaboration with Vania – from her time at KKR and beyond. She shares our values, our partnership-oriented approach, and we are truly thrilled to be investing alongside her in this new endeavor.”
KKR invested in Atwater alongside Goldman Sachs Asset Management’s Petershill Partners, which participates in the fee income from the underlying funds that it invests in, according to its website.
“We have a history of partnering with successful private equity firms globally and are excited to welcome Atwater as a natural addition to the Goldman Sachs Petershill family,” Christian von Schimmelmann, Co-Head of Goldman Sachs Petershill, said.
“We look forward to providing strategic support as Atwater builds upon its history of investing in groundbreaking people and the companies they operate.”Music Business Worldwide