Peter Chernin’s TCG Sets $700M Fund, Shifts To Investment Focus
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Peter Chernin has closed a deal for a $700 million-plus fund for a new investment company to be called TCG, marking a departure from The Chernin Group’s holding company structure. The news was announced in a letter from founders and principals Chernin, Jesse Jacobs and Mike Kerns.
The letter was published Wednesday on the firm’s newly launched website.
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The new fund currently has nine investments between $25M-$75M for a total of $200M-plus invested.
“We have purposefully remained low key for the last 10 years,” the founders wrote. “While we now have a website, you can expect that our investments and company executives will do most of the talking from here on out. We hope our newest companies will be more evidence of the aspirations for the firm – bespoke, ambitious, unique, and focused.”
TCG’s recently investments include in MeatEater, Food52 and gaming company Exploding Kittens.
Rumors of Chernin’s plan to raise a new media fund had been in the air for more than a year. It marks the latest chapter for the digitally savvy executive who has been one of Hollywood’s technology innovators for decades.
As COO at 21st Century Fox, Chernin was a leading proponent of creating Hulu. After his exit he built Otter Media, a streaming service that serves passionate fan communities with brands including Fullscreen, Rooster Teeth and Crunchyroll. Earlier this year as part of a revamp, AT&T’s WarnerMedia shifted oversight of Otter Media to Bob Greenblatt, head of the media company’s entertainment and direct-to-consumer operations, ahead of the HBO Max launch next spring.
Chernin’s entities have more than 70 portfolio companies to date, the company said, and the founders are “hungry for more,” including bolstering staff in Los Angeles and San Francisco and recently adding a New York office.
Its producing arm Chernin Entertainment’s recent credits include Ford v. Ferrari, the Planet of the Apes franchise and Starz’s strip club series P-Valley.
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