Rashaun Williams hard at work behind NBA players Steph Curry, Andre Iguodala and Lou Amundson. (Credit: MVP All-Star Fund)
Press Release – New York, NY – February 3, 2017 – Securities and corporate law firm Carmel, Milazzo & DiChiara LLP announced today that its client, Manhattan Ventures Partners, was featured in Forbes regarding the launch of the MVP All-Star Fund to get Pro Athletes into Tech Unicorns.
For every Snap Inc. going public, there’s a host of billion-dollar startups still private, content to grow without the scrutiny (and validation) of Wall Street. Now a new fund wants them to take on a different kind of investor: star entertainers and athletes.
The fund is called the All-Star Fund, and its premise adds a celebrity gloss to what has already been an active market matching private investors with employees at the bigger tech companies.
When employees at a unicorn tire of waiting for an acquisition or IPO or just find a pressing use for cash, they can sell their shares on the secondary market. Family offices, individuals and funds that don’t have the access of Silicon Valley’s top venture capital firms get their chance to buy into the tech community’s anointed leaders, assuming less risk than an early bet but hoping to make a windfall by getting in before an exit such as an IPO. Athletes and entertainment stars are increasingly no different.
At a size of at least $100 million, the All-Star Fund will invest in a series of baskets of 12 such billion-dollar companies for its clients. Athletes such as Elton Brand, Patrick Ewing and Dwight Howard are already participating, says Williams, with individuals putting in checks that can range from $100,000 to $1 million. Then Williams hopes to take that to institutional investors who will repackage opportunity to buy into the fund as vehicles for their own high net worth clients.
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