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88rising investor Atwater racks up $100m in funding

Atwater Capital, a media and entertainment-focused investment firm, has drawn funding from investment behemoths Goldman Sachs Petershill and KKR.

According to the company, the funding will increase the total backing of Atwater’s new Atwater Capital Fund I, LP to over $100 million.

Atwater’s portfolio includes 88rising, a US-based artist management company, record label and media brand focused on Asian and Asian American artists that hosts the Head in the Clouds festival in Los Angeles and now, Jakarta, Indonesia.

The firm is also a backer of Swedish royalty-free soundtrack provider Epidemic Sound, and wiip Productions, the independent studio behind TV shows such as Mare of Easttown and The Summer I Turned Pretty, among others.

Atwater was founded in 2017 by Vania Schlogel, who sits on the board of Epidemic Sound as a director. She previously served 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 digitisation and significant growth in global demand,” says Schlogel.

“We view the commitments from these two blue-chip financial institutions as a strong confirmation of [our] long-term vision”

“We are delighted to be able to partner with Goldman Sachs Petershill, a recognised 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 served as a former member of KKR’s Private Equity team from 2009 to 2014, specialising in the media sector. She is also known as the former chief investment officer of Roc Nation, and the CIO of another then-Jay-Z-owned company, TIDAL.

“We are delighted to invest with Vania and her team as they identify and back a group of extraordinary media and entertainment entrepreneurs,” says KKR partners Philipp Freise and Ted Oberwager.

Alisa Amarosa Wood, partner at KKR, adds: “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 endeavour.”

Christian von Schimmelmann, co-head of Goldman Sachs Petershill, adds: “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.”

“We look forward to providing strategic support as Atwater builds upon its history of investing in groundbreaking people and the companies they operate.”

 


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