BlackSun Private Equity has raised $1 billion for its inaugural investment vehicle, Mega Fund I, as the newly launched private equity firm targets a total of $7 billion to invest across sports, media, entertainment and technology, according to Bloomberg.
Founder and Chief Operating Officer Nery Gomez confirmed the initial $1 billion raise as BlackSun prepares for a broader formal fundraising process.
The firm has appointed Greenstone Equity Partners as global placement agent. Greenstone specializes in raising capital from investors in Saudi Arabia, Kuwait, Oman, Qatar and the United Arab Emirates.
BlackSun plans to line up additional financing partners over the coming months before moving into its formal fundraise, with the firm pursuing capital from both U.S. and international investors.
The $7 billion target would give BlackSun substantial capital to pursue opportunities across an increasingly valuable sports ecosystem encompassing professional franchises, media rights, entertainment, technology and related real estate.
The firm is led by founder and CEO Atonn Muhammad, a former Morgan Stanley financial adviser who played football at the University of Miami, alongside Gomez and a leadership and advisory group spanning finance, professional sports, media and government.
BlackSun’s broader team includes figures such as Dallas Mavericks head coach Jason Kidd, Pro Football Hall of Famer Lawrence Taylor and boxing champion Roy Jones Jr.
The firm has already pursued major sports ownership opportunities.
BlackSun said it bid $6 billion for the Boston Celtics before another group prevailed with a $6.1 billion offer, and it has submitted a bid connected to a potential NBA expansion franchise in Seattle.
A Seattle expansion fee alone could reach $8 billion or more, illustrating how rapidly professional sports franchise valuations have increased and why institutional capital is seeking new ways to gain exposure to the sector.
BlackSun is positioning its model around more than simply owning sports teams.
The firm sees franchises and sports properties as anchors for broader investment ecosystems spanning media, streaming, intellectual property, merchandise, technology, real estate and other commercial opportunities.
BlackSun is also involved in developing the World American Football League, which envisions franchises in the U.S. and international markets.
Another initiative, Knockout Fights, is focused on building a boxing and martial arts platform designed to bring greater commercial coordination to a combat sports market historically divided among promoters, sanctioning organizations and media partners.
The firm’s strategy comes as private equity and other institutional investors increasingly view professional sports as an asset class supported by limited franchise supply, expanding global audiences, valuable media rights and rising valuations.
BlackSun is seeking to differentiate its approach by incorporating greater community and stakeholder participation into sports ownership, including partnerships intended to give Native American tribes and local organizations a role in potential projects.
Beyond sports franchises, BlackSun says its investment focus spans entertainment and media, technology and capital markets, giving Mega Fund I a wider mandate to invest around the infrastructure and businesses connected to sports and culture.
With $1 billion now raised toward its $7 billion goal, BlackSun is moving from the formation stage toward building the capital base required to compete for increasingly expensive sports and entertainment assets.
