Otro Capital, launched last year by former executives at RedBird Capital Partners, has hired placement agent PJT Park Hill to raise its debut fund.
News of the hiring comes in regulatory forms for Otro Capital Fund I-A LP and a related fund filed by the 11-year-old, New York City-based sports, media, gaming and entertainment investor.
A target amount for the fund was not reported. But the hiring of PJT Park Hill suggests the firm will try for a significant sum. Six sample transactions listed on the PJT Park Hill Web site show the firm helping clients to raise sums ranging from $725 million to $4 billion. All told the firm has secured more than $375 billion for alternative asset managers.
Co-founded in 2023, Otro Capital is led by Partners Alec Scheiner, Brent Stehlik, Niraj Shah and Isaac Halyard. All four previously worked at RedBird Capital Partners—Scheiner as a partner, Stehlik as an operating partner, Shah as a principal and Halyard as a vice president. Executives at Otro Capital could not be reached for comment as of press time to learn more about the firm and any hiring plans.
The Trend: Despite a tight fundraising market, Otro Capital is one of several young firms raising inaugural funds. See brief items below describing four more debut efforts.
Otro Capital: Otro Capital’s team of at least eight includes an operating partner, a chief financial officer, a senior associate and an associate. Last year the firm announced an investment of €200 million in Renault Group-backed Formula 1 team Alpine Racing. The deal was part of a partnership with RedBird Capital Partners and with actor Ryan Reynolds’s firm Maximum Effort Investments. It was not immediately clear what if any other deals Otro Capital has closed.
Founding Four: At Otro Capital Scheiner led sports and media investments. Stehlik worked on business and growth activities for OneTeam Partners, while Shah and Halyard worked on investments in Dream Sports, Fenway Sports Group and the YES Network.
RedBird Capital Partners: Also based in New York City, RedBird Capital Partners was founded in 2013 by Managing Partner and Chief Investment Officer Gerry Cardinale, a former partner at Goldman Sachs. The team of at least 57 people invests in the sports, TMT, consumer and financial services sectors, sourcing investments through family offices and entrepreneurs. The firm managed about $8.26 billion in discretionary and non-discretionary assets at the end of 2023, according to a narrative brochure, and it began raising money for its RedBird Capital Partners Fund IV in 2022. The firm has backed about 35 companies.