BlackSun Wants $7B for Sports and Media. It’s Starting With $1B From the Gulf.

BlackSun, a private equity firm, has secured $1 billion for its first fund, Mega Fund I, with plans to grow the vehicle to $7 billion by pursuing investments across sports, media, entertainment, and technology.

BlackSun has tapped Greenstone Equity Partners to serve as its global placement agent, Bloomberg reported. Greenstone focuses on raising capital from investors in Saudi Arabia, Kuwait, Oman, Qatar, and the United Arab Emirates.

The private equity company’s Chief Operating Officer, Nery Gomez, told Bloomberg that the firm plans to spend the next one to six months lining up additional financing partners ahead of the fundraise, with a focus on both U.S. and international investors.

BlackSun’s Chief Global Strategy and Communications Officer, Nick Rathod, said that sports and culture are “powerful” forces shaping society. Rathod continued to say that what makes BlackSun different from other private equity firms is its focus on “community engagement.”

The firm has taken a unique approach in its investment bids so far. In April, BlackSun invited Hollywood labor unions to support its bid for Warner Bros. Discovery, despite the company already agreeing to an $111 billion transaction with Paramount. 

The private equity firm also teamed up with several Native American Organizations in an effort to pursue an NBA franchise in Seattle, which could carry an expansion fee between $7 billion and $10 billion.