Alignment Growth Management, the investment firm backing the business information website Crunchbase, has closed its first fund at $360 million.
(Bloomberg) — Alignment Growth Management, the investment firm backing the business information website Crunchbase, has closed its first fund at $360 million.
Money raised for Alignment Growth Fund I will be used to invest in private companies spanning the media, entertainment and gaming sectors, according to a statement reviewed by Bloomberg News. The firm said it has already deployed more than $100 million to date.
“The ecosystem is dominated by ‘deal-per-day’ mega-funds who cannot dedicate the time and resources to support each portfolio company in the way we do,” co-founder Alex Iosilevich said in the statement. “We aim to fill the need for a highly engaged strategic adviser and source of value-added capital at every phase of a partnership.”
A representative for Alignment Growth confirmed the contents of the release.
The New York-based firm, founded in 2021, is led by TV industry titans Kevin Tsujihara and Jeff Bewkes alongside Iosilevich, who had just come off a nearly 15-year stint in media investment banking. According to Iosilevich, the firm will aim to complete three to four deals a year, with an average check size ranging from $30 million to $40 million.
“You can pretty much see that we’re going to have a concentrated portfolio,” Iosilevich said in an interview. “That’s a deliberate strategy that we’re pursuing. We want to be hands on, we want to be very helpful to these companies and there’s only 24 hours in a day for each one of us.”
Alignment Growth made its first investment in December 2021 with Fever, a concert and live-entertainment discovery platform. But its growing list of portfolio assets also include Crunchbase, video game developer Build a Rocket Boy and Spyglass Media, the film production company behind Bruce Almighty and the 2009 version of Star Trek.
“Companies who want hands-on involvement from folks who have decades of experience in strategy operations and dealmaking, that’s sort of the right audience for us,” Iosilevich said.
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