Interesting that shortly after the final close of the Bono-including entertainment-centric private equity fund Elevation Partners we have news that ex- Battery guy Todd Dagres has closed his own entertainment venture fund, Spark Capital (which has an incredibly annoying Flash-centric site).
Granted, it’s a venture fund, not a buyout fund, but it is another over-subscribed fund closing (he was looking for $200mm and raised $260mm) in a market that has, until recently, been better known for its limited interest to private equity sorts.
On a related note, recall that Dagres left Battery Ventures for Hollywood a few years ago when he allegedly had his eye on playing producer. He has now apparently learned enough to know that he doesn’t want to do that anymore:
”I did the film producer thing and learned a lot,” he said. ”I wanted to understand that business from the ground up, how the content and entertainment businesses worked. That will allow me to make smarter investments and I’m focused 100 percent on investing at this point. You’re not going to see me sitting in one of those deck chairs on a movie set.”
Ah, Todd was doing anthropological research for his fund while hanging in Hollywood, not actually dreaming of mogul-dom. Hmmm, let’s just say that makes for a good backstory.