In 2019, Eldridge increased its investment in Maranon Capital, an investment manager, resulting in Eldridge holding a majority ownership stake in the company.[9] In December 2020, Eldridge provided financing to
Ark Invest, allowing ARK founder
Cathie Wood to remain majority shareholder of the company.[10]
Eldridge owned CBAM Partners, an
SEC-registered investment advisor.[14] Eldridge sold CBAM Partners, an SEC-registered investment advisor, to
The Carlyle Group for $787 million in 2022.[15] In October 2022, the company participated in a $20 million investment round for Protein Evolution, Inc. which develops enzymes used in the recycling of plastics and textiles.[16]
In 2023, Eldridge became a founding member of the Allbright Alliance, a collective initiative to increase opportunities for women in the workforce.[17]
Horizon Acquisition Corporation
Eldridge's
special-purpose acquisition company Horizon Acquisition Corporation was founded in June 2020.[18] The company filed for a blank check
IPO of $575 million in August 2020.[19] Horizon Acquisition Corporation II, an SPAC focused on media and entertainment, in August 2020.[20]
Horizon Acquisition Company merged with ticket reseller
Vivid Seats in April 2021,[21] taking them public as Vivid on October 19, 2021.[22] Eldridge bought an additional $24.4 million in Vivid stock in 2023. Vivid is traded on the
Nasdaq.[23]
Sports
In March 2017, Eldridge led a round of funding estimated at over $100 million for
DraftKings, a daily
fantasy sports contest provider.[24][25] DraftKings purchased a stake in Vivid from Eldridge, when the company went public in October 2021.[26] Eldridge also has a stake in the
Los Angeles Dodgers;[27] Chavez Ravine, the acreage around Dodger Stadium;[28][29]Cloud9;[30] and
Fanatics, Inc..[31]
Technology
Eldridge has invested in
fintech companies
PayActiv,
Stash and Truebill.[32] In February 2021, Stash reached a value of over $1.4 billion.[33]
Eldridge has invested in technology companies Capital Integration Systems (CAIS),[34] Digital Asset,[35] and Cutover.[36] In 2021, Eldridge participated in multiple funding rounds for digital delivery service
Gopuff, including the company's $1.1 billion financing round.[37]
In July 2020, Eldridge invested in a $53 million fundraising round for
Kernel, a Los Angeles-based
neurotechnology company.[38]
Eldridge took part in a $475 million financing round for artificial intelligence company
Dataminr.[39]
Eldridge acquired data technology company
Knoema in 2020.[40] In 2023, Knoema rebranded as Seek.[41] Eldridge has invested in The Ready Games and mobile game developer Tripledot Studios.[42][43] Eldridge held a stake in
Epic Games which was sold back to Epic in 2021.[7]
Eldridge has made multiple investments into Truebill, including participating in a $45 million funding round in 2021,[44] after leading a Series B round in 2019.[45] Truebill was acquired by Rocket companies in 2021.[46]
Eldridge participated in a $235 million in AI security company Oosto (formerly AnyVision[47]) in July 2021, after previously investing in the company in 2018.[48] The company also invested in biotechnology company
Quantum-Si in 2021.[49]
Eldridge invested in
digital health platform Wellthy in May 2020, and participated in the company's funding round for 2021,[50] and $25 million funding round in 2023.[51] Eldridge also participated in a $62 million investment round for fertility services company Kindbody.[52] Eldridge also acquired sporting goods producer G-Form, which produces Smart-Flex athletic gear.[53]
In November 2021, Eldridge participated in a $30 million investment round for artificial intelligence company
Netomi.[54] The company also led a $600 million debt funding round for
Digital Currency Group.[55]
In January 2022, Eldridge led a $210 million investment round for Canadian financial technology company
Koho.[56] The company led investment rounds for
Cross River Bank,[57] which was valued at $3 billion in March 2022,[58] and an investment round for insurance technology company Accelerant, which reached a $2.4 billion valuation in 2023.[59] In April 2022, Eldridge also led a $198 million investment round into digital marketing firm Viral Nation,[60] and an $82 million investment round for e-commerce platform Samcart.[61]
In 2022, the company has also invested in Metropolis Technologies,[62] Cloudframe,[63] and materials science company Recover.[64] Eldridge led a $400 million investment round for Velocity Global, and took a seat on its board of directors.[65]
Consumer industry
In 2017 Eldridge acquired, with a co-investor,
Pittsburg-based NPC International, LLC, the largest franchisee of
Pizza Hut (part of
Yum Brands), and
Wendy's.[66] Eldridge exited the investment in 2019.[67] On July 1, 2020 NPC filed for Chapter 11 bankruptcy.[68]
Eldridge has backed hospitality group Aurify Brands since it was founded in 2011.[69] Eldridge invested in international bakery-restaurant chain
Le Pain Quotidien through Aurify in March 2021.[70] In 2023, Convive Brands was formed to operate Le Pain Quotidien, Little Beet and Little Beet Table, which had been previously operated by Aurify.[71] Eldridge has also invested in pizza restaurant chain
Chuck E. Cheese.[72]
Thirteenth Floor Entertainment Group, an operator of horror-themed entertainment venues and escape rooms, is partially owned by Eldridge.[73][74] Eldridge was part of a group of creditors who invested $1.2 billion in Canadian company
Cirque du Soleil in 2020.[75]
Eldridge invested in
virtual reality entertainment company Illuminarium Experiences, as part of a $100 million investment.[76] The company led a $3.4 million funding round for
food delivery marketplace Sesame in December 2021.[77] Eldridge has also invested in agricultural and industrial chemical producer LSB Industries.[78]
Eldridge seeded Essential Properties Realty Trust, a REIT that went public in June 2018.[85] In October 2019, Eldridge invested $300 million in real estate investment company
Kennedy Wilson.[86] Eldridge committed €1 billion to Blackbrook Capital, an independent European real estate investment firm, in March 2020.[87][88]
In December 2021, Eldridge acquired a minority interest in Langdon Park Capital, a
Black-owned real estate investment company."[89] Langdon Park Capital subsequently acquired 200 housing units in
Los Angeles as part of a strategy to create
affordable housing for the Black and Latino communities.[90]
Insurance
Eldridge owns Security Benefit Life Insurance, an insurer with $49.9 billion in assets.[27] The firm also owns Zinnia (formerly SE2), an end-to-end insurance software provider.[91] Zinnia acquired Breathe Life, a SaaS insurance platform, in 2022[92] and acquired online insurance marketplace
Policygenius in 2023.[93]
In 2021, Eldridge participated in a $60 million investment in financial services company Buckle. The company invested in DPL Financial Partners in January 2021 and September 2022.[94] That year, Eldridge invested in PPRO Financial and Clearcover Insurance.[95][96] Hudson Structured Capital Management refinanced in 2021, with Eldridge as its principal backer.[97]
Media holdings
In 2015, Eldridge put some of its media properties up for sale, including Adweek and the
Clio Awards.[98]Adweek was sold a year later to Beringer Capital.[99] The Clio Awards, a 58-year-old ad industry event, was sold to investment company Evolution Media in 2017.[100]
In December 2016, Billboard-Hollywood Reporter Media Group purchased the music publications Spin, Stereogum and Vibe from
SpinMedia for an undisclosed amount.[101]
In February 2018, Eldridge announced it would be consolidating three of its entertainment properties into a new company, Valence Media,[102] which rebranded as
MRC on July 20, 2020.[103] The properties included
Media Rights Capital, a film and television studio which created
Netflix shows Ozark and House of Cards;[104][105] Dick Clark Productions; and the Billboard-The Hollywood Reporter Media Group.[106][107][108] At the time, MRC owned a minority stake in film distributor
A24;[108] and London-based production company
Fulwell 73.[109][27]
In November 2020, Eldridge acquired the music publishing rights to American rock band
The Killers, covering the band's first five albums.
Universal Music Publishing Group will continue to administer the catalogue.[112]
In September 2020, it was announced that
Penske Media Corporation and MRC would form a joint venture named PMRC. The new venture managed the daily operations of publications such as Billboard, The Hollywood Reporter, Vibe,
Variety, Rolling Stone and
Music Business Worldwide.[113] A second joint venture between MRC and Penske was also announced, to manage content and intellectual property such as television series, films, and live events including
Life Is Beautiful Music & Art Festival and
South by Southwest.[114] The venture became the majority owner of South by Southwest in 2021.[115]
Eldridge led a $3 million funding round for Laylo, a startup fan engagement platform, in 2021.[116] The company led another funding round into Laylo in 2022.[117]
In December 2021, Eldridge partnered with
Sony Music Group to finance the acquisition of
Bruce Springsteen's recorded music and songwriting catalogue.[118] The deal, which was estimated to be between $500 million and $600 million, was reportedly the largest transaction for an individual artist's music rights to date.[119]
In August 2022, Eldridge and MRC reached an agreement to separate their assets.[120] Eldridge became a minority stakeholder in MRC, acquired ownership of Dick Clark Productions and Billboard-Hollywood Reporter Media Group from the company, and retained its investments in ventures such as Penske Media,
A24 and
Luminate Data.[121] In 2023, Eldridge and Penske formed the joint venture Penske Media Eldridge, which owns or co-owns properties such as SXSW, Life Is Beautiful,
ATX Television Festival, and Dick Clark Productions.[122]
Boehly became interim CEO of the
Hollywood Foreign Press Association (HFPA), the organizer of the
Golden Globe Awards, in 2021.[123] In July 2022, it was announced that Eldridge would acquire the HFPA, and establish a private company to manage the intellectual property of the Golden Globes.[124][125] The HFPA's philanthropic activities will be spun off into a non-profit organization.[123] In January 2023, Dick Clark Productions, the producer of the Golden Globes, was acquired by the joint venture Penske Media Eldridge.[126]
Under Eldridge's ownership, the organization announced a series of planned reforms, to improve accountability and inclusion. These reforms include the addition of new Golden Globes voters to increase the diversity of its membership,[127] which had previously been criticized for a lack of Black representation.[128] In 2023, the organization added 215 international members to its voting body. This increased the total number of voters from 95 voters prior to Eldridge’s ownership to 310 voters, with 52% of the expanded voting body identifying as ethnically diverse and 17% identifying as
LGBTQ+.[129] The organization introduced a number of bylaws to prevent member misconduct and conflicts of interest. Members of the Golden Globes Association now receive a salary and are held to a higher level of accountability.[130]
In January 2023, the Golden Globe Awards returned to
NBC after not having been televised the previous year. The 2023 show was described by some critics as a comeback for the association, receiving particular praise for the diversity of its nominees and "anything-goes vibe."[131] Michael Schulman of The New Yorker described the atmosphere as "alternately witty and moving."[132] The broadcast had 6.3 million viewers and made 24.2 billion impressions on social media. In February, it was announced that the show would be returning on January 7, 2024 following the success of the 2023 Golden Globes.[133]
In June 2023, the
Attorney General of California approved the dissolution of the HFPA and its reorganization into a commercial enterprise under Eldridge. As part of this reformation, the philanthropic activities of the HFPA will be handled by the newly formed Golden Globe Foundation, a nonprofit organization.[134]
In 2023, it was announced that Eldridge was the largest investor in Gamma, a music media company founded by Larry Jackson. The company partnered with artists such as
Snoop Dogg and
Usher, and made plans to develop films with A24.[135] The company recently acquired music distribution platform Vydia, and also launched plans to expand into Africa and the Middle East, with headquarters in
Lagos and
Dubai. It was announced that music executive Sipho Dlamini was president of its operations in Africa and the Middle East, and
Naomi Campbell joined as a special advisor.[136]