#549
Alts are Getting Alt-ier
Published:
Jul 20, 2024
Author:
Sarah Parsons Wolter
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As investing in alternative asset classes becomes more accessible, alternative asset managers are moving beyond traditional asset classes like private equity, hedge funds, and real estate into even more ‘alternative’ categories.
Ken Griffin, CEO of Citadel, made headlines this week with his purchase of Apex for $44.6m. No, not Apex the fintech company, but Apex the Stegosaurus skeleton, which has been around for 150m years. This purchase comes a few years after Griffin outbid a group of cryptocurrency enthusiasts to buy a copy of the U.S. Constitution for $43.2m.
Other high net worth executives and alternative asset managers are also diving into unique investments, such as purchasing professional sports teams. Disney CEO Bob Iger and his wife Willow Bay agreed to acquire women’s professional soccer team Angel City Football Club this week at a valuation of $250m. Meanwhile, Apollo co-founder Josh Harris’ sports holding company HBSE now owns several professional sports teams, including the Philadelphia 76ers and New Jersey Devils.
Now, rumors are swirling that the recent NBA Champion Boston Celtics might be up for sale. Will we see another alternative asset manager add a high profile sports team to their portfolio? Or will someone else decide it's time to join Griffin and finally diversify into the rare and lucrative market of dinosaur bones? Because, let’s face it, nothing says "alternative investment" like a Stegosaurus in your living room.
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Alts are Getting Alt-ier
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Select Financings
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