What Atwater Capital does

Atwater Capital is a Los Angeles-based private investment firm founded in 2016 that invests exclusively in the Media and Entertainment sectors. The firm was built on the thesis of uniting creative evaluation with quantitative financial and operational rigor under a single team, positioning itself against the traditional segregation of artistic and investment functions in entertainment deal-making. Founded and led by Vania Schlogel — a former KKR media-sector PE investor, Goldman Sachs Leveraged Finance professional, and CIO of Roc Nation — Atwater targets institutional investors seeking differentiated, operationally-engaged exposure to content, sports, and entertainment assets.

Atwater's portfolio spans production companies (Plan B Entertainment, Mediawan, LEONINE Studios, wiip, 88rising, Free Association, MadRiver Pictures), music and creator platforms (Epidemic Sound, Magnific, Freepik), sports franchises (League One Volleyball), consumer intelligence (GfK), and — as of Oct 2024 — industrial manufacturing (RDC Contrôle Ltée). The firm does not disclose a proprietary technology platform; its investment approach relies on deep operator networks, board-level engagement, and a creative-plus-financial evaluation framework. Advisory board members include Joe Bae (Co-CEO of KKR), Kevin Huvane (Co-Chairman of CAA), and Bonnie Hill, providing direct access to capital, talent, and corporate governance expertise.

The firm generates revenue through traditional private equity economics — management fees on assets under management and carried interest on investment returns — anchored by capital commitments from KKR and Goldman Sachs Petershill (Oct 2022). Atwater operates with a lean core team of approximately five investment professionals and raises capital via direct institutional relationships and co-investment arrangements with mega-funds, distributing its investment management services entirely B2B to LPs and portfolio companies.

Name

Atwater Capital

Legal name

Atwater Capital L.P.

Website

https://atwater-capital.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Atwater Capital is a Los Angeles-based private investment firm founded in 2016 that invests exclusively in media and entertainment, combining creative strategy with quantitative financial rigor to deploy capital across content, sports, and entertainment companies for institutional LPs.

Ownership category

akta.pro rank

Product category

Private Equity / Media & Entertainment Investment

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Media private equity
• Entertainment investment
• Content investment
• Private equity fund
• Investment management

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Management Fees: Atwater Capital generates revenue through management fees charged on assets under management and performance fees (carried interest) on investment returns, typical of private equity and investment management structures. The firm also benefits from co-investment relationships with major institutional investors (KKR, Goldman Sachs Petershill) and portfolio company board oversight.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Atwater Capital is a private equity investment management firm that deploys capital exclusively into Media and Entertainment companies. The firm provides growth capital, operational expertise, and strategic guidance to portfolio companies spanning film, television, music, digital media, and sports. It generates returns through management fees and carried interest, with anchor commitments from KKR and Goldman Sachs Petershill supporting its capital base.

Product overview

Atwater Capital is a private equity firm focused exclusively on the Media and Entertainment sectors. The firm does not offer a single unified product but rather operates as an investment vehicle managing a portfolio of media and entertainment companies. Its portfolio includes League One Volleyball (LOVB), Plan B Entertainment (Brad Pitt's production company), Epidemic Sound, Wiip Productions, Magnific, Mediawan, Leonine Studios, 88rising, Free Association, MadRiver Pictures, and GfK. Atwater Capital provides operational and financial expertise to these portfolio companies, with a focus on content creation, digitization, and franchise-defining content investments.

Differentiator

Problem solved

Functional benefit

Brands

• League One Volleyball (LOVB): Leading volleyball brand and community in the U.S., operating the largest youth club volleyball network and a premier women's professional volleyball league.
• Plan B Entertainment
• Epidemic Sound
• WIIP Productions
• Magnific
• Mediawan
• Leonine Studios
• 88rising
• Free Association
• MadRiver Pictures
• GfK

Products and services

• Media & Entertainment Private Equity Investment Management Private equity investment management services focused exclusively on the Media and Entertainment sector, deploying capital into content production companies, music platforms, digital media, and sports franchises. Provides growth capital, operational expertise, strategic guidance, network access, and board oversight to portfolio companies. Generates returns through management fees and carried interest.

Quantifiable outcome

• Atwater Capital led a $100M funding round for League One Volleyball (LOVB), demonstrating ability to mobilize significant capital for sports/entertainment investments.
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• KOCCA (Korea Creative Content Agency)minorStrategic or Co-development Partner · 9 December 2022Atwater Capital partnered with KOCCA to promulgate Korean content and culture in the US for KOCCA's 2025 UKNOCK event in Los Angeles. This partnership supports Korean content creators' access to the US market.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• The Chernin Group: The Chernin Group is a media and entertainment-focused investment firm founded by Peter Chernin, deploying capital across content, sports, and digital media. It is a direct competitor to Atwater in the boutique media-PE category with overlapping portfolio themes including sports and content production.
• Providence Equity Partners: Providence Equity is one of the longest-tenured media-focused private equity firms, investing in media, communications, education, and technology. It is a direct peer to Atwater in sector specialization, with comparable investment activities in content and entertainment.
• Shamrock Holdings: Shamrock Holdings is a Burbank-based private investment firm affiliated with the Disney family, focused on media, entertainment, and content investments. It competes with Atwater for media-focused opportunities and operates a similar fund structure with institutional LPs.
• RedBird Capital Partners: RedBird Capital is a private investment firm focused on sports, media, and entertainment, with significant investments in leagues, teams, and content businesses. It is a direct peer to Atwater's sports-focused activities (e.g., LOVB) and shares the thematic media-PE thesis.

Emerging players

• Arctos Sports Partners: Arctos Sports Partners is a private equity firm exclusively focused on sports franchise investments across leagues including the NBA, MLB, and NHL. It overlaps with Atwater's sports franchise thesis (e.g., LOVB) but is more narrowly focused on controlling/minority stakes in professional franchises.
• Raine Group: Raine Group is a global merchant bank focused on technology, media, and telecommunications, providing advisory and investment services. It overlaps with Atwater's media focus through both investment activity and strategic advisory work in the same sector ecosystem.

Broad incumbents

• CVC Capital Partners: CVC Capital Partners is a large global private equity firm with an established sports strategy (e.g., Formula 1, La Liga). Explicitly cited alongside Atwater in deploying capital to improve efficiency in sports franchises; broader incumbent with deeper resources than Atwater's boutique platform.
• TPG Capital: TPG Capital is a global private equity firm with a dedicated media and entertainment practice, having invested across content, sports (e.g., Caesars), and digital media. As a broad incumbent, TPG competes with Atwater for larger media deals while offering comparable thematic exposure.
• Blackstone Inc. Blackstone is the world's largest alternative asset manager, with significant investments in media, entertainment, and content (e.g., Ancestry, Refinitiv historical, Refinitiv-related). It is a broad incumbent competing for institutional LP allocations and large media transactions.

Others

• Mediawan (portfolio reference): Mediawan is a leading French content production and distribution platform in which Atwater holds a stake. While primarily a portfolio company rather than a peer, Mediawan itself has made strategic media acquisitions and operates in adjacent investment territory relevant for LP due diligence comparisons.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/atwater-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Atwater Capital