Shamrock raises co-investment vehicle alongside second content fund

Shamrock Capital Advisors is raising at least $125 million in co-investments across two vehicles to work alongside its second intellectual property fund, according to Form Ds and pension documents.

One of the Form Ds is for a $115 million vehicle called Shamrock CCF II Co-Invest I, while another is for a $10 million parallel pool called Shamrock CCF II Co-Invest I-A. Shamrock declined to comment on either vehicle.

Rhode Island State Treasury is the investor in the I-A vehicle, according to documents on its website. The other vehicle has drawn a $50 million commitment from Maryland State Retirement and Pension System, according to documents from its most recent meeting.

Both LPs are also investors in the fund itself, along with State of Wisconsin Investment Board, according to Buyouts data. A Wisconsin spokesperson did not respond to a Buyouts query about whether it was also co-investing.

Shamrock Capital Content Fund II is focusing on intellectual property rights for entertainment products. This can include filmed entertainment, television programming, music publishing rights, recorded music masters and video games. Among its predecessor’s most prominent acquisitions was the library for the film production company Spyglass Entertainment, which included The Sixth Sense.

It closed in July, according to Shamrock’s website. A source close to the firm told Buyouts the fund raised $407 million, slightly above its $400 million target.

As of September, it was in the process of completing its first investment, according to a memo from consultant Cliffwater posted on Rhode Island’s website.

The co-investment vehicles are for LPs in the fund and will be put toward “investments in Shamrock Content II that require more capital than is available based on the size and concentration limits” of the fund.

According to the Shamrock website, the content strategy makes investments of between $10 million and $80 million and will take control or minority positions. It will either acquire or finance “existing intellectual property rights across a diverse group of assets that have been through their initial window of release.”

The Rhode Island co-investment vehicle has no management fees or carry. Typically, co-investments do not charge fees.

Shamrock Capital was created in 2010 when it was spun off of the family office of Roy E Disney, the nephew of Walt Disney, co-founder of the Walt Disney Company.

Action Item: read the Cliffwater memo on the Shamrock Content Fund II co-investment vehicle here.