Jonathan Nelson Launches New Sports-Focused Private Equity Fund - Hopes to Raise $1B

Jonathan Nelson Launches New Sports-Focused Private Equity Fund - Hopes to Raise $1B

Jonathan Nelson along with some friends from Brown University built Prov Equity Partners into one of the most powerful players in finance in the United States in the early 2000s.

Now, Nelson is launching Dynasty -- a sports-focused private equity fund.

Nelson is teaming up with Don Cornwell, a partner at PJT Partners.

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The two have announced they are raising $1 billion to invest in sports teams.

Nelson previously served as director of Yankees Entertainment and Sports Network, which Providence Equity invested in. Providence Equity has also invested in Learfield, Ironman, Topgolf, EZLINKS, and MLS’ marketing wing, Soccer United Marketing. 

Cornwell has worked on some of the largest and most complex sports and entertainment deals in the industry, including the recapitalization of the Tennessee Titans, the sale of Maple Leaf Sports & Entertainment, the sale of the Buffalo Bills, the sale of IMG to William Morris Endeavor, the sale of Access/DAZN owned Perform Group to Vista owned STATS Inc., the recapitalization of the Pittsburgh Steelers and the formation of Major League Baseball Advanced Media. In addition, he has served as a strategic advisor to the National Football League and the National Basketball Association on numerous occasions, according to his bio.

According to Front Office Sports, Cornwell will be the first Black co-owner of a sports-focused private equity fund. Each founder will also remain in their respective current roles.

Today, Nelson now serves as Prov Equity’s executive chairman. Nelson currently serves as chairman of Ambassador Theatre Group and director of The Chernin Group — two Prov Equity investments

Private equity firms spent $51 billion on sports transactions in 2021, according to Pitchbook, including $22 billion in Europe and nearly $3 billion on minority stakes in North American sports teams.