Foley & Lardner LLP served as legal advisor to private equity firm Bluestone Equity Partners (Bluestone) in the successful closing of Bluestone Capital I, L.P., its inaugural $300 million growth equity fund (the Fund) focused on the global sports, media, and entertainment industry.
Led by Founder and Managing Partner Bobby Sharma and Partner Kyle Charters, Bluestone will target established businesses and proven assets that will benefit from the management team's unique combination of blue-chip business and investment experience, extensive global network, and successful track record.
Sharma launched Bluestone after previously working as global head of basketball and strategic initiatives at IMG, general counsel of the NBA Development League, where he helped establish the NBA's first minor league, and vice chairman and CEO of Soccerex.
"We're proud to unveil Bluestone Equity Partners and our first growth equity fund, to capitalize, guide, and grow high-quality assets in the sports, media, and entertainment industry," said Sharma. "Our fund was oversubscribed with interest, with a single closing consisting exclusively of institutional-grade capital. This not only reflects a high degree of investor confidence in Bluestone, but also a validation of our differentiated strategy to unlock value through both control and minority positions across sectors and asset types," said Sharma.
The Foley team representing Bluestone and the Fund was led by Partner Stephen Meli, co-chair of the firm's Fund Formation & Investment Management Group, along with Senior Counsel Michael Bresnahan and Associate Nolan Binney, and included Partner Raj Tanden, Senior Counsel Sonia Kothari, and Associates Mickey Luiz and Lauren Douglas.