(Bloomberg)—Hackman Capital Partners has raised $1.6 billion to expand its empire of studio and media properties.
Los Angeles-based Hackman has $1.4 billion of commitments for its HCP Studio Fund from investors including sovereign wealth funds, pensions and family offices, according to a statement Wednesday. Some of the investors have also committed an additional $200 million in equity on top of the fund.
Hackman, which owns and operates major studios, has already invested or committed roughly half of the fund as of the second quarter. Those investments, with its joint venture partner Square Mile Capital Management, include its purchase of Kaufman Astoria Studios in Queens, New York, and the Radford Studio Center in Los Angeles, which has previously hosted productions for shows such as Seinfeld and Gilligan’s Island.
The fund will spend the rest of the money acquiring properties in top production markets across the world, including Los Angeles, New York, Toronto, Vancouver and London.
“The demand has exceeded the supply in almost every market right now,” Michael Hackman, chief executive officer of Hackman Capital Partners, said in a phone interview. “Even with some of the pullback with some streamers reducing their content, having soundstages and the equipment that supports it are critical components to making content.”
Hodes Weill Securities worked as an adviser to Hackman.
To contact the author of this story: Natalie Wong in New York at [email protected].
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