Former New York Yankees star Alex Rodriguez and Walmart e-commerce veteran Marc Lore are forming a venture capital firm, broadening their partnership as the duo pursues a separate deal to acquire a professional basketball team, Bloomberg reports.
The new company, which will be called Vision/Capital/People, or VCP, launches with $50 million of the pair’s own money and could eventually raise $300 million to $500 million. Rodriguez and Lore plan to take early-stage stakes of 40 percent to 80 percent in their portfolio companies, much larger than the typical venture approach.
A-Rod’s Slam Corp. SPAC raised $500 million in a February IPO. The company at the time said it would target businesses in the sports, media, entertainment, health and wellness and consumer technology sectors — but not professional sports franchises. Read more.
