Investor

88Rising and Epidemic Sound investor Atwater secures backing from Goldman, KKR for new fund, with $100m capital committed to date

Atwater Capital, an investment firm focused on media and entertainment, has attracted investment from investment giants Goldman Sachs Petershill and KKR.

Funding will increase total capital commitments for Atwater’s new project Atwater Capital Fund I, LP to more than $100 million, the company announced on Wednesday (October 5).

Atwater’s portfolio includes American music company 88Rising, a record label, video production and marketing company that hosts the Head in the Clouds festival and represents Asian and Asian American artists. The label is behind a few recent hits including Joji’s Overview of us.

Atwater also backs Swedish royalty-free soundtrack provider Epidemic Sound and wiip Productions, the independent studio behind the hit shows. Easttown Mare and The summer when I became pretty.

“This is an extremely exciting time to invest in media and entertainment, an asset class that is acyclical and underpinned by both digitalization and significant growth in global demand.”

Vania Schlogel, capital Atwater

LEONINE Studios, Mediawan, GfK, MadRiver Pictures and Freepik are also part of Atwater’s current and previous portfolio.

The investment firm was founded in 2017 by Vania Schlogel, who sits on Epidemic Sound’s board as a director after serving as chair from 2017 until January this year, when she was replaced by the former Shazam boss Andrew Fisher.

“This is an extremely exciting time to invest in media and entertainment, an asset class that is acyclical and underpinned by both digitalization and significant growth in global demand,” Schlogel said.

“We are delighted to be able to partner with Goldman Sachs Petershill, a recognized leader in sponsoring and supporting private equity firms globally, alongside the world-class team at KKR, as we launch our inaugural fund.We view the anchor commitments of these two premier financial institutions as strong confirmation of the long-term vision we have for the Atwater platform.

Schlogel is also known as the former Chief Investment Officer of Roc Nation and the CIO of another company then owned by Jay-Z, TIDAL.

Notably, Schlogel was a former member of KKR’s Private Equity team, which specialized in the media sector. She was with KKR from 2009 to 2014 and fast forward to 2022.

“We are thrilled to invest with Vania and her team as they identify and support a group of extraordinary entrepreneurs in media and entertainment,” said Philipp Freise and Ted Oberwager, KKR Partners.

“It’s a continuation of the great relationship we’ve built over many years working with Vania – since her time at KKR and beyond.”

Alisa Amarosa Wood, KKR

Alisa Amarosa Wood, Partner at KKR, added: “This is a continuation of the great relationship we have built over many years working with Vania – since her time at KKR and beyond. She shares our values, our partnership approach and we are really delighted to invest alongside her in this new company.

KKR has invested in Atwater alongside Petershill Partners of Goldman Sachs Asset Management, which participates in the fee income of the underlying funds it invests in, according to its website.

“We have a history of partnering with successful private equity firms globally and are delighted to welcome Atwater as a natural addition to the Goldman Sachs Petershill family,” said Christian von Schimmelmann, co-director of Goldman Sachs Petershill.

“We look forward to providing strategic support as Atwater builds on its history of investing in groundbreaking people and the businesses they operate.”The music industry around the world