Asset management firm Azimut Group has agreed to buy a 10 per cent stake in the Hollywood-studded BroadLight.
BroadLight was founded by talent manager Rick Yorn and entertainment lawyer Kevin Yorn, who represent some of showbiz’s biggest names including Cameron Diaz, Leonardo DiCaprio and Chris Rock.
According to reports from the Financial Times, the idea behind the investment is that celebs can be useful in finding new companies whilst also generating publicity around them.
Whilst the company’s website fails to provide exacts details on the firm’s offerings, simply stating: “BroadLight Capital is an investment firm focused on high-growth, innovative private companies in the global technology, consumer, and media & entertainment sectors”, sources suggested to the FT that the Milan-based asset management firm’s investment could be as much as $300m in assets.
BroadLight also claim that they have made hundreds of introductions between start-ups and famous faces.
“BroadLight brings a fantastic pipeline of compelling deals from a sizeable roster of A-list stars who will invest alongside Azimut’s clients as well as help accelerate the growth of portfolio companies,” Jeff Brown, chief executive of Azimut Alternative Capital Partners, said in an interview.
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