NEW YORK - Wednesday, January 11th 2017 [ME NewsWire]
(BUSINESS WIRE)-- McCourt Global, the business arm of McCourt LP, today announced that Frank H. McCourt, Jr., Chairman and Chief Executive Officer of McCourt LP, and Mark Walter, a founder and the Chief Executive Officer of Guggenheim Partners, have launched McCourt Partners, a private investment platform with over $1 billion in permanent capital. The McCourt Partners investment platform represents an evolution of the successful joint venture by the same name launched in 2012 following the historic $2.2 billion sale of the Dodgers franchise by McCourt to an investment group led by Walter.
Initially focused on real estate development, the joint venture made significant investments in flagship development projects in New York City, London, Miami, and Austin totaling more than 5.5 million square feet. Going forward, McCourt Partners will have an expanded mandate to invest in an array of sectors ranging from real estate to finance, and other private equity opportunities. Drew McCourt, President of McCourt Global, will lead McCourt Partners until a CEO has been named.
“We are very pleased and excited to expand our relationship with Frank McCourt and his company,” said Mark Walter. “Having the opportunity to build a significant business with someone who shares my values and has similar philanthropic views and goals is something I value greatly.”
“When I sold the Dodgers my first priority was finding an owner who would help the team achieve continued success and, if the team’s performance is any indication, Mark Walter has been a great choice,” said Frank McCourt. “I would say the exact same thing about deciding to launch this business venture with Mark – it was a great choice. Mark and I share the same core values and we’ve been fortunate to see quick success in the early years of our partnership. I anticipate great things ahead for McCourt Partners as we diversify our focus beyond real estate and create a significant presence in the global marketplace.”
McCourt, who recently purchased the French football team Olympique de Marseille, is a fourth-generation business leader with family roots in real estate and construction dating back to 1893. He has achieved critical success over his 40-year career, with initiatives ranging from the development of Boston’s Seaport to large, mixed-used real estate development projects in the U.S. and abroad. McCourt’s other business interests include MGG Investment Group, Global Champions Tour, Conqur Endurance Group, and Skyware Technologies. He is also a philanthropist and passionate supporter of several academic, civic, and cultural institutions and initiatives including the McCourt School of Public Policy at Georgetown University; The Future Project, one of the fastest growing non-profits in America; and The Shed, an organization developing an innovative and architecturally significant arts and cultural center in the heart of New York City.
Walter is a founder and the Chief Executive Officer of Guggenheim Partners, Chairman and controlling owner of the Los Angeles Dodgers and the Los Angeles Sparks, controlling owner of Delaware Life Insurance Company, owner of the White Oak Conservation Center and an investor in other businesses. He serves as a trustee or director of several organizations, including the Solomon R. Guggenheim Foundation, Northwestern University, The Field Museum of Natural History, Chicago Beyond, Inc., Get IN Chicago, the Los Angeles Dodgers Foundation, Guggenheim Partners, Ongava Game Reserve (Pty) Ltd. and others. Like McCourt, Walter is a philanthropist focusing his efforts in education, conservation, social justice, the urban attainment gap and other civic and cultural organizations.
About McCourt LP
McCourt LP is a family-owned enterprise focused on building long-term value through entrepreneurial, strategic, and philanthropic investments and partnerships. Under the leadership of Frank H. McCourt, Jr., over the last four decades, McCourt LP’s business initiatives have ranged from development of Boston’s Seaport and ownership of the Los Angeles Dodgers to major real estate development projects in New York City, London, Miami, and Austin and ownership of the iconic French football club, Olympique de Marseille. McCourt LP’s current portfolio, managed by its business arm, McCourt Global, includes operating companies and active investments in the areas of real estate investment and development, finance, sports, media, and communications. McCourt LP is based in New York City with offices in the United States, the United Kingdom, and France.
Matthew Rose, 212-314-1950