Evolution Media Partners, the investment and advisory arm of Creative Artists Agency and Evolution Media Capital, is to open shop in China.
The new unit, to be located in Beijing with a staff of five, is a joint venture of Evolution and TPG, the investment giant which is now the majority owner of CAA.
Rick Hess, Evolution’s founder and co-managing partner, said that Evolution Media China is being launched with an initial funding of $350 million. That is in addition to the $500 million pool of finance that Evolution currently controls.
Speaking at the APOS conference in Indonesia, Hess said Evolution Media China will invest in the same range of media, sports and general entertainment companies as the current Evolution operation. "Check size will be in the $5 million to $30 million range," he said. "Positions can be majority or minority investments. But we are only looking at strategic investments, meaning where we can help drive revenue."
"Obviously, we have identified some investments, but not closed them yet," Hess said.
CAA has had a China operation, largely focused on talent, for over a decade.
Evolution Media Partners has recent investments in streaming video company Iflix, virtual reality company Jaunt and gaming firm Scopely.