Shamrock Capital oversubscribed on $600 mln Fund IV

Shamrock Capital Advisors, the Los Angeles-based specialist in buyouts and growth equity investments in media, entertainment and communications, is oversubscribed for its fourth fund, according to two sources.

Riding strong performance numbers in its prior fund, Shamrock is expected to hold a first close for Shamrock Capital Growth Fund IV within weeks at about 90 percent of its target, as overall demand for the fund from LPs outstrips supply.

Shamrock’s vintage 2010 Fund III, which raised $400 million, notched an investment multiple of 6.1x as of June 30, 2014, for The Regents of the University of California. An IRR for the fund wasn’t provided by the LP.

The target for fund IV is $600 million, but the firm may cap the pool at $700 million, one source said.

Busy on the deal front, Shamrock Capital’s FanDuel platform acquired e-sports platform AlphaDraft in September and sports analytics company NumberFire in August. In July, FanDuel raised $275 million in Series E financing from Google, Kohlberg Kravis Roberts & Co and Time Warner, as well as NFL and NBA teams.

Also over the summer, Shamrock paid an undisclosed sum to buy a majority position in Consilio, a specialist in document review services. Consilio’s owner, Symphony Technology Group, will divest its position as part of the deal.

In July, Shamrock acquired Recorded Books, an independent publisher of audiobooks, from seller Wasserstein & Co.

On the personnel front, Shamrock’s leadership consists of six partners: Andrew Howard, Michael LaSalle, Alan Resnikoff, Stephen Royer, Patrick Russo and William Wynperle, according to its website. Russo joined the firm late last year after working at FTI Consulting as co-manager of its valuation and financial advisory services group. At Shamrock, he focuses on media and entertainment sectors with an emphasis on content.

Shamrock also is raising Shamrock Capital Entertainment IP Fund with a target of $250 million, according to market sources.

Shamrock hasn’t announced any exits this year. In 2014, it sold MarketCast to RLJ Equity Partners. In 2013, it sold Harlem Globetrotters International Inc to Herschend Family Entertainment Corp.

The firm did not respond to an email requesting comment.

Action Item: Reach Shamrock at http://www.shamrockcap.com/contact