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Participant joins $350m fund

US-based Participant Media has joined as partner on a fund that plans to invest up to US$350m in companies operating in the entertainment industries.

Evolution Media was formed by Californian private equity firm TPG and LA-based merchant bank Evolution Media Capital (EMC) and is seeking to make investments in entertainment-, media- and sports-related companies.

The agreement with Participant, which operates fledgling US youth-skewing net Pivot, will see it take an equity stake in Evolution’s existing assets. The firm will also invest with the JV on future projects.

EMC and Participant previously worked together on the latter’s 2007 investment in Summit Entertainment, later acquired by Lionsgate, and the acquisition of US TV network The Documentary Channel in 2012.

As part of the alliance, Participant CEO Jim Berk and chief operating officer Jeff Ivers will join Evolution’s board.

“Our partnership with TPG Growth and EMC allows us to accelerate our reach and impact,” said Berk. “By joining Evolution Media, we dramatically increase our access to strategic and emerging media opportunities.”

Participant launched its TV arm and YouTube channel TakePartTV last year. It previously produced Al Gore’s climate change documentary An Inconvenient Truth.

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