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David Ortiz, Group Of Former MLBers Launching Private-Equity Firm Dugout Ventures

Former MLBer David Ortiz said that he and a group of former players are "launching Dugout Ventures, a private-equity fund that will focus on companies manufacturing the next generation of baseball equipment," according to Matthew Futterman of the WALL STREET JOURNAL. Other investors include Baseball HOFers Nolan Ryan and Barry Larkin, as well as former MLBers Vernon Wells and Torii Hunter. Dugout Ventures Managing Dir Mark Walker said that the principals had "collectively invested" more than $10M in the venture. They plan to "raise at least" $50M for "investments in companies that Dugout’s athlete investors will support, endorse, and serve as expert consultants." The former players "plan to recruit active players to invest and serve as guinea pigs by testing equipment when Dugout is considering potential investments." The size of the players’ dividends from their investments "will depend in part on how actively they support and endorse the products." Earlier this year, while Dugout was "still being formed," the company provided $5M in "bridge financing to EvoShield that allowed the maker of arm guards and other protective equipment to operate through bankruptcy while it was being sold to Amer Sports." Dugout has also "invested in baseball bat manufacturer Marucci Sports." Investors in Dugout "won’t be limited to active and former baseball players." Dugout plans to "take advantage" of a SEC regulation that "allows private companies to solicit investments from the public provided it verifies investors are accredited." The fund "plans to charge a 2% fee." The baseball players "would get a higher share of the fund’s profits once returns surpass 8%, because of their endorsement and support of the companies" (WSJ.com, 11/30).

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