Athvance Capital Targets Sport's Overlooked Operators Over Trophy Assets

A central element of the firm's strategy, as described to SportsPro, is the use of evergreen capital. Unlike traditional closed-end funds that operate on fixed timelines and must return money to investors within a set period, evergreen structures are designed to hold investments over longer, more flexible horizons.

Menken said this model aligns with the interests of founders, according to the report. The reasoning is that companies pursuing sustained growth can benefit from patient backing that does not force an exit on a predetermined schedule. For founders in the sports sector, that alignment can offer stability while a business scales.

US Backing for European Growth

SportsPro also reported that Athvance Capital's approach is being supported by institutional investors in the United States, who are backing what Menken characterised as Europe's operator-led growth story in sport. That flow of American institutional capital toward European sports operators reflects wider interest in the region's businesses beyond the highest-profile assets.

The transatlantic dynamic underscores how European sports-technology and services companies are increasingly viewed as investable propositions by capital sources outside the continent. For the broader corridor of cross-border investment, the emphasis on operators rather than trophy assets suggests a maturing market in which the underlying businesses supporting sport are gaining recognition alongside the rights and clubs that command the most attention.

The comments, delivered in a question-and-answer format, outline a strategy rather than announce a specific transaction, and the details reported reflect Menken's own account of the firm's investment philosophy.