Former IMG executive Bobby Sharma has launched private equity firm Bluestone Equity Partners with a debut raise of $300 million for its Bluestone Capital I fund, with a focus on the global sports, media and entertainment industry. 

Bluestone declined to disclose its limited partners, but Sharma said there was excess interest and that the firm’s capital partners consist entirely of “highly institutional investors.” 

“Our fund was oversubscribed with interest, with a single closing consisting exclusively of institutional-grade capital,” said Sharma. 

Sharma co-leads the firm with Kyle Charters, a former Inner Circle Sports executive.  

The sports investing veteran previously helped launch the NBA’s minor league as the general counsel of the then-named NBA Development League, and he later served as the global head of basketball and strategic initiatives at IMG. 

Sharma and Charters are also joined by Walker Brumskine, who will be a principal at the firm after working at Apollo Global Management, and Jack Ross, who will join as an associate after working at the Blackstone Group. 

This is the second private equity firm targeting entertainment to announce the closing of a fund this month. Shamrock Capital, an LA-based firm that focuses on media, entertainment and communications, announced the closing of its third equity fund, exceeding its $600 million hard cap, on February 1. 

The firm received legal advisory from Foley & Lardner, where Sharma is a special adviser to the law firm’s sports and entertainment group. Bluestone will soon be based out of an office in the Chrysler Building in New York.