Century City-based investment firm Manhattan West recently announced the closure of its inaugural fund, which targets the media, entertainment and sports sectors.

The firm noted in a statement that it is aiming to provide investors with a 15% annual cash yield across its portfolio. The fund will focus on the lower middle market, which, according to an accompanying statement from Manhattan West chief executive and founding principal Lorenzo Esparza, “is often characterized by larger returns, more entrepreneurial management teams and diminished private equity competition.”

“The closing of our inaugural private equity fund marks an exciting milestone for Manhattan West,” Esparza said. “We take pride in providing our clients with exclusive investment opportunities that have the potential to deliver attractive, risk-adjusted returns. Matt and his team have done a tremendous job building a private equity fund that promotes the highest degree of trust and alignment of interest with our clients.”

Manhattan West declined to disclose financial specifics about the fund, other than stating that “it’s under $100 million.”

The fund’s most recent action include the management buyout of live entertainment company Round Room Live and a growth investment in the Van Nuys-based Vino Vault in May that’s positioned Manhattan West as the wine storage servicer’s biggest shareholder.

The fund is led by Managing Director of Private Equity Matt Gibbons, who served as a private equity investor at Haim Saban’s Santa Monica-based Saban Capital Group prior to joining Manhattan West in 2019. In a statement, Gibbons said the fund is seeking opportunities with management teams that are well-positioned to benefit from “strategic enhancements, operational improvements, and attractive industry tailwinds.”