Culver City-based Hackman Capital Partners has closed its $1.6 billion HCP Studio Fund, dedicated to financing its myriad studio investments.
The Studio Fund closed on $1.4 billion of commitments, exceeding its initial target of $1 billion and its initial cap of $1.25 billion. Hackman Capital also closed on the Studio Fund’s co-investment commitments of $200 million in equity capital, bringing the total committed equity capital to $1.6 billion.
The Studio Fund’s investors include sovereign wealth funds, public and corporate pensions, insurance companies, endowments, foundations and family offices.
The fund is focused on acquiring studio and media assets with in-place income and growth potential in top production markets worldwide.
In addition, Hackman Capital’s ownership of affiliate MBS Group, a studio advisory and production and equipment services company, will generate long-term cash flow through the provision of production services and studio-based equipment rentals. The MBS Group supports more than 550 existing sound stages and more than 450 productions per year from its network of 100 locations across seven countries.
“We are pleased to have completed this institutional capital raise for the studio and media strategy and are grateful for the strong support from our new investment partners,” Michael Hackman, chief executive of Hackman Capital Partners, said in a statement.
Roughly 50% of the Studio Fund has already been invested. A total of $488 million of fund equity capital has gone into seven investments, including the 55-acre Radford Studio Center in Studio City, which consists of more than 1 million square feet of space, including 22 sound stages, production offices and support buildings, third-party tenant offices, a purpose-built broadcast center and filmable backlot locations. Productions filmed at Radford Studio Center have included “Gilligan’s Island,” “The Mary Tyler Moore Show” and “Seinfeld,” and currently include “Big Brother.”
Other investments include Kaufman Astoria Studios in New York, a studio facility in Queens that features 11 production stages totaling approximately 147,000 square feet, in addition to 207,000 square feet of office, 35,000 square feet of backlot space and 126,000 square feet of support space. The purchase also included a 52,000-square-foot commercial property across the street, which will be redeveloped into a 12,000-square-foot stage and 8,000-square-foot support space.
The Studio Fund has also backed the 21.5-acre Eastbrook Studios London and The Wharf Studios London, which Hackman Capital is currently developing. Eastbrook Studios London is a 21.5-acre development site that Hackman will transform into a production facility with 12 soundstages and 240,000 square feet of production support and office space. Hackman also redeveloped The Wharf Studios London into a production facility with seven sound stages. Together, the campuses — located four miles apart — will total approximately 679,993 square feet.
Other assets in the Studio Fund include the Raleigh Studios in Hollywood and Saticoy Stages in Van Nuys; Ardmore and Troy Studios in Limerick and Bray, Ireland; Wardpark Studios in Cumbernauld, Scotland; and the Greystones Media Campus in Greystones, Ireland.
Hackman Capital’s portfolio of 18 studio assets includes 120 active sound stages, plus another 90 in development, and totals more than 10 million square feet.
Hackman Capital has invested more than $8 billion into marquee studios such as The Culver Studios, Silvercup Studios, Kaufman Astoria Studios, Radford Studio Center and Television City Studios, which it will redevelop for $1.3 billion.
Hackman Capital acquired each of these assets with its joint venture partner Square Mile Capital Management, based in New York.
Hodes Weill Securities acted as the exclusive financial advisor and global placement agent to Hackman on the Studio Fund.
