Recurrent Ventures’ $300 Million Funding Round

Weil, Gotshal & Manges advised Blackstone on the deal. Recurrent was advised in the transaction by Lazard and Allen & Overy.

Recurrent Ventures announced the closing of $300 million in new capital led by funds managed by Blackstone Tactical Opportunities (“Blackstone,”NYSE: BX). The new funding positions Recurrent to continue to rapidly scale its operations and build a platform for continued strong growth. The transaction closed on May 18, 2022. Existing investors, including North Equity, Powerhouse Capital, and Raga Partners, participated in the round. In total, Recurrent has raised over $400 million. 

Recurrent Ventures is a platform to acquire and transform digital media brands. Led by CEO Lance Johnson, the digital media company’s titles include Popular Science, Domino, JancisRobinson.com, Field & Stream, Donut Media, and Task & Purpose. Since 2018, the company has acquired 24 digital media brands across its target verticals of Science, Tech, Outdoor, Home, Automotive, and Military. North Equity spun out the Recurrent Ventures brand last year as an umbrella for its media properties.

Blackstone Tactical Opportunities is an opportunistic investing platform seeking to capitalize on global investment opportunities. Blackstone has $915 billion in assets under management including investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.

The Weil team that advised Blackstone was co-led by Private Equity partners Christopher Machera (Picture) and Jenna McBain and included Private Equity associates Dylan Hans, Ali Habhab and Celina Kassam (Not Yet Admitted in New York). The team also included Tax partner Hillel Jacobson; Executive Compensation & Benefits partner Amy Rubin; Technology & IP Transactions Co-Head Jeffrey Osterman; Technology & IP Transactions/Privacy counsel Olivia Greer and Alexa Chu Clinton; Technology & IP Transactions/Privacy associates Hannah Rumble, David Merck and Aishwarya Limaye; Banking & Finance partner Jacqueline Oveissi; Banking & Finance associates Amrita Mukherjee and Christopher Chan; Antitrust counsel Michael Naughton; Employment Litigation counsel Ivor Gwilliams; and Employment Litigation associate Elizabeth Casey.

Involved fees earner: Elizabeth Casey – Weil, Gotshal & Manges; Christopher Chan – Weil, Gotshal & Manges; Alexa Chu Clinton – Weil, Gotshal & Manges; Olivia Greer – Weil, Gotshal & Manges; Ivor Gwilliams – Weil, Gotshal & Manges; Ali Habhab – Weil, Gotshal & Manges; Dylan Hans – Weil, Gotshal & Manges; Hillel Jacobson – Weil, Gotshal & Manges; Aishwarya Limaye – Weil, Gotshal & Manges; Christopher Machera – Weil, Gotshal & Manges; Jenna McBain – Weil, Gotshal & Manges; David Merck – Weil, Gotshal & Manges; Amrita Mukherjee – Weil, Gotshal & Manges; Michael Naughton – Weil, Gotshal & Manges; Jeffrey Osterman – Weil, Gotshal & Manges; Jacqueline Oveissi – Weil, Gotshal & Manges; Amy Rubin – Weil, Gotshal & Manges; Hannah Rumble – Weil, Gotshal & Manges;

Law Firms: Weil, Gotshal & Manges;

Clients: Blackstone Tactical Opportunities;