Former Comcast CFO Michael Angelakis has officially launched his MSO-backed $4 billion investment fund, under the name "Atairos."
The independent fund will operators under the name "Atairos" — a Greek word for "partnership."
According to Comcast's (NASDAQ: CMCSA) hometown paper, the Philadelphia Inquirer, former Comcast CFO Michael Angelakis recently opened two offices for his investment fund, Atairos — one close to the Comcast's headquarters in Bryn Mawr, Penn., and another in New York City's Rockefeller Center, both with small staffs.
Angelakis has declined interviews to talk about the new fund. But Comcast spokeswoman D'Arcy Rudney compared Atairos to Warren Buffett's Berkshire Hathaway, a holding company known for helping grow the businesses in which it invests.
In addition to supplying most of the fund's equity, Comcast will pay $40 million in annual management fees to Atairos, which will include $8 million a year in compensation for Angelakis, according to documents filed to the Securities Exchange Commission.
The fund will have an exclusive 10-year partnership agreement with Comcast, which will serve as its sole investor.
Former Sunoco LP CFO Clare McGrory and David Caplan, a partner with law firm Davis Polk & Wardwell, joined Angelakis' venture last year.
Also, Alexander Evans, formerly corporate development and strategy chief for Comcast, left to join Angelakis as a partner. The two had previously worked together at private equity firm Providence Equity.
- read this Philadelphia Inquirer story
Angelakis poaches two top execs for Comcast's new investment firm
Comcast replaces Angelakis as CFO with Carlyle Group's Cavanagh
Comcast to invest $4B in new strategic spinoff, CFO Angelakis to run it