Athvance Capital has launched in Europe, backed by €60 million in capital secured in 2025. Co-founded by former Eurosport managing director Danny Menken and former JP Morgan banker Karim Ben Rejeb, the firm aims to capture value in under-commercialized sports assets, including combat sports, padel, and multi-club football operations.
Breaking the Private Equity Cycle
The European sports market has long been defined by fragmented federations and convoluted rights structures. According to Danny Menken, this environment often scares off generalist capital, leaving a vacuum that an operator-led platform is uniquely positioned to fill.
Unlike traditional private equity funds, Athvance has rejected the “closed-end” model. Standard funds operate under fixed timelines, often forcing a sale just as an asset begins to mature. Athvance functions as an evergreen industrial group, allowing it to retain holdings indefinitely rather than adhering to a predetermined exit cycle.
Embedded Expertise Over Capital Allocation
Athvance operates as a team of embedded operators, not merely financial allocators. Portfolio companies receive access to proprietary technology, media capabilities, and commercial strategies tailored for fan monetization and club management.
This “repeatable operating system” is built to scale assets that possess authentic fan connections but lack the professionalized infrastructure of top-tier leagues. By keeping original founders in place to protect the sporting vision and cultural identity, Athvance narrows its focus to the commercial, digital, and data-driven aspects of the business.
Exploiting European Pricing Inefficiencies
The firm is betting heavily on the European market, where it sees significant pricing inefficiencies compared to the mature US sector. It targets properties with established cultural relevance that have failed to realize their full revenue potential. The firm’s current portfolio includes:
- ve2ventures: A media and operating infrastructure company that provides the foundational technology for other portfolio assets.
- Estrella: A multi-club football group utilizing shared operational discipline.
- Levels Fight League (LFL): A combat sports property chosen for its cultural authenticity and talent development.
Shifting Investor Appetite Toward Operational Growth
Leadership at Athvance reports growing interest from US institutional investors and family offices. These investors are increasingly wary of “trophy properties” that are already priced for perfection. Instead, they are hunting for assets where value is built through operational growth rather than financial engineering.
Ultimately, the firm’s success hinges on its ability to scale diverse sports properties through shared resources. By applying a professionalized framework to organizations where community and authenticity are already present, Athvance aims to drive a new level of commercial output.
Worth a look