Newspaper owner Daily Mail and General Trust (DMGT) has partnered with New York money manager Moore Capital Management to establish a new venture fund focused on investing in energy transition companies. The fund, known as Renown Capital Management, will target early and growth stage private firms involved in the global energy transition.
Under the partnership, Moore Capital has allocated $200 million in capital, while DMGT, which owns several publications including Metro, New Scientist, and the i, will also make a significant investment of an undisclosed amount.
Leading the fund will be James McIntyre, an executive from Moore Capital who will bring along a team of investors, including Hunter Horgan and Cameron Scari. Moore Capital, founded by U.S. hedge fund billionaire Louis Bacon in 1989, has an established track record in the investment industry.
DMGT and Moore highlighted that the new fund will leverage DMGT’s extensive media assets and also tap into the publisher’s events business based in the UAE. This events business organizes major conferences within the oil and gas industry, such as Gastech, EGYPS, and ADIPEC. In fact, DMGT’s events business recently secured a government contract worth £545,000 to manage the U.K.’s events at the COP28 climate conference in the UAE.
It is worth noting that DMGT already operates its own venture capital fund, which has invested in companies such as Zoopla (an online estate agent) and Cazoo (an online car seller). The newspaper publisher has been active in diversifying its investments.
In January 2022, DMGT underwent a delisting from the London Stock Exchange through a £871 million deal, enabling Lord Rothermere (the heir to the Daily Mail empire) to take the organization private. This move signified a significant transition for DMGT.
In its most recent full-year results ending on Sept. 30, DMGT generated total revenues of £997 million, with £625 million coming from its publishing business. The company has a strong financial position.
DMGT’s potential acquisition of The Telegraph broadsheet newspaper, which was being discussed with Qatari investors, fell through due to concerns that the U.K. government might interfere and block bids backed by Middle Eastern entities, according to the Financial Times.
