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Seeded with industry-leading companies in the experience economy

The Experience Fund

An asset-backed vehicle anchored by IP-rich experiential leaders and hospitality technologies.

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Anchor Assets
Puttshack State of Play TAiV
01 / Vehicle Overview
$ 0 Million

Of structured growth capital for the Experience Economy, seeded with c.$185M of industry-leading opportunities.

01
What We Do
A continuation vehicle anchored by identified assets across three sectors: experiential hospitality (Puttshack, State of Play), competitive social entertainment , and enabling technology (TAiV).
02
How We Do It
Structured around a continuation portfolio with defined day-one value: c.$185M NAV across anchor assets at entry, core growth investments to scale winners, and dry powder for follow-on origination and consolidation.
03
Why Us
The Fund pairs Promethean's 20-year institutional investing track record ($700M+ deployed ) with EMERGING's deep sector access, operating insight, and proprietary sourcing through the largest U.S. restaurant operator network (324K+ locations via Buyers Edge).
02 / Why Now

A large, growing market with almost no institutional ownership.

$ 0 T
Annual US experience spending
$ 0 B+
Deployed into experience concepts in the last 18 months
0 %
CAGR in AI-enabled food &beverage technology
The Experience Fund film
Watch the Film

Capital is flowing in — but no dedicated growth fund owns the category. The strongest concepts in experiential hospitality now show what institutional capital looks for: proven product-market fit, repeatable venue economics, and meaningful white-space expansion.

03 / Thesis

Premium hospitality, proprietary tech, enterprise demand.

Experience Fund sits at the intersection of premium hospitality , proprietary technology , and enterprise demand .

Promethean and EMERGING are combining sourcing, sector access, and underwriting discipline into a continuation vehicle seeded with assets we already own. Unlike traditional consumer funds, the portfolio is not dependent on low-margin casual foot traffic — we back IP-rich concepts and enabling technologies that create differentiated premium venues with meaningful corporate and group demand, making the model more resilient, higher-yielding, and less exposed to consumer volatility.

IP Backed
Owned, not rented

We structure and grow IP revenue — these are not just entertainment concepts.

Corporate · 60%+
Enterprise demand

Enterprise demand can represent 60%+ of total venue revenue in leading concepts.

Monetization
Multiple paths

Royalty, licensing, franchising, proprietary technology, flagship venues, sports expansion.

04 / GP History

A partnership built through shared investing since 2019.

Promethean Investments
Est. 2005
EMERGING
Est. 2016
Fund I launched
2005
Fund I exited — 41% Gross IRR
2013
Fund II launched
2014
2016
EMERGING founded
2018
Buyers Edge formed
Puttshack
2019
Puttshack — co-invest
2020
Fund I first close
State of Play
2020
State of Play
2024
Buyers Edge recap $1.1B
~$270M deployed experiential
2025
Fund I close — 324K+ operators
2026 → The Experience Fund
05 / Portfolio

A seeded continuation vehicle, not a blind pool fund.

Three asset-seeded continuation investments form the foundation of the Experience Fund — immediate exposure to known, high-conviction assets across the experience economy.

Puttshack — Venue Imagery
Experiential Hospitality →
Puttshack
  • c.$135M identified continuation NAV
  • 23 live venues
  • ~$170M revenue FY26F
  • 150% EBITDA CAGR (2022–2025)

"Building the gateway to golf — 2.5M+ members, global expansion ahead."

State of Play — Venue Imagery
Experiential Hospitality →
State of Play
  • c.$35M identified continuation NAV
  • ~$72M TTM revenue
  • $17M venue EBITDA
  • 25% mature venue EBITDA margins

"A scaled competitive-socialising platform — NYC Flatiron opens June 2026."

TAiV — Hospitality Tech
Venue Media / Hospitality Tech →
TAiV
  • $5M pre-negotiated option at Fund I terms
  • 4,053 live locations
  • 77% gross profit margin
  • EBITDA positive · Series B 2H2026

"A scalable venue-media and hospitality technology layer, EBITDA positive."

06 / Investment Strategy

A deliberate progression across the lifecycle.

Access → Test → Structure → Scale
01 — Access / Early Exposure

Access

Small check to gain access, build relationships, prove thesis.

Check size
$1–5M
Ownership
5–15%
Stage
Series A
Positions
8–10

Pipeline GETT, Hermetic, BigHoops, Mirra

02 — Core Growth

Core Growth

Exercise options on winners + new growth investments at scale.

Check size
$10–25M
Ownership
10–20%
Stage
Series A–B
Positions
5–8

Pipeline TAiV (option), RestauRent (option), US BillyQ

03 — Follow-On / Consolidation

Consolidation

Double down on the best, consolidate the category.

Check size
$25–75M
Ownership
15%+ to control
Stage
Series B+ / Growth
Positions
2–4

Pipeline Puttshack, BatBox, State of Play

Options built into EMERGING Fund I deals transfer to the Experience Fund, giving day-one exposure to proven winners at favorable pricing.

07 / Track Record

Built on an established investing pattern.

3.5x
Target net MOIC
~25%+
Target net IRR
$ 500M
Vehicle cap
$ 10M+
GP commitment
$ 300M+
Co-investment capacity
Promethean
Fund
Period
Invested
Performance
Fund I — Consumer
2005–2013
~$73M / 6 cos
41% Gross IRR · 32% Net IRR
Fund II — Consumer
2014–Present
~$228M / 5 cos
120%+ capital returned · 3 assets remaining
Experiential Focus
2018–Present
~$270M deployed
Puttshack, State of Play — scaling

Outside fund performance, Promethean has completed transactions with cumulative enterprise value in excess of $2.5bn alongside marquee co-sponsors. Details available on request under NDA.

EMERGING
Fund
Period
Invested
Performance
Fund I — Consumer
2023–Present
$50.1M + $10M SPV · ~$78.1M FMV
Gross TVPI ~1.3x (12/31/2025)

Largely at cost or early markup, with the strongest positions ahead of their primary value inflection. Notable markups: Botrista 1.7x ($480M post-money, $40M+ ARR), F1 Arcade 3.2x , Chowly 1.8x , Poolhouse 1.6x .

Select LPs &Co-Sponsors

Representative LPs and co-sponsors across Promethean and EMERGING vehicles.

08 / Our Advantage

Proprietary intelligence. Built-in distribution.

GP John Davie founded the Buyers Edge Platform, giving The Experience Fund a structural advantage no competitor can replicate.

$ 0 MM+
BEP annual revenue
$ 0 B+
In network transactions
0 +
Supplier partners
0 K+
Operator locations
$ 0 MM
BEP EBITDA
0
Acquisitions since inception
0 +
Distributor connections
0
Countries served
1

Intelligence

BEP processes billions in purchasing data across 324K+ operator locations — identifying high-growth brands before the broader market.

→
2

Conviction

Real-time supply chain data sharpens underwriting, validates growth trajectories, and de-risks decisions with intelligence unavailable elsewhere.

→
3

Value Creation

A built-in go-to-market engine: BEP's sales force, divisions, and operator network actively drive revenue to portfolio companies from day one.

"BEP isn't just a relationship — it's the operating system behind how we source, diligence, and grow. "
09 / Value Creation

A compounding cycle that accelerates portfolio growth.

Portfolio Growth
01

Commercial Acceleration

Partnerships, distribution, licensing.

02

Technology &AI

Dynamic pricing, AI ops, in-venue media.

03

Expansion &Site Strategy

Real estate, multi-unit playbook.

04

Operating Leverage

324K operator procurement network.

Each turn of the flywheel compounds portfolio value. Promethean + EMERGING operate all four channels simultaneously.

10 / Leadership

A team that built the industry's leaders.

Investment Committee
MF Mathew Focht Contact →
Mathew Focht
Founding Managing Partner, EMERGING
MB Michael Burt Contact →
Michael Burt
Founding Managing Partner, Promethean
AB Angus Burt Contact →
Angus Burt
Partner, Promethean
JD John Davie Contact →
John Davie
Founding Operating Partner, EMERGING
MM Matt Menna Contact →
Matt Menna
Founding Operating Partner, EMERGING
Fund Operations
JM Julie Martin Contact →
Julie Martin
Chief Financial Officer, EMERGING
AB Archie Bound Contact →
Archie Bound
Partner, Promethean
EMERGING Acceleration Team
HS Hilary Slocum
Hilary Slocum
Partnerships · Grubhub, Choco, Tapingo
PK Peter Kratsios
Peter Kratsios
Experiential Growth · Topgolf Swing Suite
SL Steve Lane
Steve Lane
International · F1 Arcade, Topgolf global
JS Jim Sofranko
Jim Sofranko
Strategic Partnerships · Groupon, FEVO
MT Max Taylor
Max Taylor
Business Development · Texas Roadhouse
0 %
of LPs come from restaurant &hospitality
0
are CEOs &founders of industry companies

16 of 58 LPs serve as formal Fund Advisors — providing diligence, GTM, and strategic guidance. The remaining 42 are confidential.

Select Fund Advisors
Randy DeWitt
Founder/CEO, FB Society (Twin Peaks, Velvet Taco)
Adam Breeden
Founder/CEO, F1 Arcade; Co-Founder Flight Club, Puttshack
Scott Lawton
Co-Founder &CEO, bartaco
Steve Lombardo
CEO, Gibsons Restaurant Group
Sterling Douglass
Co-Founder &CEO, Chowly
Damian Mogavero
Founder &former CEO, Avero
Ted Koenig
Chairman &CEO, Monroe Capital
Scott Redler
Co-Founder, Freddy's; 2023 NRA Chairman

+ Nick Hogan, Mike Lombardo, Rom Krupp, Padma Rao, Jay Stieber, Kyle Kavanaugh, Andrew Peskoe, Tim Greenhagen — and 42 additional LP-operators (identities confidential).

11 / Governance

Defined authority, oversight, and alignment.

Who makes investment decisions?
Joint Investment Committee (Promethean + EMERGING). All investments require unanimous IC approval.
How are conflicts managed?
Formal conflict policy. Any deal involving a GP affiliate requires LPAC consent. Full disclosure of all co-investment relationships.
What is the LPAC structure?
Limited Partner Advisory Committee appointed at first close — reviews conflicts, valuations, and key fund decisions.
What reporting do LPs receive?
Quarterly financial statements, annual audited financials, quarterly portfolio updates, and an annual meeting.
How is alignment ensured?
$10M+ GP commitment. European waterfall with standard clawback. 100% catch-up to GP.
GP structure?
50 / 50 GP ownership between Promethean and EMERGING.
12 / From the EMERGING Desk

Insights on the experience economy.

Competitive Social Entertainment
From Empty Screens to Full Arenas: How VR Gaming Is Redefining the Movie Theater
May 28, 2026 →
Hospitality
How Boutique Hotels Use Competitive Social Concepts to Stand Out
Apr 22, 2026 →
Hospitality
How Entertainment Amenities Boost TRevPAR
Apr 22, 2026 →
Hospitality
The Experience Economy Is Here: What It Means for Hospitality Operators
Apr 21, 2026 →
All Insights →
13 / Summary of Terms
01
Vehicle size
$500M cap
02
General Partners
EMERGING Fund GP + Promethean GP (50/50)
03
GP commitment
$10M+
04
Investment period
4 years
05
Management fee
2% of commitments
06
Preferred return
8% compounded annually
07
Carried interest
20% above preferred
08
Catch-up
100% to GP until 20/80 split achieved
09
Waterfall
European (whole fund)
10
Clawback
Standard
11
Term
10 years + two 1-year extensions
12
Concentration
No single position >15% of fund at cost

Summary only. Subject to final fund documentation. Anchor assets subject to final valuation and documentation.

14 / Request Access

Asset-seeded continuation capital for the next generation of experiential category leaders.

Request Data Room Access

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Download the Teaser Deck ↓
Mathew Focht
Mathew Focht
mf@emerging.com · 312.533.9710
→
Michael Burt
Michael Burt
michael@pthinvest.com · 757.572.9742
→
Julie Martin
Julie Martin
jm@emerging.com · 708.203.3188
→
EMERGING

411 N LaSalle St. Suite 300
Chicago, IL 60654, USA
emerging.com

Promethean Investments

112 George Street
Edinburgh EH2 4LH, UK
prometheaninvestments.com