T H E E X P E R I E N C E F U N D

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.

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).

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.

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

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

Acquisitions since inception

0 +

Distributor connections

Countries served

Intelligence

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

→

Conviction

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

→

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

Commercial Acceleration

Partnerships, distribution, licensing.

Technology &AI

Dynamic pricing, AI ops, in-venue media.

Expansion &Site Strategy

Real estate, multi-unit playbook.

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

Contact →

Mathew Focht

Founding Managing Partner, EMERGING

Contact →

Michael Burt

Founding Managing Partner, Promethean

Founding Operating Partner, EMERGING

Contact →

Matt Menna

Founding Operating Partner, EMERGING

Fund Operations

Contact →

Julie Martin

Chief Financial Officer, EMERGING

Contact →

Archie Bound

Partner, Promethean

EMERGING Acceleration Team

Hilary Slocum

Partnerships · Grubhub, Choco, Tapingo

Peter Kratsios

Experiential Growth · Topgolf Swing Suite

Steve Lane

International · F1 Arcade, Topgolf global

Jim Sofranko

Strategic Partnerships · Groupon, FEVO

Max Taylor

Business Development · Texas Roadhouse

0 %

of LPs come from restaurant &hospitality

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

Vehicle size: $500M cap
General Partners: EMERGING Fund GP + Promethean GP (50/50)
GP commitment: $10M+
Investment period: 4 years
Management fee: 2% of commitments
Preferred return: 8% compounded annually
Carried interest: 20% above preferred
Catch-up: 100% to GP until 20/80 split achieved
Waterfall: European (whole fund)
Clawback: Standard
Term: 10 years + two 1-year extensions
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.

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Thank you. Our team will review your request and follow up shortly at the email provided. In the meantime, the confidential teaser is available below.

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Mathew Focht

mf@emerging.com · 312.533.9710

→

Michael Burt

michael@pthinvest.com · 757.572.9742

→

Julie Martin

jm@emerging.com · 708.203.3188

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EMERGING

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

Promethean Investments

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