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A-Rod, Walmart Vet Lore Start Venture Firm, Pushing Beyond SPAC

  • Company will take early, larger-than-normal investment stakes
  • Former Yankee and e-commerce guru also in talks for NBA team
Alex Rodriguez
Alex RodriguezPhotographer: Dania Maxwell/Bloomberg

Former New York Yankees star Alex Rodriguez and Walmart Inc. e-commerce veteran Marc Lore are forming a venture capital firm, broadening their partnership as the duo pursues a separate deal to acquire a professional basketball team.

The new company, which will be called Vision/Capital/People, or VCP, launches with $50 million of the pair’s own money and could eventually raise $300 million to $500 million. Rodriguez and Lore plan to take early-stage stakes of 40% to 80% in their portfolio companies, much larger than the typical venture approach, a model that Lore said he found “frustrating” when he sought capital for his previous startups.