American tennis icon, Venus Williams, has joined the private equity firm Topspin Consumer Partners to focus on investing in health and wellness businesses. The seven-time Grand Slam winner will take on the operating partner role at the middle-man investment shop.
Reuters reports that Venus Williams accepted the role because she wanted to take a more formal approach to invest in businesses. The Olympic gold medallist will work with companies owned by Topspin on their marketing strategies and investment opportunities.
The industry is experiencing a devalued economy and insufficient credit markets, but she is positive about the availability of the right assets if researched.
“Now you have to find real businesses that make real sense. And there’s still room for growth in so many industries, despite what’s happening in the marketplace,” Venus Williams said in an interview. “It’s definitely a different market but that also provides more opportunity”, she added.
In a statement released by Topspin on Wednesday, Leigh Randall, co-founder and Managing Partner at the firm, disclosed that the tennis legend has been with the firm since November 2022, describing her as “a terrific addition to the team”.
“She’s been looking and participating in conversations on every new deal we consider here,” Randall said.
“We wanted someone who could really help us on the health and wellness front and also in areas like beauty and personal care, areas where we invest in a lot”, Randall said. He explained further that the firm also “wanted someone with access to deal flow” given her background in entrepreneurial and personal investing work.
According to her, there are a lot of industries that African Americans have historically not penetrated. Even tennis, and she spends a lot of time in industries that need that penetration, which has led to her finding ways for that to be given attention to.
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In February, the Florida-based technology company acquired Firefly Buys LLC, a full-service e-commerce accelerator, through its portfolio company reCommerce. According to the firm’s website, its target is one of the largest North American sellers on Amazon.
Topspin, which is outside of Manhattan in Westchester, was founded in 2000 as a venture capital firm. After Randall joined in 2004 to build the private equity business, the firm later decided to aim at consumer-focused investments. Topspin today is about making control investments on the lower end of the middle market.
Is this the end of Venus Williams’ tennis career?
The athlete described her new role as an interesting one. She showed enthusiasm about this feat in an interview. “I love the tennis connection and obviously I love tennis, so that’s dope”, she said.
Last year, Topspin invested in Mission, a company whose founders included athletes. One of them is Williams’ sister Serena, also a tennis champion, and another co-founder is Topspin’s operating partner, Josh Shaw, who helped facilitate the introduction and hiring of Venus Williams.
In January, Venus Williams withdrew from the Australian Open because of injuries. Questions have since swirled if she would join her sister in retiring from the game. But following her appointment at Topspin, she disclosed that something keeps her busy while sidelined.
She said, “At the moment, I’m making sure I’m healthy, and then, I will go from there.”
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