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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.

Request Access →
First Close Investments
State of Play TAiV
01 / Vehicle Overview
$ 0 Million

Of structured growth capital for the Experience Economy.

01
What We Do
Investing in AI-enabled, IP-heavy experiences and the technology running these experiences 365 days a year.
02
How We Do It
Scaling early-stage investments through follow-on and consolidation as a strategic partner.
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, corporate demand.

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

Experience Fund sits at the intersection of premium hospitality, proprietary technology, and corporate demand. Promethean and EMERGING are combining sourcing, sector access, and underwriting into a co-managed vehicle.

IP Backed
Owned, not rented

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

Corporate · 50%+
Corporate demand

Corporate demand can represent 50%+ 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
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

First close investments with known, high-conviction assets.

State of Play and TAiV form the first close investment foundation of the Experience Fund.

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, BigHoops, Mirra, BrewBird

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 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
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 Historical LPs & Co-Sponsors

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

08 / Our Advantage

Proprietary intelligence. Built-in distribution.

EMERGING has a formal agreement with Buyers Edge to sell technology, supported by fully dedicated resources within Buyers Edge. GP John Davie founded the Buyers Edge Platform, giving The Experience Fund a structural advantage no competitor can replicate.

$ 0 B+
In network transactions
0 +
Supplier partners
0 K+
Operator locations
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 →
@ in
Mathew Focht
Founding Managing Partner, EMERGING
MB Michael Burt Contact →
@ in
Michael Burt
Founding Managing Partner, Promethean
AB Angus Burt Contact →
@ in
Angus Burt
Partner, Promethean
JD John Davie Contact →
@ in
John Davie
Founding Operating Partner, EMERGING
MM Matt Menna Contact →
@ in
Matt Menna
Founding Operating Partner, EMERGING
Fund Operations
JM Julie Martin Contact →
@ in
Julie Martin
Chief Financial Officer, EMERGING
AB Archie Bound Contact →
@ in
Archie Bound
Partner, Promethean
EMERGING Acceleration Team
HS Hilary Slocum Contact →
@ in
Hilary Slocum
Partnerships · Grubhub, Choco, Tapingo
PK Peter Kratsios Contact →
@ in
Peter Kratsios
Experiential Growth · Topgolf Swing Suite
SL Steve Lane Contact →
@ in
Steve Lane
International · F1 Arcade, Topgolf global
JS Jim Sofranko Contact →
@ in
Jim Sofranko
Strategic Partnerships · Groupon, FEVO
MT Max Taylor Contact →
@ in
Max Taylor
Business Development · Texas Roadhouse
0 %
of EMERGING's 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; Rockfish, Twin Peaks, Velvet Taco, Whiskey Cake
Adam Breeden
Founder/CEO, F1 Arcade; Co-Founder Flight Club and Hijingo
Scott Lawton
Co-Founder & CEO, bartaco
Steve Lombardo
CEO, Gibsons Restaurant Group
Sterling Douglass
Co-Founder & CEO, Chowly
Damian Mogavero
Founder & Former CEO, Avero; Founder, Vantero
Ted Koenig
Chairman & CEO, Monroe Capital
Scott Redler
Co-Founder, Freddy's; 2023 NRA Chairman
Nick Hogan
Founder/CEO, Flagship Restaurant Group; Blue Sushi, Anthem, Palma, Plank, Ghost Donkey
Mike Lombardo
Owner, Gibsons Restaurant Group
Rom Krupp
Founder/CEO, OneDine; Founder, Marketing Vitals
Padma Rao
Marketing & product executive; Grubhub, Zynga, Netflix, Tapingo
Jay Stieber
General Counsel, Lettuce Entertain You; former NRA Chairman
Kyle Kavanaugh
Founder/CEO, Main + Main
Andrew Peskoe
Chairman, Golenbock; food, beverage & hospitality legal advisor
David Schwab
President, The Chris Paul Collective

Plus 42 additional LP-operators whose identities remain confidential.

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

Structured growth capital for the next generation of experiential category leaders.

Request Data Room Access

✓

Request Received

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.

Open the Teaser Deck →
Mathew Focht
Mathew Focht
mf@xpr.fund · 312.533.9710
→
Michael Burt
Michael Burt
michaelb@xpr.fund · 757.572.9742
→
Julie Martin
Julie Martin
jm@xpr.fund · 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