The Rival Pod: Episode 6 with Julian Kershaw-Weih, Partner at Verance Capital

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On The Rival Pod, Julian Kershaw-Weih, Investor at Verance Capital, laid out how a new class of growth equity investors is reshaping the sports business landscape. Not by buying team stakes, but by backing the infrastructure, technology, and properties that power the modern fan experience.

From emerging leagues to the role of live events in an AI-driven world, Julian shared the thesis, the frameworks, and the conviction behind one of the most focused funds in the space.

Episode 6 of the Rival Pod

Below are the key takeaways, straight from Julian.

From Investment Banking to Building the Fund

Julian started on the finance side at RBC Capital Markets before moving to Lion Tree in 2017 to focus on media and entertainment. That’s where the light bulb went off: sports wasn’t just interesting content. It was the foundation that held everything else together.

That conviction led Julian and Lyle Ayes to found Verance Capital, a growth equity fund writing $10 to $25 million checks into sports, media, and entertainment companies past the venture stage but not yet at the big exit.

The Foundation Holds: Live Experiences Get More Valuable, Not Less

Julian’s clearest conviction: the foundational experience of live sports and experiences will become more precious as AI and technology change everything else around it.

A baseball game. A football game. A volleyball match. These things are extremely powerful. They’re resilient at their foundational level to the disruption happening everywhere else. That doesn’t mean nothing changes. It means the base holds.

Whether it's in-game seat upgrades that move fans closer or immersive environments like Sphere and Cosm that deepen the connection, Verance is investing in experiences that remove friction, not just trends.

“At the foundational level, there is a fairly resilient fundamental at the bottom of this [and that’s sports]. And it’s something that will become maybe even more precious to people in the next several decades.”

People Choose to Engage

When one of Verance's portfolio companies took a misstep on the digital side, the response from fans was immediate. People care deeply. 

You take the feedback, operate with transparency, and respect it at every level, even in the boardroom.

“We’re not operating in widgets or some industry that people use because they have to. People are choosing to engage.”

Meet Fans Where They Already Are

The old personalization play was knowing which player someone liked and serving them a jersey ad. That’s table stakes now.

The real unlock is knowing where your audience segments are available to engage between events. Can you pull them into a podcast community? A gaming community? Something that exists 24/7, on season and off season?

Drive to Survive proved what’s possible. A different level of fandom built from storytelling and access. The question now is how to do that everywhere.

The Lightning Round

Favorite athlete growing up? Thierry Henry.

Favorite athlete today? Bukayo Saka.

Favorite video game? Halo 2. Changed the game at a pivotal time.

Best live sports moment? On TV: Sidney Crosby’s gold medal goal at the 2010 Vancouver Olympics, watched from Vancouver. In person: Love Austin’s underdog run at the inaugural League One Volleyball finals in Louisville.

Favorite city for a game? Mexico City. Hoping to be at Azteca for the World Cup kickoff next summer.

One rule you’d change? Soccer clock. The random stoppage time needs real consistency. People are getting too smart for it.

Hot take? “Story is more important than data.”