Manhattan West, a Los Angeles-based strategic investment firm, has closed its inaugural Private Equity Fund.

The fund targets underserved sectors in media, entertainment and sports while aiming to provide investors with a 15 percent annual cash yield across the portfolio. Most recently, the fund took a majority stake in the Formula 1 Exhibition. Other investments include backing the management buyout of the live entertainment company Round Room Live, as well as a strategic growth investment in Vino Vault, a wine storage and services provider.

“We launched the fund to unearth value for great businesses that have found themselves at strategic inflection points,” says Matt Gibbons, managing director at Manhattan West. “We are pleased with the interest and support we received from the high-quality investors involved in our private equity strategy.”