FOUNDING LETTER
November 5, 2019

We came together to build this company from three very different backgrounds, with wildly different paths to get here. But we all shared overwhelming curiosity, a deep interest in thinking about the future, and similar values. And we all loved starting and growing new companies. Peter and Jesse joined forces to start The Chernin Group in 2010 and Mike came on board in 2015. Our collective experiences, respect, and admiration for one another have shaped The Chernin Group for the last decade. We now look forward to this new chapter together.

Over the past ten years, we’ve partnered with many entrepreneurs and management teams building consumer businesses across a variety of industries. Each time, we learned a little more about how people were behaving differently than they had in the past. When we thought we could turn those observations into conviction about how consumers would continue to behave, opportunities soon followed.

In the beginning, our focus and conviction were greatest in media. We had some ideas about how technology would re-shuffle the media landscape. We thought new businesses would emerge that would have strong brand identities, passionate fan bases, and solid business models. We loved direct-to-consumer, subscription businesses, and founders that had done the hard work of building a great brand but needed help scaling. When we found management teams we believed in, we invested in their companies, got to work on their behalf, and encouraged them to go bigger. Along the way we offered up advice, helped them recruit talented leaders, and provided access to capital.

Over time, we found that our thesis in media was transferable to what was occurring across all consumer industries – from commerce and health and wellness, to gaming, consumer finance, and more. The sectors were different, but the characteristics of what made for a great, emerging consumer business were quite similar. So, we began partnering with these consumer companies across all sectors and before we knew it, we had 70+ portfolio companies. We were having fun and felt fortunate to be involved with these great companies.

Part of what made this so fun was our team. We assembled a group of talented folks from diverse backgrounds who all shared the same hustle, drive, and curiosity.

Fast forward a few years, we’ve accomplished a lot. We’ve helped founders realize their visions across the consumer landscape and we’re hungry for more.

To implement our strategy on a broader scale, we have shifted from a holding company to an investment firm which we call ‘TCG’. In many ways, it’s the same team running back the same playbook. We’re still singularly focused on consumer platforms and brands.

You may know a lot about us, you may have heard of us but have questions about what exactly we do, or this may be the first time you’re hearing of us. We have purposefully remained low key for the last 10 years. While we now have a website, you can expect that our investments and company executives will do most of the talking from here on out. We hope our newest companies will be more evidence of the aspirations for the firm – bespoke, ambitious, unique, and focused.

We just closed our new fund with over $700M of commitments from investors. Our teams in Los Angeles and San Francisco are growing and we’ve since added a New York office. We’re trying hard to carry forward the culture we’ve built over the years. Stay curious. Be creative. Care deeply. Do it all with some levity.

TCG is just another chapter in the same book we’ve been writing together for nearly a decade. What will tomorrow’s consumers want? Which companies are building toward that? Which founders feel destined to win? What would happen if we helped?

Let’s find out.

Peter Chernin

Jesse Jacobs

Mike Kerns

TCG Privacy Policy and Terms and Conditions

Effective January 1, 2020

Thank you for visiting the website of TCG Capital Management, LP (“TCG”, “we”, “our” or “us”). By using this website, you agree to abide by the provisions of the Privacy Policy and Terms and Conditions set forth herein each time you access the website. If you do not accept all or any of the provisions of the Privacy Policy and Terms and Conditions set forth herein, you must cease use of this website immediately.

The information made available to you through this website does not constitute an offer to sell or a solicitation of an offer to purchase interests in any investment vehicle sponsored by TCG. Any such offer or solicitation will be made only through a private offering pursuant to a confidential private placement memorandum and related subscription documents. Although this website may include investment-related information, nothing on this website is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy. Any investments referred to on this website are included as representative investments only and are not necessarily reflective of the overall investment performance of TCG. Nothing on this website is intended to be, and you should not consider anything on this website to be, investment, accounting, tax or legal advice.

TCG reserves the right, in its sole discretion, to modify, alter or otherwise change the Privacy Policy and Terms and Conditions set forth herein at any time, and you agree to be bound by such modifications, alterations and/or additions. The Privacy Policy and Terms and Conditions set forth herein may be updated by TCG from time to time without notice to you. Accordingly, TCG recommends that you periodically visit this page to review the current Privacy Policy and Terms and Conditions.



PRIVACY POLICY

TCG respects the privacy of visitors to this website. This Privacy Policy governs the online information collection practices of TCG. It outlines the types of personal information that we gather about you while you are using this website, and the ways in which we use and share this information. This Privacy Policy does not apply to personal information that we may collect offline and/or through other means.

If you proactively submit information to us through this website, we may record and use any information that you provide, including personal information such as your name, telephone number and e-mail address. We have recorded and used such information within the past 12 months. This personal information may be used to fulfill your request or for internal business purposes, including, without limitation, to: (a) measure interest in our website and programs; (b) perform internal quality control; (c) verify identity; (d) send communications regarding our website, programs or services; (e) prevent potentially prohibited or illegal activities; and (f) enforce our Terms and Conditions. Within the past 12 months, TCG has not provided any personal information submitted by website visitors to third parties, other than the service providers that operate our website and investor portal. These service providers may have access to the information you submit through this website, but only for the purpose of performing their duties in connection with the website.

As you navigate this website, certain passive information may also be collected or have been collected in the past 12 months, including internet protocol (“IP”) addresses, cookies, navigational data, the name of the domain and host from which you access the Internet, the browser software you use and your operating system, the date and time you access our website, and the Internet address of the website from which you linked directly to our website. We may use such information collected from you and other users to perform statistical analyses of user behavior and characteristics. These aggregated statistics may be used to improve this website and for other internal business purposes.

We may use, and have used within the past 12 months, cookies and related technologies to store information such as which of our web pages you have visited and other session information so that we can better understand how the website is used, resolve technical problems, monitor traffic, and enhance your experience at this website. A cookie is set in order to identify you; tailor our website to you; measure and research the effectiveness of our website’s features and offerings; and authenticate users for registered services. You have the ability to delete cookies from the electronic device you use to access our website at any time by clicking on the Privacy or History tab typically found on the Settings or Options menu in your Internet browser. However, please be advised that cookies may be necessary to provide access to some of the features of our website. We may also use and have used within the past 12 months third-party analytics services to collect information regarding visitor behavior and visitor demographics on our website.

GDPR

For the purposes of European data protection law, TCG is the “data controller” of the personal information referred to in this document. Contact details are set out at the end of this Privacy Policy and Terms and Conditions.

The data we collect from you via this website will be processed and stored at destinations outside the European Economic Area (the “EEA”) including, without limitation, in the United States. It will also be processed by staff operating outside the EEA who work for us. To fulfill the purposes described in this policy, your personal information may be transferred (a) among TCG and its affiliates, and (b) to legal and other professional advisors of TCG and its affiliates.

You may access, correct or delete the personal data we collect through this website. You may object, at any time, to the further processing of your personal data, and also may receive your personal data in a structured and standard format. You may exercise your rights by contacting us as set forth below under Contact Information.

Individuals located in the EEA have the right to lodge a complaint relating to privacy or data protection with a supervisory authority of the EEA state where they live or where any alleged infringement of data protection laws occurred. A list of the supervisory authorities can be found here: http://ec.europa.eu/justice/data-protection/bodies/authorities/index_en.htm.

California Privacy Rights

The California Consumer Privacy Act (“CCPA”) provides California residents with certain rights regarding their personal information. You may make a verifiable consumer request for access or data portability from us twice within a 12 month period, free of charge. You also may request a list of the third parties to whom we have disclosed your personal information for their direct marketing purposes in the prior calendar year, as well as the type of personal information disclosed to those parties – although we do not share personal information with third parties for their own marketing purposes. You may request that we and our service provider(s) delete your personal information, unless an exception in the CCPA applies. If we cannot grant your deletion request, we will specify the basis for denial. We will not discriminate against you for exercising any of your rights under the CCPA. You may exercise these rights by submitting (or having your registered, authorized agent submit) a request to us by contacting us using the information below. To respond to your request we must verify your identity or the authority of your authorized agent to make the request. Making a request does not require you to create an account with us. We will verify your consumer request by comparing the information you provide to information already in our possession. If you are a resident of a place other than California that also provides a right to make requests regarding the processing of your personal information, you may submit your request using the contact information below.



Terms and Conditions

Use of Website

TCG grants you a limited, non-transferable license to use this website in accordance with these Terms and Conditions. This website and the content provided in this website, including the text, graphics, button icons, audio and video clips, digital downloads, data compilations and software, may not be copied, reproduced, republished, uploaded, posted, transmitted or distributed without the written permission of TCG except that you may download, display and print the materials presented on this website for your personal, non-commercial use only. You may not use any “robot,” “spider” or other automatic device, or a program, algorithm or methodology having similar processes or functionality, or any manual process, to monitor or copy any of the Web pages, data or content found on this website, in any case without the prior written permission of TCG. You agree that you will not transmit or otherwise transfer any web pages, data or content found on this website to any other computer, server, website, or other medium for mass distribution or for use in any commercial enterprise. You agree that you will not use any device, software or routine to interfere or attempt to interfere with the proper working of this website. You agree that you will not take any action that imposes a burden or load on our infrastructure that TCG deems in its sole discretion to be unreasonable or disproportionate to the benefits TCG obtains from your use of the website.

Unauthorized use of this website and/or the materials contained on this website may violate applicable copyright, trademark or other intellectual property laws or other laws. You must retain all copyright and trademark notices, including any other proprietary notices, contained in the materials, and you must not alter, obscure or obliterate any of such notices. The use of such materials on any other website or in any environment of networked computers is prohibited. You are prohibited from posting or transmitting any unlawful, threatening, libelous, defamatory, obscene, indecent, inflammatory, pornographic or profane material or any material that could constitute or encourage conduct that would be considered a criminal offense, give rise to civil liability, or otherwise violate any law. In addition, you are prohibited from posting or transmitting any information which (a) infringes the rights of others or violates their privacy or publicity rights, (b) is protected by copyright, trademark or other proprietary right, unless with the express written permission of the owner of such right, (c) contains a virus, bug or other harmful item, or (d) is used to unlawfully collude against another person in restraint of trade or competition.

Any information or materials sent to this website will become the property of TCG and will be treated as NOT CONFIDENTIAL. TCG may use such information for any purpose whatsoever. You may not access this website or use the information contained herein for any illegal purpose or in any manner inconsistent with these Terms and Conditions. You warrant that when using this website, you will not violate or facilitate any violation of any applicable local, state, federal or international law, statute, regulation, code or ordinance, including regulations promulgated by or the rules of any national or other securities exchange. Permission to use this website will terminate automatically if you breach any provision of these Terms and Conditions.

You agree to access this website and use the information contained herein solely for your own noncommercial use and benefit, and not for resale or other transfer or disposition to, or use by or for the benefit of, any other person or entity. You agree not to use, transfer, distribute or dispose of any information contained in this website in any manner that could damage the business of TCG or its portfolio companies. We may investigate occurrences that may involve violations of the security of this website or of the law and we may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations. We reserve the right to disclose any information about you or your use of this website in connection with any investigations by us or law enforcement authorities.

We cannot and do not assure that other users are or will be complying with these Terms and Conditions, and, as between you and us, you hereby assume all risk of harm or injury resulting from any such lack of compliance.

Copyrights & Trademarks

All materials included on this website including, without limitation, text, graphics, logos, button icons, images, audio clips, video clips and software are copyrighted materials, trademarks and/or other proprietary information (the “Materials”) are owned or controlled by TCG or its content providers, who may or may not be affiliated with TCG. Further, unless provided otherwise, you agree that the reproduction, modification, distribution, transmission, republication, display, performance or storage of the Materials is strictly prohibited without the express written permission of TCG and any other respective copyright or trademark owner (from whom you are solely responsible for obtaining permission). Any unauthorized use thereof may violate copyright laws, trademark laws, the laws of privacy and publicity and other applicable regulations and statutes and may result in severe civil and criminal penalties.

The trademarks and service marks displayed on this website are registered or unregistered trademarks and service marks of TCG. Use of any trademark or service mark displayed at TCG without the express written consent of TCG or the registered owner of the trademark or service mark is strictly prohibited.

Accuracy of Information

While TCG uses its best efforts to include accurate and up to date information on TCG, TCG makes no warranties or representations as to its accuracy. TCG assumes no liability or responsibility for any errors or omissions in the content of this website. TCG also assumes no responsibility for the timeliness, deletion, misdelivery or failure to store any visitor communication or personalization settings.

Market Information

We may make available to you through one or more TCG services a broad range of financial information that we obtain from third party content providers, including, without limitation, financial market data, quotes, news, analyst opinions, and research reports (collectively, “Market Information”). TCG does not endorse or approve Market Information, and we make it available to you only as a service and convenience. TCG and our third-party providers do not (a) guarantee the accuracy, timeliness, completeness or correct sequencing content of Market Information or (b) warrant any results from your use or reliance on any Market Information. Market Information may be unreliable when posted or may quickly become unreliable for various reasons including, for example, changes in market conditions or economic circumstances. Neither TCG nor the third-party providers are obligated to update any information or opinions contained in any Market Information, and we may discontinue offering Market Information at any time without notice. You agree that neither TCG nor the third-party providers will be liable in any way for the termination, interruption, delay, or inaccuracy of any Market Information. You will not redistribute or facilitate the redistribution of Market Information, nor will you provide access to any Market Information to anyone who is not authorized by TCG to receive such Market Information.

No Investment Advice or Recommendations

Any of the services or the Materials, including any Market Information, provided by TCG through this website are for informational purposes only. Although the Market Information may provide information relating to investment approaches and opportunities to buy or sell securities, you should not construe any Market Information or other content available through this website as legal, tax, investment, financial or other advice. Nothing contained in any Materials on this website constitutes a solicitation, recommendation, endorsement, or offer by TCG or a third-party provider to buy or sell any securities or other financial instruments. You alone will bear the sole responsibility of evaluating the merits and risks associated with the use of any services or Material provided by TCG through this website.

Disclaimer of Warranties

You acknowledge that we provide the contents of this website on an “as is” basis with no warranties of any kind. We disclaim all representations and warranties, express or implied of any kind with respect to the website, including warranties of merchantability, fitness for a particular purpose and non-infringement of intellectual property and proprietary rights. Without limiting the foregoing, we do not warrant the availability, accuracy, completeness, timeliness, functionality, reliability, speed or delivery of the website or any part of the information contained in this website. Your use of this website and use or reliance upon any of the materials on it is solely at your own risk. If you are a California resident, you hereby waive California civil code section 1542 which provides: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.”

Limitations of Liability

We are not responsible for any damages or injury, including special or consequential damages, that result from your use of (or inability to use) this website (including our investor portal), including any damages or injury caused by any failure of performance, error, omission, interruption, defect, delay in operation, computer virus, line failure, or other computer malfunction. Your use of this website and reliance upon any of the materials on it is solely at your own risk. We cannot guarantee the security of this website. Electronic communications can be intercepted by third parties and, accordingly, transmissions made to or from links in this website may not be secure. Communications to TCG from links in this website, including any communications containing investment ideas, concepts, know-how, or techniques which may be considered confidential or proprietary by the sender, will not be treated as confidential or proprietary by TCG.

Indemnity

By accessing this website, you agree to indemnify TCG and its affiliates, and their respective partners, stockholders, members, managers, officers, directors, employees and agents (collectively, the “TCG Indemnitees”) against, and hold the TCG Indemnitees harmless from, any and all claims and expenses, including attorneys’ fees, arising from your use of this website. You hereby release the TCG Indemnitees from any and all claims, demands, debts, obligations, damages (actual, consequential or special), costs and expenses of any kind whatsoever that you may have against the TCG Indemnitees arising out of or in any way related to such disputes.

Linking and Framing

We do not permit others to link to or frame this website or any portion thereof.

Please note that the Terms and Conditions apply only to this website and not to other websites that may be accessible from this website via hyperlink. We are responsible only for the content of our own website. We encourage you to review the privacy policies and terms and conditions of all other websites that you visit.

International Use

Due to the global nature of the Internet, this website may be accessed by users in countries other than the United States. We make no warranties that materials on this website are appropriate or available for use in such locations. If it is illegal or prohibited in your country of origin to access or use this website, then you should not do so. Those who choose to access this site outside the United States do so on their own initiative and are responsible for compliance with all local laws and regulations.

Termination

TCG may terminate your access to this website for any reason, without prior notice. These Terms and Conditions will survive any termination or expiration of your access to the website.

Governing Law

This website is maintained and controlled by TCG from its offices in Playa Vista, California. TCG endeavors to operate the website in conformance with the laws of the United States of America. TCG does not represent that information in the website is appropriate or available for use in any specific location. Access to it from locations where its contents are illegal is prohibited.

These Terms and Conditions and any claim relating to the website will be governed by the laws of the State of California, United States of America, without regard to its conflict of laws provisions. You consent and submit to the exclusive jurisdiction of the state and federal courts located in Los Angeles County, the State of California, United States of America, in all questions and controversies arising out of your use of this website and these Terms and Conditions.

Injunctive Relief

You acknowledge that a violation or attempted violation of any of these Terms and Conditions will cause such damage to TCG as will be irreparable, the exact amount of which would be difficult to ascertain and for which there will be no adequate remedy at law. Accordingly, you agree that TCG will be entitled as a matter of right to an injunction issued by any court of competent jurisdiction, restraining such violation or attempted violation of these terms and conditions by you, or your affiliates, partners, or agents, as well as recover from you any and all costs and expenses sustained or incurred by TCG in obtaining such an injunction, including, without limitation, reasonable attorney’s fees. You agree that no bond or other security will be required in connection with such injunction.

Severability

These Terms and Conditions will be deemed severable. In the event that any provision is determined to be unenforceable or invalid, such provision will nonetheless be enforced to the fullest extent permitted by applicable law, and such determination will not affect the validity and enforceability of any other remaining provisions.

Contact Information

If you have any questions or concerns about this website and/or the Privacy Policy and Terms and Conditions set forth herein, please email the Corporate Legal Department at corporate.legal@tcg.co or call us toll-free at 1-833-713-0611.