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

Partner

Maureen Sullivan

Maureen Sullivan is a Partner at TCG and brings significant consumer leadership experience at the intersection of marketing, customer experience, business development, operations, and technology. She has spent her career focused on building brands that align with the interests and solve the unique needs of female consumers. In her role at TCG she invests in growing consumer businesses, manages firm operations, and drives portfolio operations across the TCG portfolio.

Most recently, Maureen served as President and Chief Operating Officer at Heyday, helping to accelerate the company’s membership experience and franchise expansion. Prior to joining Heyday, Maureen served as President and Chief Operating Officer at Rent the Runway, helping transform the company into a subscription service disrupting the global fashion industry, democratizing fashion, and creating a more sustainable way for people to get dressed.

Previously, Maureen spent six years at AOL, where she was President of AOL.com and Lifestyle Brands. In this capacity, she oversaw AOL.com, including editorial, advertising sales, product and engineering, business operations and partnerships. She also launched destinations across style, beauty, and food, and helped create MAKERS, a first-of-its-kind women’s leadership platform dedicated to telling the stories of groundbreaking women through video, documentary films, and a MAKERS Conference and Corporate Advisory Board — connecting corporate partners to the mission of MAKERS.

Maureen began her career at Google as an early team member of Google New York Engineering before being named chief of staff to the Americas Advertising organization, where she oversaw business planning and partnership development.

Maureen is a graduate of Stanford University and currently serves on the board of Choice Hotels (NYSE: CHH), Equip, Food52 as well as the nonprofit, Network for Good.

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