Boston Celtics chief executive and co-owner Wyc Grousbeck is raising a $125 million fund called Causeway Media Partners to invest in sports media, such as the rights to broadcast live games.
Grousbeck and two partners had raised $74 million as of last week. Grousbeck was formerly a partner at Highland Capital Partners in Cambridge and is joined in the new effort by Bob Higgins, a Highland founder. A third executive involved in Causeway, Mark Wan of Three Arch Partners, is also a minority investor in the Celtics.
Higgins, who teaches at Harvard Business School, remains an adviser to Highland, and Wan remains an adviser to his firm.
Grousbeck will split his time between the Celtics and the new fund.
“We love sports content, and we think it is primed to grow,’’ Grousbeck said in an interview. “We are well connected and well capitalized and ready to make investments.”
The fund’s formation was first reported by Dow Jones LBO Wire. The Globe had reported in 2008 that Grousbeck and Wan were looking to launch a fund to buy sports teams. But the new concept for the fund is based on sports media.
Beth Healy can be reached at firstname.lastname@example.org.