Caleb Williams, the rookie quarterback for the Chicago Bears, is entering into the world of dealmaking before he steps onto an NFL field. Williams has launched 888 Midas – an investment firm that will pursue deals in private equity, venture capitalism, and real estate.
Williams, the number one pick in this year’s NFL Draft, is bringing a team of advisers and partners to launch his firm. Sherif Guergis, former managing Director at Main Street Advisors, Lew Wolff is the chairman of Wolff Urban, John Terizan is co-founder of H Wood Group and co-president, and Ross Walker is co-founder of Hawkins Way Capital and managing partner.
PE hub asked Williams and Wolff questions about why Williams founded 888 Midas and what types of private equity investment the firm would look for. They also asked them how they will operate on a daily basis.
Williams said that 888 Midas is a great idea because it allows him to win on and off the field. “To achieve this, I realized that I needed to create a trusted team of investment professionals who knew what I was about. This would allow me to focus on the most important thing: my goal of establishing a solid, long-term career for the Bears.”
Wolff said that the fund’s asset classes were not limited. “Wherever we can ‘add’ value to a specific endeavor, that is the goal,” said Wolff.
Funding for the firm will be on a transaction-by-transaction basis. 888 Midas, for the time being, is not a traditional investment fund. Wolff said that LPs will be able to invest on a select basis. Williams said that the firm’s investment strategy will be opportunistic. Williams is personally interested in technology, innovations related to sports, health-related business and real estate.
Other partners will also offer guidance on other opportunities in relevant sectors. Guirgis will initially lead 888 Midas on a day-to-day basis. All of the partners and advisors at 888 Midas are also sourcing potential deal opportunities.
The 888 number in a company’s name represents prosperity and angels. The Midas moniker was chosen “because I expected that everything we put our heart, blood, sweat, and tears into would turn to gold like King Midas.” Williams said that the ‘Midas Touch’ was what he meant.
Parts of the plan
Williams said that he had been thinking about investing for a very long time. He even considered it during his high school days in Washington, DC. His father Carl is an estate developer. Williams would often accompany his father in structuring and working through real estate investment transactions.
Williams has built his brand as he established himself in high school and college as one of the best college football players. According to the Sports, Williams earned $10 million from endorsements and name, image, and likeness (NIL), deals while in college.
Williams said that the NIL space “was extraordinary” because it was a place where I was placed in positions that prepared me for my next step in my career. “During those years of development, I learned how to handle being in the spotlight and how to conduct my business off the pitch, forming how to do it right.”