“When I sold the Dodgers my first priority was finding an owner who would help the team achieve continued success and, if the team's performance is any indication, Mark Walter has been a great choice,” says Frank McCourt. “I would say the exact same thing about deciding to launch this business venture with Mark—it was a great choice.

Mark and I share the same core values and we've been fortunate to see quick success in the early years of our partnership,” he continues. “I anticipate great things ahead for McCourt Partners as we diversify our focus beyond real estate and create a significant presence in the global marketplace.”

NEW YORK CITY—McCourt LP founder Frank McCourt Jr. and Guggenheim Partners CEO Mark Walter have launched McCourt Partners, a private investment platform with over $1 billion in permanent capita, according to McCourt Global, the business arm of McCourt LPl. It represents an evolution of the joint venture of the same name, which initially focused on real estate development.

Launched in 2012 subsequent to McCourt's $2.2-billion sale of the Los Angeles Dodgers franchise to an investment group led by Walter, McCourt Partners in its original iteration venture made significant investments in development projects totaling more than 5.5 million square feet. Among these was the 2013 acquisition of a development parcel at 360 Tenth Ave. on Manhattan's West Side for $167.5 million.

Other projects include a 1.8-million-square-foot luxury residential development project on Brickell Bay in Miam;, a 2.4-million-square-foot development project on Waller Creek in Austin; and, in the Shoreditch area of Central London, a 900,000-square-foot project comprised of 250,000 square feet of commercial development and a 40-story residential tower. Additionally, McCourt Global Properties controls approximately 260 acres of land in Chavez Ravine in Los Angeles.

Going forward, McCourt Partners will have an expanded mandate to invest in sectors ranging from real estate to finance, and other private equity opportunities. McCourt Global president Drew McCourt will lead McCourt Partners until a CEO has been named.

“When I sold the Dodgers my first priority was finding an owner who would help the team achieve continued success and, if the team's performance is any indication, Mark Walter has been a great choice,” says Frank McCourt. “I would say the exact same thing about deciding to launch this business venture with Mark—it was a great choice.

Mark and I share the same core values and we've been fortunate to see quick success in the early years of our partnership,” he continues. “I anticipate great things ahead for McCourt Partners as we diversify our focus beyond real estate and create a significant presence in the global marketplace.”