Some of the country’s wealthiest families and investors, including billionaire businessman Manny Stul, are backing a new fund raising $144 million to invest in celebrity-backed consumer brands.

Known as the Global Talent Fund, the vehicle hopes to replicate the success of Rhode, the skincare brand founded by socialite Hailey Bieber, which was sold to Elf Beauty for $US1 billion ($1.44 billion) last year, or actor George Clooney’s Casamigos tequila that was sold to Diageo in 2017 for $US1 billion.

Loading…