🏌️‍♂️Teeing Up Returns: Private Equity’s Swing at Golf

State of Play

The U.S. golf course industry has quietly consolidated over the last two decades, with a growing number of courses now controlled by private equity-backed platforms:

- Invited (formerly ClubCorp): 200+ courses | backed by Apollo
- Arcis Golf: 70+ courses | backed by Fortress / Atairos
- Heritage Golf: ~40 courses | backed by KSL Partners
- Concert Golf: ~35 courses | backed by Clearlake
- Troon (outsourced operator, not owner): 600+ courses under management | backed by Leonard Green / TPG

This is a stark change from twenty years ago, when most courses were independently owned or municipally run. But starting in the early 2000s, private equity began a steady roll-up campaign. Let’s look at the thesis behind it and a case study.

Private Equity Course Launch

Next week, I’m launching Road to Carry, a private equity training course built around how deals actually get done from start to finish.

You’ll get step-by-step video walkthroughs, real-world templates, and hands-on exercises across the full deal lifecycle: NDAs, models, memos, diligence, and more.

🎓 I’m opening early access to a small founding cohort. Join the waitlist: resources.roadtocarry.com/course-waitlist

(If you’ve already signed up, no need to do it again. Launch emails coming soon!)