Silver Lake has added another high-profile sports investment to its portfolio by agreeing to buy a share in the company behind New Zealand's All Blacks rugby team.

Under the terms of the agreement, Silver Lake will pay NZ$200 million (around $134 million) for a stake of up to 8.58% in a new entity—NZR CommercialCo—which will hold all the revenue-generating activities of New Zealand Rugby, which includes the All Blacks brand.

The deal, which values the new company at NZ$3.5 billion, has approval from the New Zealand Rugby Players Association. In addition to Silver Lake's investment, a co-investment of up to NZ$100 million will be offered to New Zealand-based institutional investors later this year.

Silver Lake has previously invested in Manchester City Football Club owner City Football Group and also owns a stake in the Ultimate Fighting Championship, but this is the firm's first foray into rugby. Luxembourg-based CVC Capital Partners, another prolific sports investor, was also reportedly eyeing a stake in the asset. CVC backed Six Nations Rugby earlier last year.

Featured image by Brendan Moran/Getty images

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