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Saturday, April 26, 2025

Federer-Backed On Running Has Deep Ties to PE Firm 3G Capital

  • On Running, a running shoe company backed by Roger Federer, is backed by two investors with ties to private equity firm 3G Capital.
  • The two own a roughly $1 billion stake in On.
Roger-Federer-On-Cleaning
On/Design: Alex Brooks

The rise of On Running has been a boon to Swiss tennis great Roger Federer, but it has also lifted two families behind private equity firm 3G Capital.

3G co-founder Carlos Alberto Sicupira and Marc Lemann, the son of 3G co-founder Jorge Paulo Lemann, collectively own a $1 billion stake in On, around 14% of the company. On had a market cap of $8.8 billion as of Monday.

  • The shares originated from a stake bought in 2016 by a firm run by former 3G partner Alex Perez.
  • On went public in September, 2021. Its shares are up 20% from its $24 IPO price.
  • 3G is best known for its investments in the Kraft Heinz company, which it bought with Berkshire Hathaway in 2013 (it has since divested much of its stake), and Burger King owner Restaurant Brands International. 

Marc Lemann founded Go4it Capital, which has invested in workout tracking app Strava, sports media tech company WSC Sports, German esports venture G2 Esports, as well as startups in the food tech space and other industries.

Federer’s 2nd Set

At 40 and recovering from knee surgery, Federer’s playing future is in question, but his endorsements and investments place him among the top-earning athletes of all time

While he has made $130 million in tennis prize winnings, his total earnings tops $1 billion. He is in the middle of a 10-year, $300 million apparel partnership with Uniqlo and made $90 million in endorsements in the 12 months ending June 4, 2021.

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