The golf courses and country clubs industry in the U.S. offers a range of leisure activities, including golfing, dining, and social gatherings. Companies such as private clubs, resorts, and management firms create value through memberships, events, and exceptional amenities. The industry is evolving, with a growing focus on modernizing facilities and expanding recreational offerings. In recent years, technology has influenced operations, with online booking systems and fitness programs enhancing member experience. Additionally, sustainability practices are gaining traction, with many clubs prioritizing environmental stewardship as they attract the next generation of golf enthusiasts.


This list features 18 investors from different sectors, including corporate and private equity, based mainly in the U.S. Although their sizes vary—from small firms to large corporations—each investor significantly impacts the golf courses and country clubs market. In 2024, these investors executed a combined total of 277 deals. With a range of founding years and headquarter locations, these entities showcase an evolving investment trend dedicated to enhancing recreational experiences and golf community engagement.


Top 18 Golf Courses and Country Clubs Investors in the US


1. Government of Canada

  • Website: canada.ca
  • Type: Corporate
  • Headquarters: Canada, Kentucky, United States (USA)
  • Founded year: 1999
  • Headcount: 10001+
  • Number of deals in 2024: 137
  • LinkedIn: government-of-canada

The Government of Canada is a public entity that provides a wide range of services and information to Canadian citizens and residents, addressing needs such as employment, immigration, health care, and taxation. Founded in 1999, it operates through various departments and agencies to ensure access to essential services. In 2023, the Government of Canada has been involved in several transactions within the golf courses and country clubs sector, providing grants to clubs such as Delahunt Golf & Country Club, Pinwana Club, Haileybury Golf Club, Kincardine Golf Club, and Corporation Ski & Golf Mont-Orford. These transactions highlight the government's role in supporting recreational facilities and promoting community engagement in sports and leisure activities.


2. Heritage Golf Group


Heritage Golf Group is a corporate investor based in Herndon, Virginia, specializing in hospitality services that enhance golf and country club experiences. Founded in 1999, the company has grown its portfolio to include 41 golf and country clubs as of 2024. Their recent acquisitions include notable properties such as Spring Creek Golf Club in Virginia, White Deer Run Golf Club in Illinois, and Magnolia Greens Golf Club in North Carolina. These strategic acquisitions reflect their focus on providing quality recreational activities and community engagement through modern amenities and exceptional service. Heritage Golf Group's commitment to enhancing member experiences positions them as a key player in the golf courses and country clubs industry.


3. Concert Golf Partners


Concert Golf Partners is a private equity firm based in Orlando, Florida, founded in 2011. The firm specializes in golf management, providing comprehensive services that enhance the operations and member experiences of private golf and country clubs. They focus on management, financing, and capital improvements to help clubs achieve financial stability and modernize their facilities. Concert Golf Partners has an extensive portfolio, having acquired notable properties such as TPC Jasna Polana, where they plan to invest $3 million in amenities, and The Georgia Club, which marks their 36th private facility acquisition. Other significant transactions include the acquisition of the Club at New Seabury and Hawthorns Golf & Country Club, the latter emerging from bankruptcy with a new multi-million dollar capital improvement reserve. Their strategy includes investing substantial amounts into the clubs they acquire, further solidifying their role as a key player in the golf courses and country clubs industry.


4. KSL Capital Partners


KSL Capital Partners is a private equity investment firm based in Denver, Colorado, specializing in the travel and leisure industry. Founded in 2005, the firm employs equity, credit, and tactical investment strategies to support businesses in hospitality, recreation, and real estate. KSL has a global presence and partners with companies to enhance their growth and operational performance by providing strategic capital and expertise. Notable transactions include the acquisition of The Belfry Group, a prominent golf resort in the UK, and Silverado Resort and Spa, which likely features golf amenities. Their investment in Cameron House Hotel in Scotland and Mammoth Resorts further illustrates their commitment to leisure properties, including those with golf facilities. KSL's portfolio reflects a strategic focus on enhancing the value of leisure and hospitality assets, making them a relevant player in the golf courses and country clubs sector.


5. Arcis Golf

  • Website: arcisgolf.com
  • Type: Corporate
  • Headquarters: Dallas, Texas, United States (USA)
  • Founded year: 2015
  • Headcount: 1001-5000
  • LinkedIn: arcis-golf

Arcis Golf is a lifestyle company based in Dallas, Texas, that operates nearly 70 private, resort, and public golf clubs across the United States. Founded in 2015, the company aims to enhance the golf and country club lifestyle for its members and guests by providing a range of services, including golf memberships, dining experiences, health and wellness programs, and event hosting. Arcis Golf has been actively expanding its presence in the golf industry through strategic acquisitions. Notable transactions include the acquisition of Eagle Golf for $306.5 million in 2014, which significantly bolstered their portfolio. More recently, they acquired Champions Retreat Golf Club in Georgia in October 2023, and The Golf Club at Twin Creeks in Texas in September 2021. Additionally, their acquisition of River Place Country Club and the Dominion Golf Group's portfolio in April 2019 further solidified their position as the second-largest owner and operator of golf facilities in the U.S. These transactions highlight Arcis Golf's commitment to growing its influence in the golf courses and country clubs sector.


6. Starwood Capital Group


Starwood Capital Group is a prominent private equity investment firm founded in 1991, specializing in real estate investments. The firm has a strong track record of acquiring and managing various real estate assets, catering to institutional investors and high-net-worth individuals. Notably, Starwood Capital was part of an investor group that acquired American Golf Corporation and National Golf Properties, Inc. in 2003 for $650 million, which included a portfolio of 253 golf courses across the United States, the United Kingdom, and Japan. This acquisition highlights their strategic interest in the golf industry. Additionally, while they have been involved in various other real estate transactions, their engagement in the golf sector positions them as a relevant player in the golf courses and country clubs investment landscape.


7. ClubCorp

  • Website: invitedclubs.com
  • Type: Corporate
  • Headquarters: Dallas, Texas, United States (USA)
  • Founded year: 1968
  • Headcount: 10001+
  • LinkedIn: invited-clubs

ClubCorp, also known as Invited, is a prominent private club organization based in Dallas, Texas, that operates a vast network of golf and country clubs, city clubs, and other membership-based facilities. Founded in 1968, the company focuses on providing exclusive social and networking opportunities through a range of services, including dining, event hosting, and recreational activities. ClubCorp has been actively expanding its presence in the golf industry, with notable acquisitions such as The Ridge Club in Massachusetts for $3.825 million in 2018, and the Santa Rosa Golf & Country Club in Northern California, which marked its 11th club acquisition in a short span. Additionally, ClubCorp acquired seven lifestyle golf clubs from Toll Golf in 2019, further solidifying its position in the golf course sector. Through these strategic acquisitions, ClubCorp aims to enhance its offerings and community engagement initiatives, enriching the lives of its members.


8. Callaway Golf

  • Website: callawaygolf.com
  • Type: Corporate
  • Headquarters: Carlsbad, California, United States (USA)
  • Founded year: 1982
  • Headcount: 1001-5000
  • LinkedIn: callaway-golf

Callaway Golf Company, founded in 1982 and based in Carlsbad, California, is a prominent manufacturer of golf equipment, specializing in clubs, balls, and accessories. The company serves golf enthusiasts and retailers, providing high-quality products designed to enhance performance on the course. Callaway operates through various sales channels, including online and retail, and emphasizes customer loyalty through its rewards program. In recent years, Callaway has made strategic acquisitions to strengthen its position in the golf industry. Notably, in 2020, Callaway acquired Topgolf Entertainment Group for $2 billion, significantly expanding its footprint in the golf entertainment sector. In 2023, they acquired certain assets related to BigShots Golf for approximately $29 million, which includes four domestic venues, further enhancing their off-course golf offerings. Additionally, Callaway has invested in Five Iron Golf, a company that operates indoor golf facilities, indicating a commitment to diversifying its involvement in the golf experience beyond traditional equipment manufacturing. These transactions highlight Callaway's active role in shaping the future of golf, making it a relevant player in the golf courses and country clubs industry.


9. Oaktree Capital Management, L.P.


Oaktree Capital Management, L.P. is a prominent asset management firm based in Los Angeles, California, specializing in alternative investment strategies. Founded in 1995, the firm manages a wide array of investment products, including credit, private equity, real estate, and listed equities, primarily catering to institutional investors and high-net-worth individuals. Oaktree is known for its commitment to delivering superior investment results while effectively managing risk. Notably, Oaktree has been involved in significant transactions within the golf and resort sector, including the acquisition of the Hilton Los Cabos Beach & Golf Resort in Mexico, which highlights their engagement in the golf industry. Additionally, their partnership in acquiring Brasada Ranch, a resort community in Oregon, further emphasizes their investment strategy that encompasses golf courses and country clubs, showcasing their capability and interest in this niche market.


10. The Bay Club Company

  • Website: bayclubs.com
  • Type: Corporate
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 1977
  • Headcount: 1001-5000
  • LinkedIn: bayclubs

The Bay Club Company, founded in 1977 and based in San Francisco, California, is a corporate investor focused on fitness and recreational facilities. The company has a strong emphasis on community engagement and offers a variety of services, including fitness training and family-oriented activities. In recent years, The Bay Club has actively expanded its portfolio in the golf courses and country clubs sector through several key acquisitions. Notably, in August 2023, they acquired Crow Canyon Country Club, planning significant renovations and expansions. In June 2017, they purchased Manhattan Country Club for $73 million, aiming to enhance their offerings in fitness, sports, and hospitality. Additionally, in July 2016, they acquired Fairbanks Ranch Country Club and The Golf Club at Boulder Ridge, further solidifying their presence in the golf industry. These strategic acquisitions reflect The Bay Club's commitment to growing its golf footprint and providing modern family memberships, making it a relevant player in the golf courses and country clubs investment landscape.


11. Goldman Sachs

  • Website: goldmansachs.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 59
  • LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm based in New York, founded in 1998. It provides a wide range of services including investment banking, asset management, and wealth management, catering to a diverse clientele that includes corporations, financial institutions, and individuals. In 2024, Goldman Sachs has been actively involved in various transactions, including a private equity round for Montage Hotels & Resorts, which aligns with the hospitality sector that often encompasses golf courses and country clubs. Additionally, their investment in Intercontinental Hotels Group and debt financing for Hilton Grand Vacations further demonstrate their engagement in the leisure and hospitality industries. These transactions highlight Goldman Sachs' strategic interest in sectors that are closely related to golf courses and country clubs, reinforcing their relevance as an investor in this space.


12. North Castle Partners


North Castle Partners is a private equity firm based in New York, specializing in investment management and consulting services for consumer brands in the Healthy, Active, and Sustainable Living sectors. Founded in 1997, the firm partners with entrepreneurs to scale their businesses through strategic guidance and operational support. Notably, North Castle has made significant investments in the golf industry, including Five Iron Golf, which raised funds in a seed round in 2020, and Full Swing Golf, which secured private equity funding in 2017. These transactions highlight their commitment to the golf sector, alongside their broader focus on health and fitness, as seen in their acquisition of Equinox Fitness Clubs in 2000, which aimed to expand the fitness club market. Their diverse portfolio also includes investments in fitness-related companies like Crunch Fitness and Brooklyn Boulders, further emphasizing their active role in the health and fitness landscape.


13. Escalante Golf

  • Website: escalantegolf.com
  • Type: Corporate
  • Headquarters: Fort Worth, Texas, United States (USA)
  • Founded year: 1992
  • Headcount: 1001-5000
  • LinkedIn: escalantegolf

Escalante Golf is a corporate investor based in Fort Worth, Texas, specializing in the golf industry. Founded in 1992, the company operates a portfolio of golf clubs and resorts, providing golf club memberships and leisure experiences for golf enthusiasts. Escalante Golf has made significant investments in the golf sector, including the acquisition of Pumpkin Ridge Golf Club, known for its strong tournament heritage, and Carolina Trace Country Club, where they plan to reinvest in renovations. Additionally, their acquisition of Kingsmill Resort, a historic property that hosts prestigious golf tournaments, further solidifies their position in the golf courses and country clubs market. Escalante Golf is dedicated to delivering remarkable experiences and fostering community among its members, making it a key player in the golf industry.


14. Launch

  • Website: launch.co
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 46
  • LinkedIn: launch-calacanis

LAUNCH is a startup accelerator and investment firm based in San Francisco, California, founded in 2010. They specialize in supporting early-stage startups through funding and educational programs, investing millions annually in promising ventures. Among their notable transactions, Launch has invested in Loop Golf, which raised $1,000,000 in both Pre-Seed and Seed rounds in 2024. This investment highlights their commitment to the golf industry, alongside other investments in various sectors. Their focus on providing resources to help founders grow their businesses positions them as a valuable partner for startups in the golf courses and country clubs space.


15. Eberg Capital

  • Website: ebergcapital.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 8
  • LinkedIn: eberg-capital

Eberg Capital is a venture capital firm based in New York, specializing in sports entertainment. Founded in 2022, the firm focuses on providing investment and advisory services to sports startups and entrepreneurs, helping them navigate the challenges of the sports industry. Eberg Capital aims to revolutionize sports investing by supporting innovative ventures and alternative sports initiatives. Notably, they participated in the funding of LinksDAO, which raised over $11 million to buy and operate a golf course, showcasing their commitment to the golf sector. Additionally, Eberg Capital has been involved in various other transactions, including investments in companies like Whoosh and Pro League Network, further establishing their presence in the sports investment landscape.


16. AJ Capital Partners

  • Website: ajcpt.com
  • Type: Private Equity
  • Headquarters: Nashville, Tennessee, United States (USA)
  • Founded year: 2008
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: aj-capital-partners

AJ Capital Partners is a Nashville-based private equity firm founded in 2008, specializing in the management and development of transformative real estate properties. With a portfolio exceeding $5.3 billion, the firm operates in over 50 markets, focusing on creating unique branded platforms in the hospitality and residential sectors. Notably, AJ Capital has been expanding its Marine & Lawn golf portfolio, which includes the acquisition of the Portrush Atlantic Hotel and the Adelphi Hotel in Portrush, both of which are set to enhance their offerings in the golf hospitality market. Their strategic investments ahead of significant events like The Open Championship in 2025 further emphasize their commitment to the golf industry, positioning them as a key player in the golf courses and country clubs investment landscape.


17. Tpg

  • Website: tpg.com
  • Type: Private Equity
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 1992
  • Headcount: 1001-5000
  • Number of deals in 2024: 27
  • LinkedIn: tpg-capital

TPG Inc. is a leading global alternative asset manager specializing in private equity and investment management, founded in 1992 and based in San Francisco, California. The firm manages $229 billion in assets across various sectors, including technology, healthcare, and consumer markets. Notably, TPG has made significant investments in the golf industry, including a venture round investment in Troon Golf, a prominent golf management company, in November 2021. This investment highlights TPG's engagement in the golf sector. Additionally, TPG has a diverse investment strategy, which includes acquisitions in real estate and hospitality, such as the acquisition of A&O Hotels and Hostels, showcasing their broad investment capabilities. However, their involvement in the golf industry through Troon Golf is particularly relevant for those interested in golf courses and country clubs.


18. Advantage Capital


Advantage Capital is a venture capital firm based in New Orleans, Louisiana, founded in 1992. The firm specializes in providing equity and debt financing to small businesses, agribusiness, solar projects, and affordable housing, with a strong focus on supporting entrepreneurs in underserved communities. Their investment strategy includes flexible capital solutions aimed at helping businesses grow and thrive. Notably, Advantage Capital has been involved in transactions relevant to the golf industry, such as their debt financing of Gator Made Golf in June 2018, which highlights their engagement with golf-related businesses. Additionally, they have financed projects like Golden Goal Sports Park and North Cypress Fitness Center, which, while not exclusively golf courses or country clubs, indicate their broader interest in recreational and sports facilities. This diverse portfolio showcases their capability and willingness to invest in various sectors, including those related to golf and leisure activities.



Golf Courses and Country Clubs Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
Government of CanadaCanada, Kentucky, United States (USA)10001+1999137
Heritage Golf GroupHerndon, Virginia, United States (USA)1001-500019997
Concert Golf PartnersOrlando, Florida, United States (USA)1001-500020114
KSL Capital PartnersDenver, Colorado, United States (USA)51-20020050
Arcis GolfDallas, Texas, United States (USA)1001-500020150
Starwood Capital GroupUnited States (USA)1001-5000199114
ClubCorpDallas, Texas, United States (USA)10001+19680
Callaway GolfCarlsbad, California, United States (USA)1001-500019820
Oaktree Capital Management, L.P.Los Angeles, California, United States (USA)1001-5000199520
The Bay Club CompanySan Francisco, California, United States (USA)1001-500019770
Goldman SachsNew York, New York, United States (USA)10001+199859
North Castle PartnersNew York, New York, United States (USA)11-5019970
Escalante GolfFort Worth, Texas, United States (USA)1001-500019920
LaunchSan Francisco, California, United States (USA)11-50201046
Eberg CapitalNew York, New York, United States (USA)1-1020228
AJ Capital PartnersNashville, Tennessee, United States (USA)51-20020083
TpgSan Francisco, California, United States (USA)1001-5000199227
Advantage CapitalNew Orleans, Louisiana, United States (USA)51-20019925


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