In addition to the investment, the firm’s founder and chairman, Tyron Birkmeir, will join the Hexagon Cup's advisory board.

"I see tremendous potential in the Hexagon Cup and believe in the power that padel has to take the global sports industry by storm. We looked at investing in more traditional sports teams and platforms, however, the static supply and rush of private capital has elevated valuations to unrealistic levels. To date padel has focused on the player and providing facilities for players. The size of courts, relatively quick construction times and cost of build out made the real estate play less appealing,” Birkmeir said.

Lurra Capital has a history of investing in cutting-edge startups, ranging from Elon Musk's Space X to Redwood Materials, a pioneer in lithium-ion battery recycling. Its diverse portfolio also includes C3byeSBE, an innovative player in the food technology sector. According to the report, these investments are meant to reflect the firm’s commitment to pushing boundaries and fostering advancements across various industries.

The Hexagon Cup padel project will see male and female players combine with team owners from global sports and entertainment to compete for a share of an impressive €1 million ($1.066 million) prize fund, creating an exciting new team competition and fan experience.

The move is also an example of the intersection of sports and wealth management that this publication has covered in stories such as here and here.

Besides its Swiss HQ, Lurra also has offices in London, Luxembourg and Miami, and oversees $5 billion of assets.