A growing
media economy.
The creator economy is projected to reach $1.35 trillion by 2033.
YouTube is now the largest distributor of television viewing in the U.S. and creator ad spend is growing 4× faster than the overall media market.
Grand View Research · 2026–2033 outlook23.3% projected CAGR, 2026–2033. Market forecasts are not investment returns.
Source notes: Creator economy growth
- Basis
- USD billions. GVR estimates $310.4B in 2026 and forecasts $1,345.5B in 2033, with 23.3% CAGR. The separately defined Goldman Sachs $480B figure is a 2027 forecast published in 2023, not a current observed market size. IAB describes 2025 U.S. creator advertising growth as roughly four times overall media growth.
- Limitations
- Market estimates and forecasts are not realized investment returns or evidence of the Fund’s addressable revenue. These separately defined series cannot be combined into one growth trajectory or added together. Neither establishes future cash flow from any participation.
High yield.
With upside.
CRF pairs current cash flow with the potential long-term growth of an emerging asset class.
Creator revenue · CRF
Income + growth potential
Contractual revenue share, with participation in creator revenue growth.Modeled net cash yield · Year 1
18.9%
Fund target · Day-1 LP
Net of modeled fees. A forward-looking scenario, not achieved performance.
25.4% modeled net IRR · 10 years
Income and estimated residual NAV; not an additional cash yield.
CRF model · basis & assumptions: Modeled Fund returns
- Basis
- USD; Day-1 LP. Gross headline targets: 29.7% ten-year IRR, 23.3% entry yield and 3.17× ten-year cash DPI. Corresponding net figures: 25.4% IRR, 18.9% Year-1 cash yield and 2.58× DPI. No actual Fund track record is represented.
- Limitations
- The underlying workbook has not been independently recalculated here. Scenario outputs use rounded multiples. Total value includes estimated residual NAV and assumes it can be realized at carrying value. Quarterly equivalent is not a payment schedule. No case is a floor on losses.
Private credit
Income-led
Loan interest, with gains and losses reflected in total return.Historical total returnGross of fees
9.3%
Cliffwater Direct Lending Index · 2025
Unlevered, gross of fees. U.S. middle-market corporate loans.
Total return, not cash yield. Lending income is the primary return driver.
Cliffwater · March 2026Compare the underlying rightsSports franchises
Growth-led
Changes in franchise value; distributions are not measured here.Historical valuation growthPrice growth, not cash yield
18.2%
Ross-Arctos Sports Franchise Index · 2025
Estimated franchise price growth across the NFL, NBA, MLB and NHL. Not cash yield or a net fund return.
Valuation growth, not IRR. Cash income is outside this index’s measure.
Michigan Ross / Arctos · Q4 2025Compare the underlying rightsReal estate
Income + growth potential
Property income and changes in property value.Historical total returnGross of fees
3.79%
NCREIF NFI-ODCE · 2025
Gross of fees. U.S. open-end core real estate funds; includes income, appreciation and fund-level leverage.
4.09% income return; −0.29% appreciation in 2025. Components are separately compounded.
NCREIF · January 2026Compare the underlying rightsContext, not a like-for-like ranking. These figures use different periods, fees, asset samples and return measures. Historical results do not predict CRF performance; targets may not be achieved and capital may be lost.
How to read these figures
The return profiles describe how each asset can generate returns, not a measured allocation between income and growth. Cash yield measures income relative to capital. Total return also reflects changes in asset value. Sports franchise valuation growth is a price measure, not distributed income or IRR. IRR accounts for cash-flow timing and terminal value; CRF’s yield and IRR must not be added together. The NCREIF income and appreciation components are separately compounded and may not sum to the annual total. These references use different fee and leverage bases; no common benchmark or risk adjustment has been applied.
Sources and limitationsGet in touch.
A brief introduction, then materials. Scott Kitun, Founder and Managing Partner, replies personally. For accredited investors.