Sports Card Private Equity Investments

Specializing in the Alternative Tangible Assets of Trading Cards and Collectibles Through Strategic Partners and Investors.
Diversify Your Portfolio
Professional Cost Effective Exposure to a Complex Asset Class
Opportunity for Significant Returns

What are alternative tangible assets?

Alternative tangible assets are physical assets not readily available through a public market exchange or a bank. They can range from real estate, art, wine, and of course trading cards & collectibles. The category has grown significantly in recent years as they are often not materially correlated to traditional investments and even a small allocation can potentially offer impactful returns to an overall portfolio. These assets can also act as a hedge to inflation and even the US Dollar overall.

What makes a Collectible an Investment?

Collectibles are often driven by emotion and the collector gains some non-monetary utility from collecting such as happiness, comfort or pride. Not all collectibles are investments, there is not a large market for the sea shells your mother collects from family vacations, but for certain collectibles a market develops. Some assets that have developed a market have proven to be investments due to appreciation over time such as art, stamps, coins or wine and some have come and gone such as tulips in Holland during the 1600’s or beanie babies in the US.

What Makes Trading Cards an Investment?

Trading cards started to be viewed as an investment by the mainstream public in the 1980’s. Between the 1980’s and the modern era, there was significant volatility driven by an overproduction of supply that resulted in a significant decrease in value and the idea of trading cards as an investment faded from most people’s minds. In the meantime numerous improvements in technology, the introduction of 3rd party grading and authenticating companies and industry implemented adjustments, all served as ‘self regulation’ and set the stage for trading cards to again be considered a worthy long term investment. In recent years the expansion in collectors/investors and price appreciation realized is a testimony to these improvements.

The Emergence of an Efficient Marketplace

eBay not only provided a platform for purchasing trading cards but for the first time individuals had the opportunity to sell their trading cards at market value putting them on even footing with dealers and card shops. Up to that point if an individual wanted to sell a card or collection the most liquid source were existing dealers or card shops that would only offer to purchase the assets at a fraction of their value. eBay also provided real time valuation of assets since anyone could see what an auction ended at. While eBay was the first large marketplace numerous other marketplaces and platforms have emerged. These range from marketplaces that resemble a stock market like, StarStock and dibbs to Collectable and Otis that allow an individual to buy a share in some of the rarest and most highly valued cards and collectibles.

3rd Party Grading and Authentication

In 1991, Collectors Universe, a company that had been grading and authenticating coins under the subsidiary Professional Coin Grading Service (PCGS) launched Professional Sports Authenticator (PSA) to grade and authenticate trading cards. The authenticating and grading of cards is extremely important when purchasing cards online and also resulted in creating multiple pricing tiers for the same card based on grade. There are currently two other major grading companies, Beckett Grading Services (BGS) and Sportscard Guaranty (SGC) and there is a serious attempt from some other newly created companies to try and gain a foothold in this space.

Manufactured Scarcity

The primary factor cited for the crash in trading card values in the late 1980’s and early 1990’s was overproduction. Each sport had cards produced by multiple companies, and these companies had multiple product lines. The reaction to increased demand was to simply increase supply. Ultimately, supply shot past demand, driving values down which then led to a decrease in demand. In today’s market, each major sport has a licensing agreement with one manufacturer. While there are still multiple product lines almost all allow for the estimation of the amount of product produced. This is due to almost all product containing serial numbered cards with the odds of one of these serial numbered cards being in a pack or box are stated on the product.

Thinking about investing in trading cards…

But you don’t have time to research each card or acquire the right cards at the right price. You want to invest, but there’s a serious learning curve to understanding what makes a profitable investment and there’s a number of pitfalls in an unregulated industry that you want to avoid.

Meet Attic Investments

Attic Investments was formed in 2019 with the intention of packaging trading cards into more traditional investment vehicles such as private equity funds. Through partnerships with some of the Industry’s leaders Attic Investments has been able to put together investment offerings headlined by The Modern Wax Fund in a partnership with Blowout Cards. David Arons, Attic Investments founder, is a Chartered Financial Analyst (CFA) and a lifelong collector with professional experience in portfolio & asset management as well as investment vehicles such as private equity.
Invest in Alternative Assets such as Trading Cards to Diversify Portfolios
Employ Private Equity Fund Standards, including reporting and oversight
Fiduciary responsibility highlighted by management fees and promote structures more closely tied to the investor’s performance than is typical in private equity.
Opportunity for Significant Returns

The Modern Wax Fund

In February 2020, Attic Investments, in partnership with Blowout Cards, launched what is believed to be the first private equity fund in trading cards. This fund followed the structure of a Special Purpose Vehicle with the assets to be acquired identified and under contract prior to fundraising and then purchased by the Fund simultaneously at the time of the Fund closing. The asset acquisition represented 9,202 of individual boxes/sets that will systematically and strategically be liquidated in years 4-7, with approximately 25% of the assets liquidated in each of those years.

Paving the Way

When Attic Investments launched back in 2019, the trading card, collectibles and alternative assets’ environment was much different than the one we are immersed in currently. At the time most of the general public still viewed trading cards through the lense of the junk wax era and were unaware of the many changes and improvements that laid the foundation for trading cards resurgence. It is safe to say that in 2019 you likely would not hear the words private equity fund, venture capital or angel investor in a conversation between those involved in the industry.

Fast forward to today, it is hard to miss articles on trading cards, mentions on CNBC or new platforms and technology moving into the space. The COVID pandemic is the primary reason cited for this tremendous growth. Individuals found themselves quarantining at home with extra time on their hands. Some went through their closets/attics and physically reconnected with trading cards while others stumbled upon sports cards trying to fill the void that the absence of professional sports left. Many quickly realized that this was a much more efficient, transparent, attractive and active market than they thought and a market that also offered a much improved product that included game used material, autographs, serial numbers and grading. It certainly also helped that this already was a market set up primarily to operate online and through the mail. Those that were already participating in trading cards as investments are generally not surprised to see the prices and popularity of trading cards today, it is the speed at which it occurred that is surprising. Nothing has changed from Attic Investments perspective, the belief that trading cards, if packaged correctly, can be a legitimate asset class that could eventually attract institutional money is still the foundation of the company.

Professionally Managed

Having experience in institutional portfolio management, Attic Investments founder understands that these investment decisions are made based on quantitative data and until there is significant enough data available, it is not possible for institutions to realistically assess an allocation to an asset class. Therefore, one of Attic Investments goals is to make public and be as transparent on as much information and data as possible. Certain structures such as The Modern Wax Fund’s quarterly valuation data are released to the public at the same time it is being sent to the investors. On other funds or vehicles with more of an active strategy, this timeline and level of detail could materially affect future performance. The goal is to eventually make all of this information public but in a way that doesn’t compromise Attic Investments fiduciary duty to investors.

Fee Structures and Promotes that put the Investor First

Attic Investment’s fee structures and promote are closely tied to the performance and returns to the investors. Attic Investments believes that investors in this asset class are pioneers and it would not be fair to derive material income from any investment vehicle if the investors are not also materially benefiting. Management Fees will not be a profit center and will be based on the realistic costs to provide the appropriate level of professional oversight and management. Attic Investments is and will continue to be an investor in any fund or vehicle it is involved in. The bottom line is that Attic Investments is willing to put its money where it’s mouth is.

Collaborative Partnerships

Attic Investments operates through strategic partnerships. Whether you are heavily involved in the industry and looking for additional avenues to diversify and broaden your business or if you are a wealthy individual, family office or asset/portfolio manager looking to create a tailored investment vehicle to fit your needs or anchor an investment vehicle based on a specific strategy, Attic Investments would like to hear from you.

Investment Management Services

Contact Attic Investments to inquire about our Investment Management services and future partnerships.

Future Private Equity Funds

Interested in partnering for a future private equity fund?

Transform an Existing Collection

Turn your existing collection of trading cards, collectibles or any other tangible alternative assets into a private equity fund.

Estate Planning

Attic Investments can assist in your estate planning to ensure your valuable collection is handled properly.

Creating Liquidity

Attic Investments can help investors create liquidity while still maintaining significant ownership.

Currently Seeking Funds

Learn about current and upcoming investment opportunities with Attic Investments.

Existing Funds

Learn about the Modern Wax Fund


Why trading cards? Learn more.

Explore Opportunities



Let’s explore how we can work together. Contact us to learn more about current and future opportunities to invest in alternative assets.



Want to learn more about the opportunities in this space beyond just investing in a fund.



Diversify your portfolio, hedge against inflation, position yourself in an alternative asset uncorrelated to most other asset classes through an Attic Investments fund after carefully considering your financial position and the risk-reward of such an investment.

Contact Attic Investments

The need to diversify portfolios with alternative assets in an environment with low bond yields, worries about future inflation, concern over the dollar and the US national debt has sharply come into focus. If you are ready to explore the opportunities in the trading card/collectible space contact Attic Investments.