When it was announced last week that RSE led an investment round in Momofuku, the 12-year old culinary company founded and overseen by David Chang, we got the exact same reaction from nearly everyone: “Love that brand! But why did you invest?”

This is an understandable sentiment on the surface, as most know RSE as a sports-focused fund. But the reality is that from the beginning, sports has simply been one manifestation of a broader investment thesis: the power of live experiences.