CVC Capital, Europe's Largest, Launches Sports-Focused Fund
US Giant Apollo Ramps Up Sports Investments
Global Heavyweights Show Growing Interest in Korean K-Content
Sports Seen as Solid Assets Even Amid Economic Slowdown
Global mega private equity fund (PEF) managers are rapidly establishing sports-focused investment groups and pouring in large-scale capital.
According to the investment banking (IB) industry and global market research firm PitchBook on September 23, CVC Capital, considered the largest private equity manager in Europe, launched a global sports group worth $14 billion (approximately 19.502 trillion won) earlier this month. This is regarded as the largest sports fund in the history of the private equity industry.
Apollo, a New York-based mega PEF, also launched a $5 billion sports-focused investment fund around the same time. This is the first time Apollo has committed permanent capital to the sports sector. Permanent capital refers to funds that can be invested over the long term without pressure from maturity or deadlines. In May, Texas Pacific Group (TPG) partnered with world-renowned professional golfer Rory McIlroy and, with support from Abu Dhabi-based asset manager Lunate, launched "TPG Sports."
According to PitchBook, private equity funds have been injecting large amounts of capital into the sports sector this year. Already, 95 deals have been completed in 2025, with a total of $12 billion deployed. This far exceeds the annual investment amounts of $9.8 billion in 2023 and $9.9 billion in 2024. Considering that the number of deals was 123 in 2023 and 139 in 2024, this indicates an increase in the scale of individual transactions. In fact, in the third quarter of this year, Bahrain's sovereign wealth fund Mumtalakat and Abu Dhabi's CYVN Holdings acquired McLaren Racing for $4.7 billion, marking the largest sports-related deal ever.
Investment methods are also diverse. CVC operates by integrating stakes in seven leagues, including Spain's professional football "La Liga," the "Six Nations" rugby tournament held among England, Scotland, Wales, Ireland, Italy, and France, and the professional rugby league "United Rugby Championship." The company creates synergies in various ways, such as combining broadcasting rights between leagues or establishing integrated sponsorship packages across leagues. In contrast, Apollo is positioning itself more as a "strategic lender" than an operator. Rather than acquiring equity through its new fund, Apollo is expected to focus on lending, structured finance, and minority equity investments.
The reason global mega funds are entering the sports sector is that, even as mergers and acquisitions (M&A) across all industries are faltering due to economic slowdown, sports remain a premium asset class that consistently generates cash and offers attractive hedging opportunities. The sector's inherent growth potential is also a major draw. Global consulting firm Kearney forecasts that global sports industry revenue will surpass $600 billion by 2030, driven by sponsorships and broadcasting rights.
The entertainment industry, which shares similarities with sports, is also emerging as a key target for overseas PEFs. There is particularly strong interest in the domestic industry represented by K-content. Recently, executives from RedBird Capital, a U.S. firm specializing in sports, entertainment, and media, visited South Korea and met with local entertainment companies and high-level officials from Korea Investment Corporation (KIC), the national sovereign wealth fund. This move is seen as a strategy not only for direct equity investment but also to secure content owned by Paramount.
An IB industry insider stated, "The launch of dedicated sports funds by mega funds like CVC and Apollo is not simply an expansion of investment, but rather demonstrates the financialization of the sports and content industries. As Korean content becomes an attractive investment destination for overseas PEFs, the industry could experience explosive growth."
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