APEX Targets €300 Million Fund to Capitalise on Underserved European Sports Assets

APEX, the sports-focused investment firm based in Portugal, is launching a high-growth private equity fund with a target to raise EURO300 million (AUD528 million), marking a scale-up from its current USD60 million (AUD90.6 million) in managed assets.

The strategic goal of the new fund is to pursue deeper influence in small and mid-size European sports properties that have been historically overlooked by larger institutional investors, thereby setting a path for APEX’s expansion from venture capital into mainstream asset ownership.

Founder and CEO, António Caçorino, confirmed the shift in investment mandate, stating the new fund will focus on acquiring minority stakes ranging from 20% to 49%—up from the sub-20% stakes taken in previous deals like Alpine F1 and Venezia FC.

Over the fund’s ten-year life, APEX intends to strike 10 to 20 deals with ticket sizes falling between USD15 million (AUD22.65 million) and USD50 million (AUD75.5 million).

The primary target assets, mostly European teams and leagues, will have enterprise valuations ranging from USD60 million (AUD90.6 million) to USD600 million (AUD906 million).

Caçorino explains that this segment offers a “sweet spot,” presenting lower risk and fewer regulatory hurdles than larger targets.

The firm is aiming for high-upside investments to achieve annual returns exceeding 20%, substantially higher than the private equity industry average of approximately 14% over the past two decades.

By professionalising these undervalued assets, APEX intends to create clear exit pathways by preparing them as acquisition targets for major institutional investors like Apollo Global Management and Ares Management.

The fund’s capital allocation is strategically diversified: 70% will be dedicated to minority stakes in European targets, 15% is earmarked for more established properties, potentially including a passive minority stake in a US asset like an NBA team, and the final 15% is reserved for outright buyouts.

This buyout portion marks APEX’s first foray into controlling stakes, likely confined to smaller European assets, such as a motorsports or soccer club, with an enterprise value of, at most, EURO50 million (AUD88 million).

APEX’s existing industry knowledge and connections are a crucial component of its value proposition.

Its venture capital fund has attracted more than 100 professional athlete investors from 17 sports, including Formula 1 drivers Lando Norris and Carlos Sainz, alongside an investment from Red Bull’s investment arm.

This network is expected to aid the growth of portfolio companies through cross-pollination with sports tech companies already backed by the organisation.

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