APEX, the Oeiras, Portugal-based investment firm known for its sports-focused portfolio, has unveiled a €300 million private equity fund designed to reshape how capital flows into European sports.
Unlike its earlier venture fund, a €51 million vehicle launched three years ago, APEX’s new strategy is geared toward securing 20% to 49% ownership positions in sports properties valued between €51 million and €510 million. With deal sizes up to €50 million, the firm expects to complete 10 to 20 transactions over the next decade.
Previous investments in Alpine F1 and Venezia FC were capped below 20% ownership, limiting strategic influence. Now, APEX aims to take more substantial positions, particularly in European football and motorsport, where smaller clubs often face structural challenges but remain stable, accessible, and less exposed to regulatory volatility compared with their US counterparts.
The fund targets minority stakes in teams, leagues, and related businesses overlooked by larger institutions, zeroing in on small to mid-size assets that often fall outside traditional investment strategies.
Europe’s untapped sports value
The launch arrives at a time when European sports and sportstech funding remains modest. This creates a noticeable gap between early-stage innovation and the high-capital world of institutional sports ownership. APEX’s €300 million vehicle positions it squarely between those extremes, targeting assets too large for startup investors yet too niche for major private equity houses.
APEX, founded by António Caçorino and Pedro Félix da Costa, believes Europe offers fertile ground: many clubs lack growth capital, commercial sophistication, or modern infrastructure. For investors, that translates into lower entry costs and opportunities to professionalise operations.
While Europe remains the primary focus, the firm has reserved 15% of the fund for US opportunities, potentially even an NBA stake, and another 15% for outright buyouts, marking its first step into full ownership of select smaller properties.
Blending sports equity with tech-driven synergies
A defining feature of APEX’s model is the connection between its team investments and its venture portfolio. With backers including athletes like Lando Norris and Carlos Sainz and strategic partners such as Red Bull’s investment arm, the firm has already built credibility across the sports ecosystem.
Portfolio companies like TMRW Sports, Output, and ScorePlay offer data, media, and performance technologies that could complement future club investments. This cross-pollination allows APEX to test innovations inside real sports organisations while strengthening the commercial potential of its tech holdings.
What’s next?
Looking ahead, the firm is already exploring opportunities in Asia and South America and plans to launch another venture fund next year. With its expanding mandate, APEX is positioning itself as a hybrid investor capable of influencing both the business of sport and the technology shaping its future.
“I believe there is a real opportunity in teams, leagues, and assets that want to grow without giving up control,” said António Caçorino, founder and CEO of APEX. “We feel that we can deploy even more. But I think it’s always good to have your target a little bit below where your realistic pipeline is so you make sure that you’re really investing in the best deals.”
