Fund Friday: Top fundraising news in private equity

Apex, the athlete-backed sports investment firm, has launched a new fund targeting minority stakes in European sports assets valued between €50m and €500m, as private equity accelerates its push into the sector, Bloomberg says.

The firm, backed by more than 100 professional athletes including Formula 1 champion Lando Norris and fellow driver Carlos Sainz, plans to focus on smaller assets that have so far attracted less institutional attention despite a surge in global sports valuations. Apex has already invested in the BWT Alpine F1 Team, Venezia Football Club, and Tiger Woods-backed TGL.

TPG has closed more than $6.2bn for its latest private credit fund, surpassing a $4.5bn target and doubling the size of the previous vehicle, as investors continue to channel capital into bespoke lending strategies that support private equity-owned companies, according to Bloomberg.

The Credit Solutions Fund will provide privately negotiated, highly structured debt to public and private borrowers, including sponsor-backed businesses facing refinancing pressure from higher rates and large maturity walls. Ryan Mollett, TPG’s global head of credit solutions, said demand for flexible capital is rising as traditional financing options remain constrained. “Demand for our capital right now is immense,” he said.

BlackRock plans to expand its private markets offering for retail investors with a new series of funds developed in partnership with HPS Investment Partners, the credit specialist it acquired for $12bn earlier this year.

Speaking at the Goldman Sachs Financial Services Conference, BlackRock chief financial officer Martin Small said the platform is preparing five to seven new vehicles, potentially branded the H Series, to launch next year. “We’re really building out the product agenda,” he said. “That’s an H series that ultimately, I think, we can bring in a very coordinated way.”