Apollo to Buy United Living in First UK Deal for Impact Fund

Apollo Global Management Inc. is buying United Living, a UK provider of maintenance and construction services focused on the affordable housing sector, as the private-equity firm steps up investments dedicated to social responsibility.

The deal is the first in the UK for Apollo’s $1 billion impact fund, which has made four other investments globally. Financial terms weren’t disclosed in a statement Tuesday but people with knowledge of the transaction said it valued the Kent-based company at more than £300 million ($370 million).

Apollo wants to invest in more mid-market companies including those engaged in education, health, safety and climate ...