Apollo Set to Launch $5 Billion Sports Investment Vehicle

Apollo Global Management Inc. is poised to launch a $5 billion strategy to invest in sports deals, marking another major asset manager targeting the booming sector.

The New York-listed private capital giant, which had $840 billion of global assets under management by the end of June, is planning on building a permanent capital-base for the fresh effort, according to a person with knowledge of the matter. Bloomberg first reported the plans in July.

Apollo’s strategy is set to specialize in lending long-term strategic capital to sports leagues and clubs. It will also consider owning stakes in teams, though this ...