Overview

For a decade, the four major North American leagues outperformed the S&P 500 by 3x to 8x. Returns like that should have attracted institutional capital years ago, but until recently the doors have been closed.

Three deals tell the story of what's changed:

1. The NFL approved private equity in August 2024, opening up the last league holding out.

2. Apollo and Avenue both closed dedicated sports funds last September, signaling that sports is now a standalone asset class rather than a sleeve inside a buyout fund.

3. The Boston Celtics sold for $6.1B in March 2025, the largest North American sports transaction on record.

The firms underwriting the asset class today look very different from the billionaires who used to own these teams.

The report

This report maps the thirty firms underwriting the asset class today: generalist mega-funds with sport exposure, dedicated sport-only funds, and capital from family offices and operators.

Table of contents

• Overview · page 3

• By the numbers · page 4

• Why now · page 5

• Three strategies · page 6

• Market map · Traditional allocators · page 7

• Market map · Dedicated platforms · page 8

• Market map · Strategic capital · page 9