(Reuters) - Private equity behemoth Apollo Global Management ( APO ) has invested $700 million in high-profile record label Sony Music Group, allowing its clients an opportunity to invest in "high grade" alternative assets.

Apollo did not reveal the terms of the deal with Sony ( SONY ), which works with artists such as Lil Nas X and Celine Dion.

Booming demand for alternative investments has boosted the appeal of the music industry as investors look beyond traditional assets such as stocks and bonds, making it a popular asset class for Wall Street firms in recent years.

Heavyweights of the financial world are cashing in on the lucrative streaming rights and cash flows the industry offers.

"This investment allows our clients to invest in high grade securities while helping Sony ( SONY ) to execute its business plans," said Jamshid Ehsani, a partner at Apollo said on Friday.

Apollo had also backed media and entertainment-focused investment firm HarbourView Equity Partners in 2021.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)