Key Takeaways
- Ariel Investments’ Project Level fund closes at $250M, matching Monarch Collective as the largest fund dedicated exclusively to women’s sports
- The fund has made two investments to date: NWSL expansion club Denver Summit FC and League One Volleyball (LOVB)
- NWSL expansion fees have risen 50% in ten months, from $110M to $165M, since Ariel’s Denver Summit investment
- LOVB viewership is up 85% in its second pro season
- Project Level plans to continue raising capital and acquire stakes in teams and leagues across the U.S. and Europe
$250M Positions Ariel Among Top Women’s Sports Investors
Ariel Investments, the Chicago-based asset management firm overseeing approximately $14.3 billion in assets, announced its Project Level fund has completed its first close at $250 million in committed capital. The milestone places Project Level alongside Monarch Collective, which reached the same figure last year, as the largest funds dedicated exclusively to women’s sports.
Launched in January 2025, Project Level is led by Managing Partner and Head of Investments Jason Wright. The fund targets professional women’s teams and leagues, youth sports, and businesses critical to women athletes across North America and Europe.
Ariel President and co-CEO Mellody Hobson indicated the firm plans to continue raising capital, though she declined to disclose the fund’s ultimate fundraising target.
Early Portfolio Shows Market Movement
Project Level has closed two investments since launch. The fund’s inaugural deal backed Denver Summit FC, the NWSL expansion club. It also invested in League One Volleyball (LOVB).
In a memo, Hobson pointed to early performance indicators. Since Ariel’s investment in Denver Summit, NWSL expansion fees have increased 50% in ten months, rising from $110 million to $165 million. Ticket demand for Denver Summit has exceeded initial projections. Meanwhile, LOVB viewership has climbed 85% in its second professional season.
“These are not anecdotes, they are signals,” Hobson said.
Hobson Frames Women’s Sports as Undervalued Asset Class
Hobson has characterized women’s sports as structurally undervalued relative to its growth metrics. Speaking on CNBC’s “Squawk Box,” she noted that most sports investment capital flows to men’s professional leagues.
“The vast majority of money that we’ve seen go into sports has gone into major league men or men’s sports specifically, which is why I keep calling women’s sports ‘the small caps of sports,’ perfectly aligned to what we do at Ariel, being misunderstood, ignored and mostly under followed,” Hobson said.
Ariel’s thesis centers on the gap between rising viewership, attendance, participation and sponsorship figures in women’s sports and the comparatively limited capital directed toward the sector. “Based on every measure you can look at, the arrows are straight up and to the right in women’s sports. And we think valuations will catch up with that,” Hobson added.
What $250M Means for Youth Sports and Beyond
While professional leagues anchor the current portfolio, Project Level’s mandate explicitly includes youth sports. For operators and investors tracking capital flows in the youth sports ecosystem, the fund’s growth signals institutional interest extending beyond top-tier professional properties.
As more capital enters women’s sports at scale, downstream effects on youth programming, facility investment and athlete development pipelines become increasingly relevant.
“Reaching $250 million is a meaningful start, not a finish line,” Hobson stated. “Our ambition remains clear: bringing scale, operational excellence and a discerning investment lens to elevate women’s sports while delivering compelling returns for our limited partners.”
photo: Ariel Investments
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