Key Takeaways
- Ariel Investments is seeking $1 billion for Project Level, which would make it the largest fund dedicated to women’s sports
- The fund closed its first $250 million in February and expects a second close in Q2 2026
- Target areas include teams, leagues, youth sports, and sports-adjacent businesses
- Project Level has already invested in NWSL expansion club Denver Summit FC and League One Volleyball
- U.S. women’s sports revenue grew 4.5x from 2022 to 2024, with rightsholders projected to reach $2.5 billion by 2030
From $250 Million to a Billion-Dollar Target
Ariel Investments is looking to raise $1 billion for Project Level, its first fund focused on women’s sports, according to Sportico. The Chicago-based global asset manager, which had $14.3 billion in assets under management as of December 31, closed its first $250 million in February. A second close is expected in Q2 2026.
As YSBR previously reported, the fund’s initial close positioned Project Level alongside Monarch Collective’s $250 million fund as one of the largest pools of capital committed specifically to women’s sports. A $1 billion close would put it in a category of its own.
Youth Sports in the Investment Thesis
Project Level’s target areas go beyond professional leagues. The fund is focused on teams, leagues, youth sports, and sports-adjacent businesses. That scope matters for the youth sports industry, where institutional capital at this scale has been limited on the women’s and girls’ side.
Jason Wright, former NFL running back and ex-president of the Washington Commanders, serves as managing partner and head of investments. Mellody Hobson, co-CEO and president of Ariel Investments, is leading the broader Project Level effort. She is also an investor in the Denver Broncos and alternate governor of NWSL’s Denver Summit.
Market Momentum Behind the Raise
The fundraise is happening against a backdrop of measurable growth in women’s sports. NWSL team values are up 77% since 2024, with the league’s 16 clubs collectively valued at $2.6 billion. Five clubs have more than doubled in value over that span. U.S. women’s sports revenue grew 4.5 times from 2022 to 2024 and is projected to reach $2.5 billion in rightsholder value by 2030, according to McKinsey.
Other funds in the space are seeing strong demand as well. Monarch Collective, led by Kara Nortman and Jasmine Robinson, initially targeted $100 million for its debut fund and closed at $150 million in 2023. Investor demand prompted the firm to reopen Fund I, which reached $250 million last year.
“We were encouraged by our largest LPs to reopen the fund given the market growth,” said Jasmine Robinson, Monarch managing partner and co-founder.
What a Billion-Dollar Fund Means for the Youth Sports Economy
If Project Level reaches its $1 billion target, it would represent a step change in how institutional capital flows into women’s sports, including the youth pipeline. With youth sports specifically named as a target category, operators and organizations on the girls’ sports side should be paying attention to where this capital lands over the next 12 to 18 months.
Source: Sportico, Luisa Beltran, March 16, 2026
Photo: Robin Alam/ISI Photos/Getty Images
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