Ariel Investments, the global asset manager, is raising $1 billion for its inaugural fund focused exclusively on women’s sports, according to multiple sources familiar with the matter.
The fund, named Project Level, had a $250 million first close in February and is targeting a second close in the second quarter. At $1 billion, it would be the largest fund ever dedicated to women’s sports, aiming to invest across professional teams and leagues, youth sports, and sports-adjacent businesses. So far, Project Level has backed the NWSL’s Denver Summit FC and League One Volleyball.
Project Level is led by Jason Wright, former NFL running back and ex-president of the Washington Commanders, who serves as managing partner and head of investments. Mellody Hobson, co-CEO and president of Ariel Investments, is spearheading the effort and also holds investments in the Denver Broncos while serving as alternate governor for Denver Summit.
The initiative comes amid a booming period for women’s sports. Since 2024, NWSL team values are up 77%, collectively worth $2.6 billion, with five clubs more than doubling in value. The WNBA is reportedly on the verge of a groundbreaking collective bargaining agreement, while viewership for events such as the women’s ice hockey final at the Milan Olympics set a record with 7.7 million peak viewers. Revenue for U.S. women’s sports grew 4.5 times from 2022 to 2024 and is projected to reach $2.5 billion in value for rights holders by 2030, according to McKinsey.
Other private equity firms focused on women’s sports are also seeing strong demand. Monarch Collective, co-founded by Kara Nortman and Jasmine Robinson, initially targeted $100 million with its debut fund and closed at $150 million in 2023. Investor interest prompted Monarch to reopen Fund I in 2024, ultimately closing at $250 million last year.
Robinson noted, “We were encouraged by our largest LPs to reopen the fund given the market growth. Many investors ended up doubling their commitments, and it also allowed us to bring in new LPs who had been following our work.â€
Project Level marks a strategic push by Ariel Investments to “level the playing field†and elevate women’s sports to its deserved place in the professional sports landscape.