Managed by Ariel Investments—which oversees approximately $14.3 billion in assets—Project Level has emerged as one of the largest funds globally dedicated exclusively to the women’s sports sector. Led by Ariel’s co-CEO and president Mellody Hobson, the fund views women’s sports as a premier, underappreciated growth opportunity.

Market Signals and Valuation Growth

Hobson highlighted that the investment thesis is backed by data rather than anecdotes. Since Project Level’s investment in the NWSL expansion franchise Denver Summit, expansion fees in the league have surged 50% in just ten months, rising from $110 million to $165 million.

“Based on every measure you can look at, the arrows are straight up and to the right in women’s sports,” Hobson stated. “We think valuations will catch up with that reality.”

Current Portfolio

The fund has already deployed capital into:

• Denver Summit (NWSL): A key expansion team in the premier US women’s soccer league.
• League One Volleyball (LOVB): A professional volleyball league seeing an 85% increase in viewership in its second season.