Getty Images
Ariel Investments’ dedicated women’s sports fund Project Level is aiming to raise US$1 billion, according to Sportico.
Key details:
- Ariel committed first close for Project Level, with US$250 million in committed capital last month
- Firm reportedly expects to reach second close in the second quarter of this year
- Fund to target teams, leagues, youth sports and sports-adjacent businesses
Context:
Project Level was launched in January 2025 by Ariel, which manages an estimated US$14.3 billion in assets. The Chicago-based firm said the fund would make ‘diversified investments’ and buy ‘significant ownership stakes’ to accelerate growth in women’s sports, which it feels is underappreciated within the global sports economy.
Up to now, the fund has invested in new National Women’s Soccer League (NWSL) club Denver Summit and League One Volleyball (LOVB). It counts former Washington Commanders president Jason Wright as managing partner and head of investments, while Mellody Hodson, the co-chief executive and president of Ariel, is an investor in the National Football League’s (NFL) Denver Broncos and the alternate governor of the NWSL’s Summit.
Should Project Level close at US$1 billion, it would become the largest fund dedicated to women’s sports. Its close last month matches the size of Monarch Collective, another women’s sports fund that reached US$250 million last year.
RELATED POSTS
Women’s sport audiences are surging, but billions remain untapped. SportsPro London’s dedicated content track shows investors, sponsors, rights holders and media how to close the monetisation gap and scale this high-revenue opportunity. Taking place this April, learn more here.