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- Project Level was announced in January 2025
- It is one of the largest funds ever dedicated to women’s sports
- Project Level has invested in Denver Summit and LOVB
Ariel Investments’ dedicated sports fund, Project Level, has completed its first close with US$250 million in committed capital.
Launched in January 2025 by Chicago-based asset management firm Ariel, which manages approximately US$14.3 billion in assets, the fund aims to supercharge growth in women’s sports through ‘diversified investments and significant ownership stakes’.
Project Level is one of the largest funds ever dedicated exclusively to women’s sports, and it now plans to acquire stakes in teams and leagues across the US and Europe. Mellody Hobson, Ariel’s co-chief executive and president, also said that the fund intends to continue raising capital, though she did not disclose its ultimate fundraising goal.
The US$250 million in committed capital matches the size of the largest fund dedicated to women’s sports. Last year, Monarch Collective, which holds stakes in the National Women’s Soccer League’s (NWSL) Angel City and San Diego Wave, also announced that its fund had reached US$250 million.
Ariel launched Project Level based on the belief that women’s sports represents ‘one of the most compelling, underappreciated growth opportunities in the global sports economy’. Hobson highlighted that, despite increases in viewership, attendance, participation and sponsorship, the sector still receives only a fraction of the capital allocated to men’s sports – a situation it views as an opportunity
“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,” said Hobson.
Ariel’s women’s sports portfolio includes stakes in new NWSL expansion franchise Denver Summit and League One Volleyball (LOVB).
In a memo, Hobson stated that since Ariel’s investment in Denver Summit, NWSL team expansion fees have risen by 50 per cent in just ten months, from US$110 million to US$165 million. Additionally, ticket demand has far exceeded initial projections. She added that viewership numbers for the second season of the LOVB pro league have increased by 85 per cent so far.
“These are not anecdotes, they are signals,” said Hobson. “Reaching US$250 million is a meaningful start, not a finish line. 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.”
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