A private investment vehicle dedicated exclusively to women’s sports has raised $250 million in committed capital for its Project Level.
Chicago-based global asset management firm Ariel Investments completed its first close in Jan 2026 after launching Project Level one year ago.
Founded in Jan. 2025, Project Level is a private investment vehicle “built to capitalize” on the shift in women’s sports and “raise it to its rightful place in the major leagues.”
The fund focuses on female talent, fandom, viewership and media interest in women’s sports with returns coming via diversified investments and significant ownership stakes. When announced, Project Level spoke of the “compelling financial returns” to be had from capitalizing on the underappreciated growth of women’s sports.
Ariel Investments portfolio has a history of sports including a position in Madison Square Garden – the then owner of the New York Knicks, Rangers and Liberty – and shares in Manchester United.
Mellody Hobson, Co-CEO and President, said in an open memorandum marking the close of the capital, “The math is persuasive, the fundamentals are strong and the cultural tide is unmistakable.”
Not anecdotes, but signals
Supporting the assertion that women’s sports represent one of the most unappreciated growth opportunities in the sports economy, Hobson cited the success of the Denver Summit women’s soccer club, purchased by Project Level in Jan. 2025.
Within weeks of its official launch, Denver Summit sold 8,500 season tickets, exceeding initial projections. The team is anticipated to rank amongst the highest-revenue-generating NWSL (National Women’s Soccer League) teams this year.
League One Volleyball (LOVB) also received an investment from Project Level and has seen viewership numbers for the recently started second season of the LOVB pro league up 85% so far, as well as an increase in junior athlete participation.
For Hobson, “These are not anecdotes, they are signals.” Hobson, whose own sports porfolio has included the WNBA, had a clear message for the industry: “Women’s sports are no longer an emerging story – their time has come.”
