Ariel Investments’ Project Level Targets $1 Billion for Women’s Sports Fund

Ariel Investments’ dedicated women’s sports fund, Project Level, is aiming to raise $1 billion, marking a significant step in the growing investment landscape for women’s athletics. The fund has already secured a first close of $250 million in February and anticipates a second close in the second quarter of this year, according to sources familiar with the situation.

Project Level: A New Venture in Women’s Sports Investment

Launched in January 2025, Project Level seeks to capitalize on the rapid growth of women’s sports, which generated over $1.28 billion in global revenue in 2024 – a 300% increase in three years [Ariel Investments]. The fund aims to make “diversified investments” and acquire “significant ownership stakes” to accelerate growth within the sector, recognizing its current underappreciation within the broader sports economy.

Investment Focus and Current Holdings

Project Level will target a wide range of opportunities, including professional and emerging sports teams and leagues, youth and college sports initiatives, and businesses that support the expansion of women’s sports. To date, the fund has invested in the National Women’s Soccer League’s (NWSL) Denver Summit FC and League One Volleyball (LOVB) [Yahoo Finance].

Leadership and Firm Overview

Jason Wright, former president of the Washington Commanders, serves as the managing partner and head of investments at Project Level. Mellody Hobson, Co-CEO and President of Ariel Investments, is a key investor and leader of the Project Level effort. She also holds an ownership stake in the NFL’s Denver Broncos and is an alternate governor of the NWSL’s Summit [Yahoo Finance].

Ariel Investments, managing approximately $14.3 billion in assets as of December 31, launched its alternatives arm in February 2021. Project Black, the firm’s first private equity fund, raised $1.45 billion in 2023 [Yahoo Finance].

Potential Impact and Market Position

If Project Level successfully closes at $1 billion, it will become the largest fund dedicated to women’s sports, surpassing the $250 million raised by Monarch Collective in 2023 [Yahoo Finance]. This substantial investment signals a growing confidence in the financial potential of women’s sports and a commitment to “level the playing field” for investment, attention, and profits [Afrotech].