Monarch Collective Expands Fund To $250 Million To Keep Fueling Women’s Sports Boom

Forbes

The private equity firm hasn’t had an exit yet, but investors are so eager to get into the NWSL and other surging leagues that its founders have secured an additional $100 million for their war chest.  Read the full story on Forbes: https://www.forbes.com/sites/justinbirnbaum/2025/03/13/monarch-collective-expands-fund-to-250-million-to-keep-fueling-womens-sports-boom/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, Monarch Collective expands fund to $250 million to keep fueling women's sports boom.

00:10When Karen Nortman and Jasmine Robinson started investment fund Monarch Collective two years ago,

00:16the duo set out to raise $100 million.

00:19But their concept, to exclusively target the burgeoning world of women's professional sports,

00:24was so well-received that they quickly blew past that figure, landing an additional $50 million.

00:31As investor enthusiasm continued, reports emerged in January that the fund had crossed the $200 million mark.

00:38Now, the firm has reached another milestone.

00:41On Thursday, Monarch Collective announced it has expanded again to $250 million.

00:49Nortman, who previously served as a managing partner at Upfront Ventures

00:53and in 2020 co-founded the National Women's Soccer League's expansion club in Los Angeles, Angel City FC, says,

01:01We looked around and said the strategy is exactly the same.

01:04But for the amount of work we're doing and how hard it is to get the best transactions done with the right people,

01:09our fund could probably be a little bit bigger.

01:13To achieve that growth, the fund tapped existing investors, including Melinda French-Gates' Pivotal Ventures,

01:20former Netflix executives Cindy Holland and Sarah Hardin, CEO of TV and film production company Hello Sunshine,

01:27and new ones such as former Ernst & Young executive Beth Brook and the Rockefeller Foundation's Elizabeth Yee.

01:34It's not as if Monarch was hurting for capital.

01:37Even with its three investments to date, minority stakes in NWSL teams Angel City FC, San Diego Wave FC, and Boss Nation FC,

01:47which is set to begin play next year, the firm had, quote,

01:50significant money left in its war chest.

01:53But the cash infusion gives Monarch more optionality.

01:57For instance, the firm could now augment its three NWSL positions while continuing to adhere to league rules on institutional investors,

02:05which are allowed to buy up to 20% in each of three clubs, with the total value capped at 30% of a particular fund.

02:13That translates to an NWSL spending ceiling of $75 million across Monarch's $250 million fund,

02:21up from $45 million when the firm had raised $150 million.

02:26Monarch plans to make seven or eight investments across the life of its 10-year fund, including the three existing ones.

02:33And with aspirations to seed teams, leagues, and adjacent rights-related businesses in other sports or countries,

02:39being able to write a bigger check doesn't hurt.

02:42Robinson, a former partner at growth-stage venture capital firm Causeway, says, quote,

02:57The timing is opportune, coming off a record-setting year for women's sports.

03:02In 2024, the NWSL drew more than two million fans.

03:07The WNBA delivered its highest total attendance in 22 years,

03:11and the Professional Women's Hockey League had a promising debut season

03:15that included a capacity crowd of 21,105 at Montreal's Bell Centre in April,

03:20the largest audience ever for a women's hockey game.

03:24Meanwhile, broadcast viewership for women's sports rose 131% from 2023, according to TV data firm EDO.

03:33Those achievements have ushered in a series of financial breakthroughs.

03:36The WNBA is reportedly set to receive an average of $200 million annually as part of the NBA's new TV rights package,

03:44more than triple the size of the league's previous media deal.

03:47And the NWSL landed agreements with ESPN, CBS, Scripps, and Amazon Prime

03:54that will collectively pay the league $60 million annually over four years, a 40-fold increase.

04:01Team values have skyrocketed, with San Diego Wave FC selling for a weighted average of $113 million last year

04:09and Angel City changing hands for $250 million,

04:13in addition to Denver securing the NWSL's latest expansion slot for a reported $110 million.

04:22For full coverage, check out Justin Birnbaum's piece on Forbes.com.

04:31.

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