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

Seizing the Opportunity in Women’s Sports: The Strategy and Vision of Monarch Collective

A Historic Growth in Women’s Sports
The article chronicles the remarkable journey of Monarch Collective, a private equity firm founded by Kara Nortman and Jasmine Robinson, which focuses exclusively on investing in women’s professional sports. The firm’s rapid growth from an initial target of $100 million to a current war chest of $250 million underscores the burgeoning interest and potential in this previously underserved sector. Monarch Collective’s expansion is fueled by the surging popularity of leagues like the National Women’s Soccer League (NWSL) and the Women’s National Basketball Association (WNBA), which have seen record-breaking attendance and viewership. The NWSL, for instance, drew over two million fans in 2024, while the WNBA achieved its highest attendance in 22 years. This growth has attracted significant media rights deals, with the WNBA securing a reported $200 million annually and the NWSL landing a four-year agreement worth $60 million—a 40-fold increase from previous deals. Team valuations have also skyrocketed, with franchises like San Diego Wave FC and Angel City FC being sold for $113 million and $250 million, respectively.

A Strategic Approach to Investment
Monarch Collective’s strategy is rooted in a deep understanding of the rapidly evolving landscape of women’s sports. The firm’s founders, both seasoned investors with a proven track record, have taken a hands-on approach to their investments. This includes conducting due diligence that goes beyond financial metrics, such as meeting with political officials, touring practice facilities, and even participating in job interviews. This level of involvement reflects their commitment to not only generating returns but also fostering growth and sustainability within the teams and leagues they invest in. The firm’s current portfolio includes minority stakes in three NWSL teams—Angel City FC, San Diego Wave FC, and BOS Nation FC—and there are plans to make seven or eight investments over the life of the fund. Monarch’s strategy also includes exploring opportunities beyond team ownership, such as investing in leagues, rights-related businesses, and international markets.

A Growing Market with Challenges
Despite the optimism surrounding women’s sports, there are challenges that Monarch and other investors must navigate. For instance, most teams in the NWSL are currently unprofitable, and the league’s revenue pales in comparison to men’s sports. Angel City FC, for example, led the NWSL with over $30 million in revenue in 2024, but this figure is dwarfed by the $155 million generated by its Major League Soccer counterpart, LAFC. Profitability may remain elusive until teams can secure better media rights deals or develop new revenue streams, such as building their own stadiums. Additionally, the scalability of the women’s sports market remains to be seen. While the current growth is impressive, it is still early days, and sustained success will depend on continued investment, media coverage, and fan engagement.

A Visionary Perspective
Robinson compares the current opportunity in women’s sports to investing in the NFL during the 1970s or the NBA in the 1980s—eras that laid the foundation for those leagues to become global powerhouses. This analogy highlights the potential for women’s sports to experience similar growth, driven by increasing popularity, better media coverage, and changing societal attitudes. The market is also attracting high-profile investors, including Melinda French Gates’ Pivotal Ventures, former Netflix executive Cindy Holland, and the Rockefeller Foundation, signaling a broader recognition of the sector’s potential. Monarch’s founders are not just betting on the market’s growth; they are also at the forefront of a broader movement to level the playing field for women in sports and beyond. Nortman, who cofounded the nonprofit All Raise to promote diversity in venture capital, sees Monarch as part of a larger shift toward inclusivity and equity.

A Balanced Approach to Growth
While the opportunity in women’s sports is vast, Monarch Collective is taking a measured approach to growth. The firm has set a hard cap of $250 million, ensuring that it remains agile and able to collaborate closely with its partners. This approach reflects a balance between having sufficient capital to pursue meaningful deals and maintaining the flexibility to work closely with team owners and other stakeholders. Monarch’s decision to stay at its current size also signals a commitment to quality over quantity, ensuring that each investment aligns with its strategic vision and values. This disciplined approach is likely to serve the firm well as it navigates the complex and evolving landscape of women’s sports.

A Bright Future Ahead
In conclusion, Monarch Collective’s story is one of vision, strategic execution, and a commitment to making a meaningful impact. The firm’s success to date is a testament to the growing recognition of women’s sports as a viable and attractive investment opportunity. While there are challenges to overcome, the momentum behind women’s sports presents a compelling case for investment. With a talented team, a clear strategy, and a strong moral compass, Monarch Collective is well-positioned to capitalize on this moment and help shape the future of women’s sports. The firm’s aspirations are ambitious—Robinson even suggests that a women’s sports franchise could be worth $1 billion by 2033—but they are grounded in a deep understanding of the market and a belief in the power of sports to inspire and transform lives.