Ariel’s Project Level Seeks $1 Billion for Women’s Sports

March 16, 2026

Ariel Investments, the global asset manager, is seeking $1 billion for its first fund focused on women’s sports, according to four people familiar with the situation.

In February, Ariel said its Project Level fund had clinched a $250 million first close. The Chicago firm expects to reach a second close in the second quarter, a different person familiar with the situation said. Ariel, which is not using a placement agent for the fund, had $14.3 billion in assets under management as of Dec. 31.

An Ariel spokeswoman declined comment.

At $1 billion, Project Level will easily be the largest fund to focus on women’s sports; it will target teams and leagues, youth sports and sports-adjacent businesses. Project Level has so far invested in the NWSL’s Denver Summit FC and League One Volleyball.

Ariel, which manages mutual funds and ETFs, launched its alternatives arm in February 2021. Project Black, its first PE fund, raised $1.45 billion in 2023. The pool targets middle market companies, including Black and Latino-owned businesses, with $100 million to $1 billion in revenue. In January 2025, Ariel unveiled its Project Level strategy that aims to “level the playing field” and elevate women’s sports to its rightful place in the major leagues. finance yahoo!