The Deal with Alex Rodriguez and Jason Kelly• Apr 23, 2026• 29:44Interview

How Monarch Collective Made WNBA History in Cleveland | The Deal with Alex Rodriguez and Jason Kelly

From The Deal with Alex Rodriguez and Jason Kelly

Karen Ortman•Co-Managing Partner, Founder of Monarch Collective

Executive Summary

Monarch Collective, the first dedicated fund for women's sports, has successfully raised a $250M fund, significantly exceeding its initial $100M target, backed by prominent LPs like Billie Jean King and Melinda French Gates.
The fund employs a thesis-driven, long-term investment strategy focused on leagues with escalating media rights revenue and a clear path to profitability, such as the WNBA and NWSL.
Monarch recently became the first institutional fund to invest in the WNBA, acquiring a stake in the new Cleveland expansion team, viewing the league as a "hyper growth" opportunity in its early stages of development.
The firm's investment philosophy targets an asymmetric risk profile, where franchise values and media rights provide downside protection while offering significant upside potential as team valuations continue to soar.

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Concerns Raised

The historical financial instability of past women's professional leagues remains a cautionary tale.
The risk of deploying too much capital too quickly into the ecosystem could dilute returns and inflate asset prices.
Navigating the complexities and challenges of building sustainable businesses in women's sports is acknowledged as being 'so hard'.

Opportunities Identified

Massive valuation growth potential for teams in leagues like the WNBA and NWSL.
Exponential growth in media rights revenue as viewership and interest continue to surge.
First-mover advantage in a nascent but rapidly professionalizing asset class.
Opportunity to build global brands and innovate around fan experience, sponsorship, and storytelling.

Key Themes

Pioneering Investment in Women's Sports

Monarch Collective has established itself as the first dedicated institutional fund focused exclusively on women's sports. This first-mover advantage allows them to shape the market, build foundational relationships, and access proprietary deal flow in a rapidly growing but still nascent ecosystem.

This positions Monarch not just as a financial investor but as a key ecosystem builder, giving them unique influence and insight as the asset class matures.

Thesis-Driven, Relationship-Based Strategy

The fund emphasizes a patient, thesis-driven approach, studying market trends for years before investing. They prioritize building authentic, long-term partnerships with leagues and teams, often providing strategic help for free to establish trust and gain access to non-marketed opportunities.

This strategy differentiates them from traditional private equity, allowing them to secure favorable terms and partner with the best operators who value their expertise over just their capital.

The 'Hyper Growth' Asset Class

Monarch identifies leagues like the WNBA as being in a "hyper growth" phase, characterized by inflection points in viewership, media rights value, and fan engagement. The firm's analysis suggests these leagues are in the early innings of their growth trajectory, presenting a significant opportunity for value appreciation.

This framing justifies potentially high entry valuations by focusing on the exponential future growth potential, driven by secular tailwinds like the 'Caitlin Clark effect' and increasing media attention.

De-Risking Through Media Rights and Franchise Scarcity

Monarch's investment thesis is built on an asymmetric risk profile. The downside is protected by the inherent scarcity and value of professional sports franchises and the floor provided by growing, long-term media rights deals. The upside is the significant potential for valuation multiples to expand as leagues mature.

This approach provides a compelling argument for LPs, framing women's sports not as a speculative or impact-only investment, but as a sound financial opportunity with structured downside protection.

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Topics

Women's Sports Sports Investing Private Equity Fundraising Investment Thesis Monarch Collective WNBA NWSL Team Valuations Media Rights Franchise Investing Angel City FC Limited Partners (LPs)Caitlin Clark Effect Deal Sourcing

Processed Apr 23, 2026 yt-dlp + mlx-whisper + Gemini