Kara Nortman is building a new investment market around women’s professional sports. Her $250 million Monarch Collective women’s sports fund backs teams and leagues, aiming to turn growing fan interest into sustainable businesses.
Nortman co-founded Angel City FC in 2020 alongside Natalie Portman and Julie Uhrman. The Los Angeles soccer club became known for its celebrity investors, sponsorship agreements and strong ticket sales, even as its on-field results fluctuated.
Angel City grew from a new franchise to approximately $30 million in annual revenue. Its commercial success attracted major investors and became the subject of a Harvard Business School case study examining the club’s business model.
In 2024, Bob Iger and Willow Bay acquired a controlling stake in Angel City in a $250 million transaction. The deal established a record valuation for a women’s professional sports team at the time.
Monarch Collective women’s sports fund expands internationally
Nortman launched Monarch Collective in 2023 with Jasmine Robinson, a former Causeway investor. The firm focuses exclusively on women’s sports, using concentrated investments and operational support rather than the broader portfolio approach of traditional venture capital.
Its investments include three National Women’s Soccer League clubs: Angel City FC, San Diego Wave FC and Boston Legacy FC. In November 2025, Monarch announced its first European investment through a partnership with FC Viktoria Berlin.
The agreement provides for Monarch to gradually acquire up to 38% of the German women’s soccer club. It also gives Viktoria access to the firm’s commercial expertise, investor network and operational resources.
Monarch expanded beyond soccer in March 2026, acquiring a minority stake in Cleveland’s WNBA expansion franchise. The investment marked the firm’s entry into professional women’s basketball.
Nortman believes women’s sports represent an underdeveloped commercial market. In a podcast interview, she explained that rising attendance, sponsorship opportunities and media rights are creating new investment possibilities.
Building profitable sports businesses
Monarch’s strategy differs from passive sports ownership. The firm works with controlling investors to improve operations, commercial partnerships and long-term financial performance.
Its investment decisions prioritize established sports with proven spectator demand. Soccer, basketball, tennis and golf fit that approach because they already have professional competitions and audiences.
Nortman also sees opportunities in partnerships that traditional sports franchises may overlook. Angel City’s marketing collaborations and merchandise releases have demonstrated how women’s teams can attract brands and build connections with supporters.
However, growing popularity does not automatically translate into profitability. Teams still need effective management, suitable facilities, reliable revenue and strong league governance.
Monarch originally planned to raise a smaller fund, but investor demand helped it increase its debut vehicle to $250 million. Its backers include Melinda French Gates’ Pivotal Ventures and prominent sports and business figures.
Nortman has emphasized that long-term investment matters more than temporary attention around individual athletes or major events. Women’s sports have experienced earlier periods of popularity without sustained financial support.
For Monarch, the challenge is turning that audience interest into dependable revenue. Its investments across American and European sports will test whether commercially successful teams can build lasting businesses regardless of their results on the field.
