Beyond the Hype: Monarch and the Sustainable Future of Women’s Sports Investment
For years, the sports investment landscape has been dominated by a “spray and pray” approach – scattering capital across numerous startups with the hope of hitting a home run. But a new fund,Monarch,is challenging this paradigm,advocating for a more intentional,operationally-focused strategy that prioritizes long-term sustainability over fleeting trends. This isn’t just about betting on teams; it’s about building the foundations for entire leagues to thrive.
Monarch, founded by seasoned investors Breana Nortman and Jasmine Robinson, is taking a decidedly different tack. Instead of passively investing in dozens of ventures, they are concentrating their resources on a select few teams and leagues, then actively immersing themselves in the operational details that often determine success or failure. This approach, described by Nortman as applying “growth equity or private equity-like” risk management to “venture-like markets,” signals a maturing understanding of what it truly takes to build lasting value in sports.
The Unsung Heroes of Sustainable Growth: Infrastructure and Operations
The core philosophy underpinning Monarch’s strategy is a recognition that glamorous headlines and star players are built on a bedrock of unglamorous work. “It demands systematic investment in infrastructure, governance, and operations,” Nortman explains. this means focusing on the fundamentals – strengthening league structures, improving team management, and building robust financial models – before chasing media revenue. The goal isn’t simply to capitalize on existing popularity, but to create a sustainable ecosystem where teams can reach profitability and benefit from long-term growth.
This hands-on approach is a key differentiator. Monarch doesn’t just write checks; they “show up alongside control owners and add a lot of operational value,” actively partnering with leadership to optimize performance and build resilient businesses. This focus on profitability, even before explosive media growth, is a critical element of their risk mitigation strategy.
beyond Soccer: Identifying Sports with Proven Demand
While currently invested in four “football” clubs, Monarch’s vision extends far beyond a single sport. Their focus is on identifying established formats with demonstrably proven audiences - sports with “no product-market risk,” as Nortman puts it. The crucial question isn’t simply whether a sport is participatory (like pickleball), but whether it commands a dedicated viewership that translates into consistent media engagement.
This lens has led them to explore opportunities in women’s basketball, golf, and tennis – sports with ample existing infrastructure and notable untapped media revenue potential. The recent surge in popularity of women’s basketball, fueled by the arrival of players like Caitlin Clark, perfectly illustrates this point.
Validating a thesis: The Power of Ecosystem Investment
Monarch’s initial skepticism regarding the potential of women’s basketball, encountered during their fundraising phase, has been dramatically overturned. The WNBA‘s record-breaking viewership and the widespread attention garnered by Clark’s collegiate career have validated Nortman’s core thesis: investing in women’s sports isn’t about finding the one perfect team, but about fostering an ecosystem where multiple franchises can flourish.
“Some will win championships. Some will struggle competitively but succeed commercially,” Nortman explains. “The key is having enough capital and operational expertise distributed across the market to weather individual setbacks.” This diversified approach, coupled with operational support, is designed to build resilience and ensure long-term growth.
Angel City: A Blueprint for Success
The impact of Monarch’s approach is already visible. Angel City FC, a team with significant Monarch backing, has become a model for other ownership groups. “You started having other teams – Kansas city, Bay FC, Washington D.C. Spirit – with female-led ownership groups come in and show they could build a real P&L,” Nortman notes. Angel City’s success, whether intentional or not, has provided a template for building commercially viable and community-focused franchises.
Navigating the Boom: Sustainability Over Spectacle
as women’s sports experiences a period of unprecedented growth - with the launch of the Golden State Valkyries in the WNBA, the expansion of the NWSL, and increasing media rights deals – Nortman remains cautiously optimistic. She recognizes that past surges in interest haven’t always translated into sustained success.
The key, she argues, lies in focusing on the fundamentals: strong league governance, committed ownership, strategic infrastructure investment, and genuine community engagement. Media attention creates opportunity, but operational excellence is what makes that opportunity sustainable. “Every spike is an opportunity to create a consistent experience around it,” Nortman emphasizes. “You have to look at all the
