MEMORANDUM

I am pleased to announce Project Level has completed its first close with $250 million in committed capital.

Our progress is both affirming and energizing. One year ago, we launched this effort believing women’s sports represented one of the most compelling, underappreciated growth opportunities in the global sports economy. Despite surging viewership, attendance, participation and sponsorship, women’s sports receive a fraction of the capital allocated to men. Herein lies the opportunity.

A robust pipeline allowed us to warehouse, pre-closing, two investments to anchor a diversified portfolio that will be comprised of teams, leagues and women’s sports adjacent businesses. To date, our ownership in Denver Summit—the sixteenth National Women’s Soccer League (NWSL) expansion team—and League One Volleyball (LOVB), underscores the scale, momentum and cultural relevance defining this once-in-a-generation inflection point in sports.

• Since our Denver Summit purchase last January, NWSL team expansion fees rose 50% in just 10 months—from $110 million to $165 million.
• Within weeks of its official launch, Denver Summit sold 8,500 season tickets—crushing initial projections. We anticipate Denver Summit will rank amongst the highest-revenue-generating NWSL teams.
• Since investing in LOVB last May, 7,000 more girls are playing in its youth clubs—with total participation of 25,000 junior athletes at year-end.
• Viewership numbers for the recently started second season of the LOVB pro league are up 85% so far.

These are not anecdotes, they are signals. Reaching $250 million is a meaningful start, not a finish line. Our ambition remains clear: bringing scale, operational excellence and a discerning investment lens to elevate women’s sports while delivering compelling returns for our limited partners.

The math is persuasive, the fundamentals are strong and the cultural tide is unmistakable.

Women’s sports are no longer an emerging story—their time has come.