Mellody Hobson announced the launch of Project Level, a $1 billion [1] private-equity fund targeting assets in women's sports.

The move signals a shift in institutional capital toward women's athletics, treating the sector as an undervalued asset class with significant growth potential.

Hobson, who serves as co-CEO of Ariel Investments and CEO of Ariel Alternatives, detailed the initiative during an appearance on the Forbes Iconoclast video series. She said the fund is designed to capitalize on a market she believes is primed for explosive growth.

According to Hobson, the current landscape of women's athletics provides a unique window for investors to acquire assets before valuations reach their peak. The $1 billion [1] Project Level fund will focus on identifying and acquiring these high-return opportunities across the sports industry.

"Women's sports represent a once in a generation opportunity," Hobson said.

This investment strategy targets the gap between the current commercial valuation of women's sports, and their actual viewership and engagement metrics. By deploying private equity, Hobson aims to scale the infrastructure and commercial reach of women's teams and leagues.

Hobson said the fund is a response to the increasing professionalization and visibility of female athletes globally. The initiative seeks to provide the necessary capital to transform these sports from niche interests into mainstream commercial powerhouses.

“"Women's sports represent a once in a generation opportunity,"”

The launch of Project Level represents a transition from opportunistic sponsorship to strategic ownership in women's sports. By applying a private-equity model to this sector, Hobson is betting that the disparity between women's sports' current valuations and their audience growth will yield high returns, potentially triggering a wave of similar institutional investments.