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The WNBA's expansion into Cleveland is powered by private equity
Posted
April 23, 2026
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April 23, 2026
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1:25Now PlayingKara Nortman bets big on women’s sports, and it’s paying off. She is the co-owner of Angel City FC, an NWSL team with a $335 million valuation. She is also the managing partner of Monarch Collective, the first investment platform exclusively dedicated to women’s sports. Monarch Collective is now a $250 million fund with a stake in three NWSL teams and a European football club. In March, Monarch acquired a minority stake in Cleveland’s WNBA expansion team, becoming the first private equity firm to invest in the league.
In this episode of The Deal, Kara breaks down for Alex and Jason how Monarch became the first private equity firm approved to invest in the WNBA. She also explains why she considers this moment the “third inning” of women’s sports investment and why she is willing to waste time with the right people. Kara also breaks down her belief that the key to derisking women’s sports is putting butts in seats.
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