Monarch Collective, the $250 million private equity fund dedicated exclusively to women’s sports, has made its first move into Europe, acquiring a minority stake in FC Viktoria Berlin. The value of the deal was not disclosed, but Monarch confirmed it will gradually take ownership of a 38 percent stake in the newly promoted Frauen-Bundesliga club in Germany.
The investment marks Monarch’s entry into the international market. Founded in 2023 by Kara Nortman and Jasmine Robinson, Monarch already holds minority stakes in three NWSL teams — Angel City FC, San Diego Wave FC and Boston Legacy — and has been cultivating relationships across Europe.
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Viktoria Berlin has become a model for community-led women’s football in Germany. Founded in 2022 by six women, including venture capitalist Verena Pausder, former Germany international and current Fox Sports commentator Ariane Hingst, Olympic swimmer Franziska van Almsick, and comedian Carolin Kebekus, the group relaunched the club with a vision to climb from the third tier to the top flight.
“Their founding story really ran through Angel City; they were inspired by it,” she said. “They’re deeply embedded in the Berlin community, from soccer to politics to even running one of the city’s biggest breweries. Having built ACFC, we come from a heritage of really valuing that community component.”
In three seasons, the club secured promotion to the Frauen-Bundesliga’s second division under its all-female ownership group. The club has a sponsorship deal with Nike and has seen a surge in attendance, TV audiences and sponsorship revenue. Monarch’s investment, Nortman said, will build on that foundation without altering the club’s DNA.
“One of the things I think Monarch does well is that we go slowly. We’re patient,” Nortman said. “It’s one of our core values.”
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Over the last few years, the fund has expanded its presence in Europe to deepen ties. Buying into Germany came after more than a year of due diligence. That process involved a comprehensive study of Europe’s five major football markets: England, Germany, Spain, Italy, and France. Germany, Nortman said, quickly stood out.
“It’s Europe’s strongest economy, with a gross domestic product (GDP) nearing $5 trillion,” she said. “When we run diligence with potential sponsors, Germany consistently ranks among the most desirable markets for brand growth. Football is Germany’s national obsession, with more than $1 billion in domestic media rights each season.”
The successful history of Germany’s women’s national team was also of interest to the investors.
The deal adheres to Germany’s 50+1 rule, ensuring that local ownership retains majority control and democratic decision-making power.
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Monarch’s investment will focus on accelerating infrastructure, commercial growth, and global brand development while keeping the founding team in place.
“Our unofficial motto is, ‘We waste time with the right people.’ Our official one is building and uplifting communities that reflect this moment in time,” Nortman said.
This article originally appeared in The Athletic.
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