Collaborative Fund takes stake in D.C. United, following Thrive Capital's sports play
Original: Thrive Capital led VCs into pro sports ownership; Collaborative Fund just upped that play
Why This Matters
Venture capital is pioneering a new third path into pro sports ownership, distinct from PE and personal wealth.
Collaborative Fund, a New York-based VC firm with ~$1B AUM, has acquired a stake in MLS club D.C. United and its stadium, Audi Field. The move follows Thrive Capital's entry into pro sports ownership via its Thrive Eternal vehicle, which bought the LA Lakers for a record $12.5 billion.
Collaborative Fund, a 15-year-old New York-based generalist venture firm managing roughly $1 billion in assets — known for early bets on Lyft, Reddit, Sweetgreen, and Olipop — has taken a stake in MLS soccer club D.C. United and its stadium, Audi Field. The deal marks the latest venture firm to pursue pro sports ownership, a path opened by Thrive Capital months earlier.
Thrive launched Thrive Eternal, a permanent-capital vehicle built to hold 'iconic franchises and cultural institutions' for decades. It first announced a stake in the San Francisco Giants, then — with former Disney CEO Bob Iger joining as co-owner — purchased the LA Lakers outright for a record $12.5 billion.
The two firms take different approaches: Thrive built a standalone vehicle for trophy assets, while Collaborative is investing from its standard early-stage fund, treating the D.C. United stake as infrastructure rather than a long-term hold. Founder Craig Shapiro wrote in a memo that 'a franchise is the ultimate consumer product,' citing D.C. United's status as one of MLS's founding clubs.
Historically, pro sports investment has flowed through individual tech fortunes — such as Vinod Khosla's family agreeing to buy the Seattle Seahawks for $9.6 billion — and private equity firms like Sixth Street, Ares, RedBird, and Arctos, which hold stakes across MLB, NFL, NBA, and European soccer.