Collaborative Fund Takes D.C. United Stake to Turn MLS Into a Venture Platform
Collaborative Fund buys into D.C. United and Audi Field, using its early stage fund to turn pro sports ownership into a portfolio distribution channel.
Summary
On September 10, 2026, Collaborative Fund, a 15-year-old New York generalist with roughly $1 billion under management and early bets on Lyft, Reddit, Sweetgreen and Olipop, said it is taking a stake in Major League Soccer’s D.C. United and Audi Field, subject to MLS approval. Founder and managing partner Craig Shapiro is investing from the same early-stage fund used for seed and Series A checks, treating the club as consumer infrastructure rather than a permanent trophy asset. Audi Field’s scheduled crowds could showcase portfolio products through Whoop fan activations and Olipop concessions, while the club adds Washington real estate, Loudoun County, Virginia, talent development and rights to a future Baltimore expansion team. Shapiro cited the World Cup, the coming LA Olympics, rising U.S. youth participation and greater demand for live experiences as AI makes daily life feel more synthetic.
The model follows Joshua Kushner’s Thrive Capital but differs from Thrive Eternal, a permanent-capital vehicle backed by existing Thrive investors. Thrive Eternal took a San Francisco Giants stake, then bought the Lakers outright for a record $12.5 billion with Thrive partner and former Disney CEO Bob Iger as co-owner. Separately, Vinod Khosla’s family agreed this summer to buy the Seattle Seahawks for a record $9.6 billion after joining OpenAI chairman Bret Taylor in the San Francisco 49ers. Private equity is already entrenched: Sixth Street owns Celtics, Patriots and Giants stakes; Ares owns part of the Miami Dolphins and provided $500 million of preferred equity for Chelsea’s stadium; RedBird owns AC Milan and part of Liverpool and Red Sox parent Fenway Sports Group; Arctos spans MLB, NFL, NBA and European soccer; Apollo has mostly financed sports. Inter Miami roughly doubled after Lionel Messi arrived two years ago, MLS’s average club value rose about 134% since 2019, and D.C. United climbed from $35 million in 2008 to $785 million today, including Audi Field and nearby real estate.
Positives
- D.C. United’s valuation rose from $35 million in 2008 to $785 million today, including Audi Field and surrounding real estate.
- Audi Field gives Collaborative Fund predictable access to tens of thousands of attendees as a distribution channel for portfolio products.
- Whoop fan activations and Olipop concessions could connect Collaborative Fund’s existing investments directly with live sports audiences.
- MLS’s average club value has increased roughly 134% since 2019, supporting the investment case for soccer ownership.
- D.C. United includes a Loudoun County talent pipeline and rights to a future Baltimore expansion team.
Risks & concerns
- MLS approval remains outstanding, so Collaborative Fund’s investment in D.C. United and Audi Field is not yet final.
- The stake size and purchase price were not disclosed, limiting assessment of the deal’s valuation and financial exposure.
- Collaborative Fund is using its seed and Series A fund rather than a standalone permanent-capital vehicle for the sports investment.
- The proposed Whoop activations and Olipop concessions remain concepts rather than confirmed commercial programs.
- D.C. United’s rise to a $785 million valuation leaves future returns dependent on continued commercial growth or asset appreciation.