Collaborative Fund, a 15-year-old New York-based generalist venture firm with roughly $1 billion under management, is taking a stake in Major League Soccer club D.C. United and its Washington stadium, Audi Field. The investment, which remains subject to MLS approval, adds to a growing push by venture firms and private-equity investors into professional sports ownership. Collaborative is using the same fund it relies on for seed and Series A investments rather than establishing a dedicated long-term vehicle. Founder and managing partner Craig Shapiro has framed the club as a consumer business and Audi Field as an operating asset that could showcase portfolio brands such as Whoop and Olipop. The firm also cited D.C. United's history as an original MLS club, its fan base, Audi Field's Washington location, a Loudoun County development pipeline and rights to a future Baltimore expansion team. D.C. United's valuation has risen from $35 million in 2008 to $785 million today, including the stadium and related real estate. The deal follows Thrive Capital's use of its separate Thrive Eternal vehicle for sports investments, including stakes in the San Francisco Giants and the proposed $12.5 billion purchase of the Los Angeles Lakers. Meketa estimates the global sports market generated $463 billion in revenue in 2024 and projects revenue of just over $600 billion by 2028 and nearly $863 billion by 2033.