APEX has acquired a strategic minority stake in the Northern Super League (NSL), becoming the first private equity firm to invest directly in a professional women’s soccer league, underscoring the growing institutional appetite for women’s sport.
The transaction marks a significant milestone for the NSL, Canada’s first professional women’s soccer league, and reflects the broader evolution of women’s football into an increasingly attractive commercial investment. While financial terms were not disclosed, the partnership positions APEX to support the league’s long-term growth across commercial operations, fan engagement, digital innovation and international expansion.
The investment comes after a strong inaugural campaign for the NSL, which welcomed more than 275,000 spectators across 80 matches and generated over CAD$30 million in league-wide revenue before monetising its media rights. The league also secured 16 national commercial partners—including Toyota, Coca-Cola, BMO, DoorDash and Canadian Tire—while broadcast partnerships with CBC, TSN and ESPN+ helped reach more than three million viewers in Canada and expand its footprint in the United States.
The deal also reflects increasing investor confidence in women’s football as a scalable asset class. According to APEX, the global women’s sports market has more than tripled since 2022 to approximately US$2.4 billion, while the global women’s football fanbase is projected to reach 800 million by 2030.
Christina Litz, President of the NSL, said, “In just one season, the Northern Super League demonstrated that there is significant demand for professional women’s soccer in Canada. This investment from APEX reflects confidence not only in the progress we have made but in the opportunity that lies ahead. As we continue to build the league, APEX’s global experience, strategic perspective, and commitment to growing sports properties will help us accelerate audience growth, strengthen our commercial business, and position the Northern Super League for long-term success on the international stage.”
António Caçorino, Founder & CEO of APEX, added, “Women’s football has the players, the fans, and the competitive quality. With the right capital and commercial infrastructure behind it, the sport has the opportunity to unlock significant long-term value globally. The NSL was delivered in season one. Now we are excited to help enable the next phase of growth.”
João Verol Marques, Partner and Head of Growth & Private Equity at APEX, continued, “Women’s sports have evolved into a powerful, global product with undeniable momentum, and we at APEX believe the NSL sits at the intersection of that rise and Canada’s exceptional soccer legacy. With world-class talent developed domestically and proven on the international stage, the league has every right – and every ingredient – to become one of the top leagues globally. Building on the clear success of its inaugural season, we see a platform ready to grow, under the leadership of Christina and founder Diana Matheson, alongside APEX’s commitment to help unlock its full potential.”
For Canada, the investment represents another important step in establishing a sustainable domestic pathway for elite women’s football. Despite producing one of the world’s strongest national teams and boasting the third-largest women’s soccer player base globally, the country lacked a professional domestic league until the NSL launched in 2025. With the FIFA Women’s World Cup set to return in 2027, the league is well-positioned to capitalise on growing interest in the women’s game.
The NSL investment represents the second deployment from APEX’s Sports Growth Fund, following its investment in the NFL-backed professional flag football league alongside TMRW Sports. The fund targets high-growth sports properties valued between €50 million and €500 million, reflecting the firm’s strategy of investing early in premium intellectual property with significant commercial upside.
For the NSL, the partnership provides more than growth capital. It brings institutional expertise at a pivotal stage in the league’s development, reinforcing a wider industry trend in which investors are increasingly backing entire league ecosystems rather than individual clubs as women’s sport enters its next phase of commercial maturity.