The New Owner Of The San Diego Soccer Team Is The World’s First Woman Private Equity Billionaire

Key Concepts

• Private Equity
• Women's Soccer (NWSL, San Diego Wave)
• Investment Strategy (Positive Cash Flow, Experienced Management)
• Multiple of Invested Capital (MOIC)
• Middle Market Companies

Lauren Lyman: From Soccer Fan to Private Equity Billionaire

• Inspiration: Lauren Lyman's interest in soccer began after watching the 1999 Women's World Cup final, specifically Brandy Chastain's winning penalty kick and iconic celebration.
• Early Involvement: Lyman and her husband, Arthur Lavine, started donating to UCLA's soccer program and befriended coach Jill Ellis, who later coached the US women's team to two World Cup victories and served as president of the San Diego Wave.

Acquisition of the San Diego Wave

• Purchase: Lyman and Lavine purchased the San Diego Wave for an estimated $113 million in October.
• Motivation: Lyman stated, "We started looking at buying a women's sports team about 3 years ago. It's something that interests us. It's a good investment, and it's something we can do together as a family."
• Family Involvement: Two of Lyman's three children are involved in the team's management, and the family attends games regularly.
• Alex Morgan's Role: Alex Morgan, a two-time World Cup winner and former captain of the Wave, joined as a minority investor in May 2024 after her retirement.
• Valuation: The San Diego Wave is now estimated to be worth $165 million.

Lavine Lyman Capital Partners (LLCP): Building a Private Equity Empire

• Founding: Lyman and Lavine co-founded LLCP in 1984 in Beverly Hills, California.
• Initial Strategy: LLCP focused on investing in small businesses with $30 million to $40 million in revenues and targeting successful founders.
• Growth: Over 40 years, LLCP grew from a small firm into an $11 billion in assets buyout firm.
• Investors: LLCP's investors include CalPERS (California Public Employees' Retirement System) and Hamilton Lane.
• Current Ownership: Lyman and Lavine stepped back from day-to-day management in 2020 but still own the firm.
• Net Worth: Forbes estimates Lyman and Lavine are each worth $1.3 billion, ranking 26th on Forbes's 2025 list of America's richest self-made women. Lyman is the first woman in the world to make a billion-dollar fortune in private equity.

LLCP's Investment Philosophy and Performance

• Investment Criteria: LLCP invests in businesses with positive cash flow and seeks experienced entrepreneurs and management teams who want to retain ownership after the deal.
• Investment History: Since 1994, LLCP's funds have invested in over 100 companies and sold investments in 80 of them for a total of $11.5 billion, compared to an aggregate investment cost of $4.8 billion.
• Multiple of Invested Capital (MOIC): LLCP's MOIC of nearly 2.4 rivals those of private equity giants like Blackstone and KKR.
• Global Presence: LLCP has eight offices in five countries, including four in the US.
• Investment Focus: LLCP invests in:
  • Middle market US companies with revenues from $50 million to $250 million.
  • Smaller US firms with less than $50 million in revenues.
  • Foreign (mostly European) companies with revenues around $30 million or higher.
• Notable Investments: LLCP's investments include restaurant franchises like Tropical Smoothie Cafe and Wetzel's Pretzels, as well as companies in industries ranging from pipe fittings to air quality control.
• Harley Kaplan's Perspective: Harley Kaplan, CEO of The Thermal Group, stated, "They've got a great eye for finding these specific niche businesses that have a ton of potential and then matching up appropriate management to go do it."

Conclusion

Lauren Lyman's journey from a soccer fan to the world's first woman private equity billionaire is a testament to her investment acumen and strategic vision. Her success with LLCP, built alongside her husband Arthur Lavine, is rooted in a disciplined investment approach focused on positive cash flow, experienced management, and niche businesses with high potential. Her acquisition of the San Diego Wave reflects both a personal passion and a savvy investment in the growing market of women's sports.