Ultra-wealthy families are investing less in startups but still keen on sports, with 25% having invested in sports assets and another quarter interested, per a Goldman Sachs survey. Examples include Julia Koch buying a minority stake in the New York Giants and Guggenheim Partners CEO Mark Walter purchasing the majority stake in the Lakers for $10 billion.

Investor appetite for women’s leagues and emerging sports is low, with only 19% interested in women’s established leagues versus 71% in major men’s leagues. Billionaire investors have acquired new WNBA team franchises, focusing on future equity growth over immediate financial return, according to Goldman Sachs.

Family offices view sports as a hedge against inflation due to diverse revenue sources like streaming and ticketing. Major league owners are expanding their sports portfolios, with Blackstone’s David Blitzer owning equity in all five major U.S. men’s sports leagues and investing in related enterprises like sports betting media and social clubs for racket sports.

Read more at CNBC: How uber-rich families invest in sports, from major leagues to clubs