$300 million in sports assets now operates autonomously after Sapphire Ventures separation in November 2025. The Palo Alto firm inherits 30 portfolio companies and maintains Series A/B focus across digital infrastructure, fan engagement, and operational tech—the three sectors where sports franchises now allocate 40% of capex budgets. Per Matchex data, sports-focused VCs with $200M+ AUM and founder-led structures achieve 3.2x median multiples on exit within six years, versus 1.8x for generalist firms. 359 Capital's LP base—City Football Group, Adidas, and 15+ franchise owners—creates direct distribution advantage; those stakeholders control venue access and athlete partnerships worth $2.1B annually. Series A/B market in sports tech absorbs $1.4B annually but suffers 35% higher churn rates without strategic buyer alignment. The rebranding around the sub-4-minute mile (59 seconds per lap, metaphorically) signals tempo-first thesis: fund companies scaling in under three years or move. Strategy bets on operational efficiency software (staffing, revenue optimization) over consumer apps, where retention costs spiral. Watch deployment velocity on Fund II's $181M dry powder.