A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

While ultra-wealthy families and their investment firms are investing in fewer startups, they are still clamoring for a piece of the action when it comes to sports.

According to a new survey by Goldman Sachs, 25% of family offices have invested in sports or related assets like ticketing or arenas, and another quarter are interested in doing so.

Last week, Julia Koch, the widow of billionaire David Koch, and her family agreed to buy a minority stake in the NFL’s New York Giants, according to Bloomberg. In June, Guggenheim Partners CEO and billionaire Mark Walter reached a deal to buy a majority stake in the NBA’s Los Angeles Lakers at a valuation of $10 billion. And a trio of Bay Area families, including venture capitalist Vinod Khosla’s, bought a 6% stake in the San Francisco 49ers in May.

However, while women’s leagues and emerging sports like pickleball have garnered more buzz, investor appetite hasn’t caught up, according to the bank’s survey. Only 19% of 245 family offices said they had invested in or are interested in investing in women’s established leagues, while 71% expressed interest in major men’s leagues. A smaller percentage (16%) indicated past investment or interest in women’s emerging leagues or men’s minor leagues.

There are some high-profile examples, with a cohort of billionaire investors securing three new WNBA team franchises in June. However, these investors are betting on future equity growth rather than cashflow for financial return, as previously reported by CNBC’s Alex Sherman.

Goldman Sachs’ Meena Flynn told Inside Wealth that family offices, which invest for the long term, can afford to be patient with team ownership, no matter what kind of sports they’re getting into.

“It really combines their interests from a passion perspective as well as long term value creation,” she said.

Moreover, family offices see sports as hedges against inflation since they have multiple revenue sources such as streaming rights and ticketing, according to Flynn, Goldman Sachs’ co-head of global private wealth management.

Many major league owners are growing their sports empires by investing in other sports and related enterprises, such as Blackstone’s David Blitzer, the first person to own equity in all five major men’s U.S. sports leagues. This year alone, his family office Bolt Ventures has backed Fantasy Life, a sports betting media firm; Ballers, a chain of social clubs for racket sports; and club operator Padel Haus.