UCLA and Penn State have issued statements denying their involvement in Elevate Sports Ventures’ newly launched College Investment Initiative, countering a report by Sportico suggesting both universities had signed on to receive capital from the $500m fund, according to a report by Reuters.
The initiative, which Elevate formally unveiled on Monday, is designed to provide private equity funding to collegiate athletic departments for revenue-generating projects such as NIL infrastructure and facility enhancements. Backed by Velocity Capital Management and the Texas Permanent School Fund, the fund aims to reshape how universities finance growth in the evolving college sports landscape.
While Elevate indicated in its announcement that two institutions had already committed to the programme, both UCLA and Penn State clarified that their engagements with Elevate are limited strictly to ticketing operations and do not involve any equity-based financing.
Nevertheless, interest in the model appears to be growing. Boise State athletic director Jeramiah Dickey told Front Office Sports that the school is “actively considering” participation in private equity funding and anticipates finalising a deal within the next six months.
