**Penn State, UCLA Deny Private Equity Deals With Elevate’s New Sports Fund**
Penn State and UCLA have emphatically denied reports that they are among the first partners in Elevate’s recently launched \$500 million “College Investment Initiative,” rejecting claims that their athletic departments have taken on private equity investment through the fund.
On June 9, reports surfaced via Sportico and Sports Business Journal suggesting the Big Ten schools had each signed eight‑figure agreements with Elevate to access private capital, positioning their athletic programs as the vanguard of institutional investment in collegiate sports ([sportsbusinessjournal.com][1]). The coverage framed the reported deals as historic, citing unnamed sources who said Penn State and UCLA were pioneering outside funding for athletics.
Yet both universities quickly moved to clarify the record. Penn State Athletic Director Pat Kraft told Yahoo Sports’ Ross Dellenger that the school’s relationship with Elevate is strictly limited to ticketing operations—not private equity or investment capital ([cbssports.com][2]). “Elevate serves as our partner in ticketing strategy and operations,” the school stated, “To clarify, our relationship is strictly limited to these services. We have no affiliation or involvement with any private equity firm or fund” ([si.com][3]).
Similarly, UCLA’s Athletic Director Martin Jarmond echoed this message, issuing a statement that confirmed long‑standing ticketing and consulting work with Elevate but flatly denied any private capital arrangement. Both schools emphasized that their ties to Elevate predate the launch of the College Investment Initiative and have nothing to do with the fund ([reuters.com][4]).
This clarification followed widespread media attention. Reuters reported on June 9 that although Elevate had announced two unnamed schools as initial fund clients, both UCLA and Penn State “denied … they have engaged with the new fund,” saying instead that the partnership pertains to ticketing operations ([reuters.com][4]). JoxFM and Yahoo Finance reiterated these denials, highlighting that the \$500 million fund, backed by Velocity Capital Management and the Texas Permanent School Fund, is set to support revenue-driven projects like NIL platforms and venue upgrades ([joxfm.com][5]).
Despite the back-and-forth, the broader context remains significant. In the wake of the historic House v. NCAA settlement—mandating direct athlete compensation—the influx of private capital into collegiate sports appears increasingly viable. Industry analysts tell Front Office Sports the settlement “helps make college athletics a little more predictable,” and that Elevate’s fund could mark the beginning of a wave of private‑credit agreements with athletic departments ([frontofficesports.com][6]). Boise State, for instance, is reportedly “actively considering” such investment within the next six months ([frontofficesports.com][6]).
Meanwhile, buzz on social media—especially Reddit’s r/CFB—underscores the debate over athletics financing. One user speculated:
> “They’re getting funding for the stadium renovation, then they’ll pay back Elevate with a portion of the suite sales … They’re not selling the athletic dept.” ([reddit.com][7])
Others voiced concern, with one commenting,
> “Private Equity destroys everything it touches” ([reddit.com][7]).
As the discussion unfolds, the two schools appear determined to maintain transparency, distancing their programs from private‑equity implications. Yet, as more institutions navigate costly stadium upgrades and budget pressures, Elevate’s fund may soon find actual deployment.
Ultimately, if Penn State or UCLA do eventually tap this or similar funding, it would mark a pivotal shift in college athletics financing. For now, however, their statements are clear: no private equity has entered their athletic coffers—just ticketing advice.