Private equity powers into college sports as Elevate unveils $500m investment fund
Velocity Capital Management partnered with Elevate and the Texas Permanent School Fund Corporation to launch a $500m fund targeting commercial and infrastructure investments across US college sports.
The new vehicle, known as the Collegiate Investment Initiative, will provide long-term capital and strategic support to universities navigating the transition to a student-athlete revenue-sharing model.
The initiative follows a recent $2.8bn settlement clearing the way for annual athlete compensation of up to $20.5m per school.
“College athletics are at a critical inflection point, and institutions need partners who can bring both capital and strategic expertise to the table,” said Al Guido, chairman and chief executive of Elevate.
Two transactions have already been signed under the new fund, though the participating colleges have not been disclosed. While media reports suggested involvement from Penn State and UCLA, both institutions have denied any private equity affiliation.
Jonathan Marks, chief business officer for college at Elevate, said, “Our investment is more than capital – it’s about empowering institutions to think bigger, move faster, and build lasting infrastructure that fuels growth for generations.”
The fund enables schools to modernise venues, enhance premium seating, invest in multimedia rights, and expand name, image and likeness (NIL) platforms. Elevate already works with multiple colleges in areas such as ticketing, sponsorship, and stadium design.
The move follows similar efforts by RedBird Capital and Weatherford Capital, who launched a college sports-focused fund in 2024. However, limited deal activity and governance uncertainty have slowed broader adoption. With the new regulatory clarity, Elevate and its partners hope to unlock new investment pathways in collegiate athletics.