“Private equity has finally come to college sports. Elevate is set to announce the creation of the Collegiate Investment Initiative, a $500M initiative backed by PE firm Velocity Capital Management and the Texas Permanent School Fund, Sports Business Journal has learned. The investment vehicle will provide a new funding source for collegiate athletics programs pursuing capital-intensive projects like facility upgrades and renovations. Jonathan Marks, Chief Business Officer of Elevate College and Global Marketplace, said the platform has already closed funding deals with two Power Four athletic departments, though he declined to share details. He expects to complete another three to six deals by the start of this year’s college football season.” ——————- It’s more like debt than private “equity.” That makes sense to me. The article mentioned that the Big Ten is still pushing private equity down the road, which also makes sense to me (Yormark didn’t have the votes). Now, the real question is: Which two schools have closed a deal, and which three to six other schools might secure a deal before the football season?