In September 2021 the IEDC approved $25 million of 21st Century Fund investment returns as the anchor for a new for-profit Growth Fund to be run by Elevate. It was formalized in November 2024 with an Elevate subsidiary as General Partner taking 20% carried interest and another Elevate subsidiary as Management Company taking a 1 to 2 percent fee. The state's own auditor recorded all of this.

The passage

The IEDC approved $25 million of 21 Fund LP investment returns as the initial investment in the new fund, which was later formalized in November 2024 as the Elevate Ventures Growth Fund, L.P. (the "Growth Fund"), with Elevate Ventures Growth Fund I GP, LLC as the General Partner and Elevate Ventures Management LLC as the Management Company, with the latter receiving a 1-2% management fee and the former retaining 20% carried interest. Both the General Partner and the Management Company are wholly owned subsidiaries of EV.

The document

Document

FTI Consulting, IEDC Forensic Review, published October 2, 2025, p. 27

Dated

2025-10-02

Source

open the primary

Archived

primaries/elevate/fti-iedc-forensic-review-2025-10-02.pdf

Who read it

joe, PDF downloaded from iedc.in.gov 2026-09-08, text extracted and read (p. 27).