REPORTEDCredible secondary reporting. No primary exists or none was reachable.

Per Indiana Insight, which cites internal IEDC correspondence we have not seen, the $25 million did move. On January 23, 2025, before the return validation and reconciliation the November 2024 agreement made a condition of deploying it, Elevate transferred the $25 million from the returned-capital accounts into the account of a for-profit blocker corporation, 21 Fund Growth Fund LLC. The same report says about $52.5 million of cash returns generated by Elevate's investments sit in bank accounts Elevate manages, none of it returned to the state; that the state has provided about $184 million and paid Elevate about $54.6 million in fees; and that IEDC's own staff calculated Elevate's management fee at as much as 7.51 percent against a 2 percent industry standard, and concluded in 2024 that its thirteen-year returns 'have nearly broken even.'

2025-01-23

The passage

The Braun gubernatorial office discovered that on January 23, 2025 - without finalizing the required returns and reconciliation process specifically inserted in the deal envisioned by the IEDC negotiating team - Elevate had transferred the $25 million from the returned capital accounts to a holding account.

The document

Document: Indiana Insight (Indiana Legislative Insight), Emily Ketterer, 'A need to Elevate transparency,' April 22, 2025
Dated: 2025-04-22
Source: open the primary
Archived: primaries/elevate/indianainsight-2025-04-22-a-need-to-elevate-transparency.html

Who read it

joe, live page fetched and archived 2026-09-08 (MD5 71d03f8bba2680eb57c33d9f6dba0e01), each figure string-matched in the saved file, as is the phrase 'blocker corporation', which is the outlet's own and which Elevate's own return independently supports: Schedule R reports 21 Fund Growth LLC, an LLC, as taxable as a C corporation [F18]. Single outlet, unnamed internal sources, quoting IEDC email, a private placement memorandum and agreements it does not publish. The outlet itself says it cannot determine whether the reconciliation condition was ever satisfied. The public-records request to IEDC is the corroboration path.