Seven entities, one address. Elevate Ventures' return for the year ended December 31, 2024 lists, all at 1 Virginia Avenue Suite 200 in Indianapolis: Elevate Advisors LLC, a Delaware company Elevate owns outright and treats as part of itself, which is the general partner of the Indiana 21st Century Fund; the Leighton Elevate Angel Development Fund; Rally Innovation LLC; Elevate Ventures Fund Family LLC, a Delaware corporation Elevate owns 100 percent of and reports it controls; the Indiana 21st Century Fund itself, a Delaware partnership Elevate holds 55 percent of through its own general partner, and on which it booked a $2,328,934 loss against an $8,234,754 share of assets; and a 6.57 percent interest in a CareSource fund. Then there is the seventh. 21 Fund Growth LLC sits at that same suite and is reported as related to Elevate, yet it is the only entity on the list for which Elevate names no direct controlling entity, entering 'Na,' and answers no to the controlled-entity question. Related but controlled by nobody named, at Elevate's own address. It is also an LLC that the return reports as taxable as a C corporation, which is the structure a blocker company takes. What the return does not say is what 21 Fund Growth LLC received. Indiana Insight reports that a company it calls 21 Fund Growth Fund LLC received the $25 million on January 23, 2025; that date falls after this return's period closes, so it would appear, if anywhere, in Elevate's return for 2025, which is the filing to watch.

The passage

21 Fund Growth LLC | 1 Virginia Avenue Suite 200 Indianapolis IN | EIN 332135719 | INVESTMENT ACTIVITY | Legal domicile DE | C Corporation | Controlled organization: false | Direct controlling entity: Na

The document

Document

Elevate Ventures Inc., IRS Form 990 for tax year 2024, Schedule R Parts I, III, IV and V; e-filed November 17, 2025

Dated

2025-11-17

Source

open the primary

Archived

primaries/elevate/elevate-990-2024-irs-202513219349318981.xml

Who read it

joe, read from Schedule R 2026-09-11. Employer identification numbers as filed: Elevate Advisors 90-0906210, Leighton Elevate Angel Development Fund 86-1187400, Rally Innovation 92-1256608, Elevate Ventures Fund Family 33-2187196, Indiana 21st Century Fund 45-3126479, CareSource fund 87-1811106, 21 Fund Growth 33-2135719. Schedule R Part V covers the return's own tax year, which ends December 31, 2024, so it could not report a January 2025 transfer and its silence on one shows nothing. On the name: the return says 21 Fund Growth LLC, Indiana Insight says 21 Fund Growth Fund LLC, and we have found no document connecting the two names. The Indiana registry now supplies most of the answer and is carried at F20: one active company, 21 FUND GROWTH, LLC, Delaware-formed November 19, 2024, registered in Indiana January 8, 2025, at Elevate's own address. The return's employer identification number, 33-2135719, remains an anchor the newsletter does not give. The $25 million transfer is Indiana Insight's reporting, carried at F13, not a fact this return states. Rally Innovation brought Elevate $1,373,002 of conference revenue in 2024 per Part VIII; Indiana Insight separately reports Rally received about $2.75 million in state money across the 2023 to 2024 biennium and that pay to people working for Rally is exempt from public disclosure. We asked Elevate to comment on September 8 and it has not answered.