Elevate owns 55% of the 21 Fund LP and carries that interest on its own balance sheet. In 2021 Elevate and IEDC told the U.S. Treasury that Elevate had no financial interest in the fund's investments, in order to keep making federal follow-on investments. The auditor wrote that statement 'could be construed as inaccurate.'

The passage

FTI believes the statement made in the memo that EV doesn't have a financial interest in 21 Fund LP investments could be construed as inaccurate, given that EV own 55% of the 21 Fund LP, and that EV reports their interest in the 21 Fund LP on their balance sheet.

The document

Document

FTI Consulting, IEDC Forensic Review, Finding 6, p. 60

Dated

2025-10-02

Source

open the primary

Archived

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

Who read it

joe, direct read 2026-09-08.