Elevate's public response to the review was that it 'found no evidence of illegal activity.' The review said the Growth Fund's private fundraising was on hold. Five months later, on March 6, 2026, Elevate told the Indianapolis Business Journal and Inside INdiana Business it was proceeding with the fund and now aims to raise $150 million, up from the $100 million announced in 2024.

The passage

Based on discussions with EV management, FTI understands that fundraising and solicitation of private investment in the Growth Fund is currently on hold.

The document

Document

Elevate Ventures, 'Independent Audit Clears Elevate Ventures'; FTI review p. 27; Inside INdiana Business and IBJ, Susan Orr, March 6, 2026 (headline and summary text; article bodies are paywalled)

Dated

2025-10-03

Source

open the primary

Archived

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

Who read it

joe, both read 2026-09-08; the March 2026 stories archived the same day (primaries/elevate/iib-2026-03-06-elevate-growth-fund.html, ibj-2026-03-06-elevate-growth-fund.html), the $150 million figure quoted from the publishers' own summary text.