Penn State athletics has “no affiliation or involvement with any private equity firm or fund,” athletic director Pat Kraft said in a statement to PennLive on Monday evening.

This comes after a Monday report from Sportico stating that Penn State is one of two schools, along with UCLA, that have signed up as inaugural partners for sports consulting firm Elevate’s $500 million College Investment Initiative.

Yahoo Sports’ Ross Dellenger first reported Kraft’s statement, which reads as follows:

“Elevate serves as our partner in ticketing strategy and operations,” Kraft said, via a Penn State spokesperson. “To clarify, our relationship is strictly limited to these services, and we have no affiliation or involvement with any private equity firm or fund.”

Sportico reported that Penn State and UCLA have “emerged as the first known universities to embrace private capital as a means of funding their athletic departments.”

Elevate formally introduced its college sports fund on Monday and revealed that two unnamed universities had already committed. The fund is reportedly backed by private equity firm Velocity Capital Management and the Texas Permanent School fund.

Penn State picked Elevate to “lead fan engagement, ticketing and premium seating and experiences strategy” in August 2024. At the time, Kraft released a statement on what Elevate could bring to Beaver Stadium, which is currently undergoing renovations.

“Our partnership with Elevate will take our seating and experiences strategy to the next level,” Kraft said last year. “One of the premier agencies in the country, Elevate brings unparalleled expertise that will help us maximize our premium seating and experiences in a renovated Beaver Stadium by enhancing the game day with unmatched customer service and fan experiences. Elevate will also play a critical role in driving revenue growth that will support all 31 athletics programs through well executed ticketing strategies.”

After the House v. NCAA settlement was approved last Friday, Kraft published an open letter in which he told fans that Penn State would maximize its spending, which can go up to $20.5 million per year in revenue sharing for the university’s student-athletes.

“While the world around us changes, our steadfast focus on supporting student-athletes and winning championships remains constant! We had a terrific 2024-25 academic and athletic year, and next year looks to be one of the best in our history, and because of those successes, Penn State enters this new era of college sports in a position of strength and ready to attack this new collegiate landscape,” Kraft wrote.

“While change can be difficult, it also can provide new opportunities, and I assure you we will embrace every opportunity this new model creates. We will continue to lean into our tradition of excellence to shine academically, emphasize the impact of a Penn State degree and alumni network, and pursue excellence in competition. Now, more than ever, we must rally together to ensure our student-athletes thrive and our legacy endures.”