UCLA and Penn State have denied a report Monday by Sportico that they have partnered with consulting firm Elevate to receive funding from its $500 million College Investment Initiative.

Elevate formally announced the initiative earlier Monday and told news outlets that two schools had signed up with the project.

However, UCLA and Penn State officials each denied Sportico’s reporting that they have engaged with the new fund. Both schools said they’re partnered with Elevate for ticketing operations but not for private equity.

The College Investment Initiative is backed by Velocity Capital Management and the Texas Permanent School Fund. The idea behind the initiative is to offer capital to schools for revenue-generating projects — like NIL platforms or athletic venue upgrades.

Boise State athletic director Jeramiah Dickey told Front Office Sports that his university is “actively considering” private equity and hopes to have a deal set within the next six months.

–Field Level Media