VC News | Elevate Ventures has funding frozen by State of Indiana
Fresh off his Grand Slam at this year's Masters Tournament, pro golfer Rory McIlroy joins with TPG to launch TPG Sports.
Elevate Ventures:
Following an explosive news report regarding a state economic development affiliate in late April, Indiana Governor Mike Braun has announced that funding for Elevate Ventures has been frozen, and state government will conduct a forensic audit of the Indiana Economic Development Corporation (IEDC).
That’s according to an article published by the Indiana Capital Chronicle.
“What we’re talking about today originated in the prior administration (and) was brought to our attention,” said Governor Braun, referencing the report from Indiana Legislative Insight. “I have directed the hiring of an independent forensic auditor of the IEDC and its affiliated entities. Where we have found impropriety — or even the appearance of it — we have reported it to the inspector general.”
The story unearthed allegations of self-dealing, unreported side gigs for employed IEDC staff, and questions about potential conflicts of interest impacting tens of millions of dollars in economic development deals.
Regarding Elevate Ventures, an economic development affiliate and venture capital firm, allegations include imprecise accounting, questionable staff compensation and not returning unspent funds to the state’s general fund.
In a statement, Elevate Chief Executive Officer Christopher Day pushed back.
“Elevate Ventures was established 15 years ago to serve the entrepreneur and innovation ecosystem in Indiana through venture development services and venture capital investments,” he said. “We will continue to operate with transparency and are eager to participate in the forensic audit as directed by the Governor to correct the record on factual inaccuracies and misrepresentations made by anonymous sources.”
According to Commerce Secretary David Adams, “The current funds that have been designated for Elevate Ventures are now frozen. That includes a second tranche of funds from the (State Small Business Credit Initiative). We are going to place those funds on hold until further evaluation.”
JetBlue Ventures:
Multiple media outlets, including AviTrader, report that SKY Leasing has acquired JetBlue Ventures, the venture capital arm of JetBlue Airways. The deal marks a strategic move aimed at accelerating the growth of JetBlue Ventures by leveraging SKY’s global aviation partnerships, deep industry expertise, and access to capital. JetBlue will retain a strategic role, continuing to collaborate with JetBlue Ventures and its portfolio companies.
JetBlue Ventures was founded in 2016 to support early stage start-ups shaping the future of travel. To date, the fund has backed 55 start-ups, completed more than 40 follow-on investments, and achieved eight successful exits through acquisitions and public offerings. Under the continued leadership of Amy Burr, JetBlue Ventures will remain focused on identifying and investing in emerging enterprise technologies and frontier tech within the travel and transport sectors.
Matthew Crawford, Co-Chief Investment Officer at SKY, described the acquisition as a natural progression in the long-standing relationship between SKY and JetBlue. He praised JetBlue Ventures’ record in fostering ground-breaking innovations, adding that the move will grant SKY and its global partners direct access to transformative travel technologies.
TPG Sports:
TPG, a leading global alternative asset management firm, has announced the launch of TPG Sports, a dedicated investing business focused on partnering with companies, teams, and leagues shaping the future of sports. TPG is launching the strategy in partnership with career Grand Slam golfer Rory McIlroy, his business partner Sean O’Flaherty, and their team at Symphony Ventures. McIlroy and O’Flaherty will serve as Operating Partners for the strategy, contributing to sourcing investments and value creation across the portfolio.
Backed by the firm’s expertise and industry network, TPG Sports will pursue investment opportunities across the sports ecosystem. The strategy will bring a private equity approach to sports investing, providing business-building capabilities and strategic primary capital to help sports IP and operating businesses grow and scale. The strategy has secured a significant anchor commitment from an investment vehicle managed by Lunate, an Abu Dhabi-based independent alternative investment manager with more than $110 billion in assets under management.
“The continued global rise in sports viewership and fandom is creating new opportunities that demand creative, growth capital,” said Todd Sisitsky, President of TPG. “TPG Sports brings together the hallmarks of our investment style – our bespoke and long-term approach to partnerships, deep operating and business-building capabilities, and a multi-decade ecosystem of industry leaders like Rory and his team – to invest behind and grow businesses that are redefining the future of sports. This is a unique moment in time for sports that calls for a differentiated approach to investing, and we’re grateful for Lunate’s continued partnership as we launch the strategy.”
Deerfield Management:
Deerfield Management Company L.P. has announced the closing of the Deerfield Healthcare Innovations Fund III, a fund of more than $600 million that aims to advance healthcare by investing in promising therapeutics, improving care delivery models, and elevating emerging technologies with the potential to shift existing paradigms, including machine learning and artificial intelligence.
“There has never been a better time to invest in new and evolving technologies and products across the life science, medical technology, and healthcare service landscape. Advancing knowledge, data, and software capabilities are transforming what is possible to achieve in improving health outcomes,” said James Flynn, Managing Partner at Deerfield.
Enabled by Deerfield’s collaborations with 29 leading research institutions and nine industry partners, Deerfield operationalizes innovation through its in-house ecosystem. Specialized teams like Deerfield Discovery and Development (3DC) and Deerfield Intelligence employ seasoned drug hunters, medical technology innovators, and software developers to identify and advance promising products, services, and technologies, often in partnership with Deerfield-founded entities like Deerfield Catalyst and Genscience.
Deerfield is housed at Cure, a 12-story healthcare innovation campus located in New York City with a mission to accelerate cures by helping health innovators develop products and services from concept to commercialization. Cure’s resources include state-of-the-art research laboratories and convening spaces, and is staffed to support health innovators’ business needs.
Chang Robotics Fund:
Earlier this year, Jacksonville, FL-based Chang Robotics launched the Chang Robotics Fund, a $50 million venture fund focused on seed stage investments in disruptive, high-impact technologies. With 15 portfolio companies already selected, the fund delivers: (1) world-class engineering expertise; (2) access to Chang Robotics’ unique operation model; and (3) capital support tailored to early-stage commercialization.
“2025 will prove to be our most dynamic year yet, particularly amid the dramatic shifts in today’s political and economic climate,” said Matthew Chang, Founder of Chang Robotics. “These shifts are an important foundation to advance the companies and clients we’ve invested in over the last five years. With the team we’ve built and the systems we now have in place, we’re positioned to lead the next era of American manufacturing and breakthrough innovation.”
In Q1 of 2025, Chang Robotics opened a new headquarters in Jacksonville Beach, growing its national footprint to four locations: two in Jacksonville and one each of Chicago and Denver.
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