Penn State reportedly signed an eight-figure private capital deal with Elevate, according to On3 reporter Pete Nakos on Monday morning. UCLA also signed the same deal with Elevate, making both athletic departments the first ones to take on private capital.

Penn State Athletic Director Pat Kraft has denied that Penn State has agreed to a private equity deal with Elevate in a statement Monday afternoon, according to College Football insider Ross Dellenger.

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

This supposed deal comes days after the settlement of House v. NCAA, where a federal judge granted the final approval to permit schools to directly pay college athletes. The settlement established a 10-year revenue-sharing model, allowing athletic departments to distribute $20.5 million in NIL revenue to their athletes, which will begin on July 1.

Elevate is a global sports and marketing agency partnered with private equity firm Velocity Capital Management and Texas Permanent School Fund Corporation to provide schools with money and resources to develop revenue-generating projects. On Monday, it announced a $500 million private capital fund to help college sports’ athletic departments navigate the revenue-sharing era.

This is known as the College Investment Initiative, which provides a new funding source for athletics programs pursuing projects, such as facility upgrades and renovations. Penn State and UCLA will reportedly be Elevate’s first two clients, with others expected to follow suit soon.