In a unique model, the Pro Cyclist Foundation, with funding support from Black Swift Group, LLC (“Black Swift”), a Boulder, Colorado based SEC registered investment firm, leads a new breed of investment to support USA Cycling Foundation and other cycling focused organizations.
Everyone in the cycling industry knows that support for teams, athletes and organizations is hard to come by. The Pro Cyclist Foundation’s mission is to provide the support on and off the bike for athletes to achieve the highest goals in the sport. While the foundation was built to provide all levels of support including wellness, career and overall guidance for athletes, it was also clear that a new funding model would be required.
A sport primarily funded by corporate partners and individual donations has had a difficult time finding a path to consistent and sustainable revenue to support teams and athletes competing on the highest level, specifically those who represent the United States of America in World Championships and the Olympics.
Black Swift has created a model which they believe will create a new way to support America’s top talent as they chase professional racing aspirations and Olympic glory through the USA Cycling Foundation.
“Through the creation and support of the Pro Cyclist Foundation, our goal is to work directly with established organizations at the forefront of supporting rider well-being and development such as the USA Cycling Foundation,” said Greg Casals, Chief Investment Officer at Black Swift. “We understand the structure of the sport, its limitations, and intend to improve on existing challenges that prohibit athletes from reaching their potential. The USA Cycling Foundation’s support of America’s greatest athletes is vital to competitive cycling. Winning World Championships and Olympic medals will motivate future generations in the sport and we want to make sure the funding is there to support them.”
Black Swift launched an investment fund in June of 2020, where a portion of the management fees go towards the Pro Cyclist Foundation’s budget, an non-profit entity formed to support the professional and Olympic athletes in cycling. The Foundation, launched in 2020, has already donated over $350,000 to various cycling development programs including HotTubes, Lux, Aevolo, Twenty24, Onto, USA Cycling MudFund and USA Cycling Foundation.
Former USA Cycling National Team member Brent Bookwalter recently joined the Pro Cyclist Foundation as Vice-Chairman. Bookwalter is an Olympian and long-time member of Team USA, racing in 11 grand tours for World Tour teams during his long career.
“As a graduate of the USA Cycling development program and National Team, I look forward to using my experience and networks to support those who come after me in these programs,“ said Bookwalter. “In 2022 we plan to establish direct athlete support programs that will have a powerful impact on the careers, performances and wellness of athletes. I’ve spent my entire life racing at every level of the cycling world, and I have seen firsthand the genuine need for support at every level. I’m really excited and honored to play a role in offering that assistance and guidance.”
As Black Swift grows their fund and has more success with their investment strategy, more money will become available to support athletes and teams. The USA Cycling Foundation and the USA Cycling MudFund have both been recipients of gifts through the Pro Cyclist Foundation’s contributions.
In October 2021 the fund created by Black Swift to support the Pro Cyclist Foundation was nominated for Best Newcomer Equity Hedge Fund by the HFM | Hedge fund data and intelligence platform. The HFM US Performance Awards recognizes the best performing funds and rewards those with industry-wide recognition.
To learn more about Black Swift contact: Sam Redman at sredman@blackswiftgroup.com
To learn more about the Pro Cyclist Foundation contact: Brent Bookwalter at bbookwalter@procyclistfoundation.org
To learn more about the USA Cycling Foundation’s athletes and teams visit: https://usacycling.org/foundationP
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