Former NBA Star Partners with Private Equity for NIL Venture

Former NBA star Kendrick Perkins has partnered with Harlan Capital Partners to launch NILLY, a platform offering student-athletes help in the NIL Era.

Apr 6, 2016; Boston, MA, USA; New Orleans Pelicans center Kendrick Perkins (5) avoids Boston Celtics guard Terry Rozier (12) during the first half at TD Garden. Mandatory Credit: Winslow Townson-Imagn Images / Winslow Townson-Imagn Images

Former NBA star Kendrick Perkins has joined forces with private equity firm Harlan Capital Partners on his platform NILLY, designed to aid student-athletes in navigating the rapidly evolving Name, Image, and Likeness (NIL) world. With a net worth of $28 million, Perkins has successfully transitioned from a celebrated basketball career to impactful business ventures, and his latest initiative aims to address the financial challenges faced by young athletes.

Launched in February 2024, NILLY is tailored to assist student-athletes in maneuvering through the complexities of the NIL era by providing a comprehensive suite of services, including brand management, social media strategy, and financial literacy education.

Perkins underscores the significance of this initiative, stating, “I want to provide the opportunities I wished I had during my career.”, acknowledging that many young athletes grapple with financial pressures that can detract from their focus on their sport and overall college experience. NILLY aspires to alleviate these burdens, enabling athletes to concentrate on their sports and studies without financial distractions.

The partnership with Harlan Capital Partners, announced on September 9, is particularly noteworthy. The firm is set to inject up to $200 million to bolster NILLY's initiatives, empowering the platform to offer upfront license payments to student-athletes in exchange for their NIL rights. This funding is pivotal for expanding resources and enhancing the platform's features, ultimately assisting athletes in unlocking their full NIL earnings potential.

However, private equity's involvement in college athletics raises pertinent questions about NCAA sports' future. Many critics contend that the influx of capital from private investors could commodify college athletes, reducing them to mere assets for profit rather than students pursuing education and personal growth. The encroaching influence private equity inherently brings could complicate Perkins' intended mission of helping these student-athletes secure their futures.

The launch of NILLY is a pivotal moment, occurring just three years after the NCAA's landmark decision permitting athletes to profit from NIL and during a contentious House Vs. NCAA trial. While NILLY undoubtedly will help open new avenues for student-athletes, it also invites scrutiny regarding the ethical implications of private equity's role in collegiate sports.

As NILLY moves forward, it will be crucial to balance the promise of financial empowerment for student-athletes with the need to preserve the integrity of college sports, ensuring that athletes are not exploited but rather supported in their pursuit of success both on and off the field.