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September 10, 2015

Agassi-Led Equity Fund Aims to Draw $400 Million for Schools

Tennis icon and charter school advocate Andre Agassi is spearheading a new private-equity real-estate fund that seeks to raise $400 million from investors to finance dozens of new schools across the country, reports The Wall Street Journal.

The Turner-Agassi fund is the second charter-focused financial vehicle Mr. Agassi has established with Bobby Turner, the founder of social-impact investment firm Turner Impact Capital. The first, launched in 2011, has contributed to the development of 50 schools in Detroit, Philadelphia, and other cities.

The new fund will support charters in areas where education services are underfunded and is aimed at high-net-worth individuals and institutional investors such as university endowments and family foundations. It has already attracted more than $150 million in commitments, the Journal writes, citing people with knowledge of the fundraising.

Correction: An earlier version referred to this as the Merrill Lynch fund. It is the Turner-Agassi fund.