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Helping charter schools find space to grow.

June 06, 2011
Citi, Citi

The launch of the Canyon-Agassi Charter School Facilities Fund, an investment group designed to help charter schools find permanent school buildings, noted the role of Citi as a lead investor. Combined commitments of Citi and other anchor participants are expected to allow the new fund to finance $500 million in new building or retrofitted space for about 75 charter schools in the U.S.

In coverage of the launch, an education policy analyst told the Las Vegas Review-Journal that the "biggest barrier charter schools face is getting access to decent facilities." Agassi Ventures and Los Angeles-based Canyon Capital Realty Advisors (CCRA) came together to look for ways to address the obstacle.

Both sides have experience developing charter schools. In 2001, Andre Agassi, the former tennis champion who runs Agassi Ventures, founded Andre Agassi College Preparatory Academy, a West Las Vegas, Nevada charter school now serving 650 students. Bobby Turner, chairman and CEO of CCRA, serves on the board of a California charity that helps charter schools find and finance facilities.

The Canyon-Agassi Charter School Facilities Fund's press release quoted Citi CEO Vikram Pandit as saying, "Citi is proud to play a key role in this inspiring partnership. The determination of Canyon and Andre Agassi to provide high-quality schools to children in underserved communities is unparalleled. This is a great opportunity to help young people get the education they need and deserve."

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