Former tennis champion Andre Agassi and a real estate investment firm said Thursday they have teamed up to form an investment fund to finance charter school buildings in a bid to spur the growth of independent public education.
The fund, called the Canyon-Agassi Charter School Facilities Fund, plans to finance up to $750 million worth of new school construction or remodeling of buildings to accommodate schools in low-income, urban communities across the country.
“The biggest impediment is facilities,” said Bobby Turner, chairman and chief executive of Los Angeles-based Canyon Capital Realty Advisors, which has partnered with Andre Agassi Ventures. “Charter organizations don’t have access to public finance.”
Investors in the fund include Intel Capital, Citigroup and the Ewing Marion Kauffman Foundation.