Description

The Project is to establish an Education Innovation Fund (the “Fund”), a US$100-150 million venture capital fund, to invest in early to mid stage innovative education companies that will expand access to and quality of education in the emerging markets. As an anchor LP, IFC will provide up to US$20 million in the form of a straight equity investment. Target companies for the Fund would typically include companies that are located in emerging markets, or that have or will have substantial userbases in emerging markets, including companies that have already developed, tested and, in some cases, initiated the commercialization of at least one innovative product and/or service in their home markets. Through the investments carried out by this Fund, target companies would typically aim to improve their market viability in any of the emerging markets, support their commercialization and marketing efforts, and/or finance any other capital or operational expenditure needed for their successful commercialization. The Fund will have an emphasis on global companies with a large potential impact on developing regions, especially Latin America. Through a Request for Proposal (“RFP”) process where more than 50 potential fund managers participated, IFC selected Learn Capital (“Learn” or the “Fund Manager”), a venture capital fund focusing on investments in the education innovation and technology space, as the fund manager of the proposed Fund.