The Challenge

America’s public education system is in crisis. Although we spend more on education than any other nation, our results fall well behind most developed countries, particularly in terms of science and math. Of the 70 countries taking the Program for International Student Assessment, America’s students ranked a dismal 31^st. Every year, 1.2 million students drop out of high school – more than 6,800 per school day.

Charter schools are a source of hope for families in many underserved communities. The best charter schools regularly outperform their traditional district peers. Whether it’s due to smaller class sizes, innovative curricula, safer and more academically rich environments, or just greater focus on each individual student, the demand for charter schools continues to grow.

The challenge is that many charter schools lack access to quality long-term facilities. Without the powers of eminent domain or bond issuance enjoyed by districts, charters often operate in suboptimal short-term settings which detract from their ability to educate students or build vibrant school cultures. Even schools with access to capital often lack the expertise to successfully develop their own campuses.

The Opportunity

The Turner-Agassi Education Facilities Fund, and its predecessor funds, meet the facilities challenge by acting as a “bridge developer” for best-in-class charter schools.

A joint venture between Turner Impact Capital and tennis legend Andre Agassi, Turner-Agassi takes the lead on site selection, acquisition, design, contracting and construction, providing 100 percent of the required development costs.

Turnkey facilities developed by Turner-Agassi are then leased to school operators who can purchase the sites once they reach their targeted grade configurations and enrollment. The fund even helps schools with capital campaigns and their pursuit of optimal long-term funding options, typically the issuance of tax-exempt bonds.

The Impact