Canyon-Agassi Fund Gets Philadelphia Charter School Off The Ground

Former tennis great Andre Agassi is in Philadelphia this morning for a ribbon-cutting ceremony at the first charter school opened through a for-profit investment fund he created last year in partnership with L.A.-based Canyon Capital Realty Advisors. KIPP Philadelphia Elementary Academy opened in August in a converted warehouse in North Philadelphia. The Canyon-Agassi fund squired the two-story, 30,000-square-foot building and will lease it to the charter operator, with a long-term plan to sell it to them.

Canyon-Agassi has said it hopes to develop at least 75 schools with room for 40,000 students over the next four years.