IFC Invests $150 Million in Laureate to Expand Higher Education in Emerging Markets
Washington, D.C., January 23, 2013—IFC, a member of the World Bank Group, and the IFC African, Latin American, and Caribbean Fund have made a $150 million equity investment in Laureate Education, Inc., to expand access to career-oriented higher education in emerging markets and support the growth of Laureate’s global network of institutions.
Laureate is a leading provider of private higher education, serving more than 750,000 students in 29 countries. IFC, in its largest investment in education, is providing $100 million to Laureate. The IFC African, Latin American, and Caribbean Fund is investing an additional $50 million. The fund is managed by IFC Asset Management Company, a wholly owned IFC subsidiary.
“We are honored by this demonstration of support and confidence from a world-class institution like IFC,” said Douglas L. Becker, Laureate’s Chairman and Chief Executive Officer. “The commitment by IFC demonstrates the strength of Laureate’s reputation and allows us to further expand into communities where the demand for quality postsecondary education is greater than available resources.”
Through its Laureate International Universities network, Laureate has been a pioneer in higher education and currently operates more than 60 institutions on hundreds of campuses across the world. These institutions share a common goal of delivering high-quality, internationally focused, job-oriented programs. The company’s emphasis on work readiness and vocational training helps its students succeed in the marketplace.
“This investment underscores IFC’s long-term commitment to supporting education with strategic clients that have the ability to develop much-needed job-market skills,” said Rashad Kaldany, IFC Vice President for Global Industries. “Laureate has a unique international perspective on what works in higher education and has proven history of putting its students first. We look forward to continuing our partnership with them to expand access to career-oriented education in emerging markets with strong growth potential in Latin America, the Middle East, and Africa.”
Gavin Wilson, CEO, IFC Asset Management Company, said: “We are happy to be investing in Laureate’s continued growth. Laureate has built a unique higher-education platform with a substantial presence in emerging markets. Our partnership with them will have a significant impact on human development in the countries where Laureate operates.”
IFC is the largest multilateral investor in private education in emerging markets. IFC’s education portfolio stands at more than $550 million, encompassing 42 projects in 24 countries, including several of the poorest countries. The total value of these projects is about $900 million. In 2011, IFC’s private education projects helped benefit 1.4 million students while providing employment for 60,000 people.
The Laureate International Universities network includes more than 65 accredited campus-based and online universities. Its more than 750,000 students are part of an academic community that spans 29 countries throughout North America, Latin America, Europe, North Africa, Asia, and the Middle East. Laureate universities offer hundreds of undergraduate, master’s, and doctoral degree programs in architecture, art, business, culinary arts, design, education, engineering, health sciences, hospitality management, information technology, law, and medicine. For more information, visit www.laureate.net.