In July, we completed the final close of New Markets Education Partners, L.P., a $20 million fund that leverages our deep experience investing in the education industry. Limited Partners in the fund include the Lumina Foundation, Prudential Corporation and USA Funds.

New Markets has a long history of investing in education technology that precedes the formation of this Fund. Our general partners include early investors in American Public Education, Capella and Blackboard. We created this new fund because we believe that venture investing in education technology can play a vital role in bringing important breakthroughs to a market that is being quickly disrupted, and presents a case for compelling financial returns.

Technology is at once driving the need for, and enabling transformative changes in education. Our new fund invests in technology‐enabled products and services that offer customers compelling ROI, improve student success and increase the capacity of educational institutions to serve students.

New Markets seeks to invest in companies that are on the forefront of improving the U.S. educational system. We appreciate the opportunity to work with game‐changing entrepreneurs who share this vision.