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The World's Biggest For-Profit College Company, Laureate Education, Raises $490 Million In Public Debut
Key Excerpts from Article on Website of Forbes
Posted: August 19th, 2017
https://www.forbes.com/sites/laurengensler/2017/02/01/laurea...
The largest for-profit college company on the planet raised $490 million in its public debut on Wednesday. Laureate Education, an education juggernaut that is backed by big-name investors like Henry Kravis and Steve Cohen and counts Bill Clinton as its former honorary chancellor, listed its stock on the Nasdaq. The company, which operates colleges primarily outside the United States, is notable for being the first public benefit corporation to go public. That means it incorporated as a new type of company that seeks to balance an appetite for profits with the desire to positively impact society. This is in addition to its certification as a B Corp by the non-profit B Lab, along with 2,000 other companies like Patagonia and Warby Parker, most of whom have opted to stay private. By casting itself as part of the do-gooder crowd and having such a small presence in the U.S., Laureate has managed to distance itself from the nation's for-profit college sector, which received increased scrutiny under the Obama Administration. Corinthian College, for instance, declared bankruptcy and closed its campuses after regulators zeroed on its marketing practices and high loan default rates among students. Laureate and its proponents portray the company as one that is focused on expanding access to higher education in emerging markets to support a rapidly-growing middle class.
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