News

Agassi’s School Partner Aims for $1 Billion With New Firm

Bloomberg

May 16, 2014

Bobby Turner, who runs a school-construction fund with tennis champion Andre Agassi, has started a new firm seeking to raise as much as $1 billion for charter schools, workforce housing and health-care facilities.

Turner Impact Capital, based in Santa Monica, California, plans to raise three initiatives of about $250 million to $350 million each, Turner said. They will be used to buy and redevelop facilities in urban areas with low-cost real estate and high demand for affordable housing, health and education services, said Turner, who in 2011 formed the $210.7 million charter-school fund with Agassi, now part of the new firm.

“It’s a battle-tested model,” Turner, who also raised $2 billion in real estate funds with retired basketball star Earvin “Magic” Johnson from 2000 to 2008, said in an interview at the Bloomberg News office in Los Angeles. “I’ve got a lot of experience in raising pioneering funds.”

The goal is to generate a profit for investors while serving a higher public purpose, said Turner, principal and chief executive officer of the new firm. Public-impact investing, which dedicates funds to issues such as education, community development, the environment and health care, has been increasing and is likely to climb further this year, according to JPMorgan Chase & Co. and the Global Impact Investing Network, which studied 125 companies that manage a total of $46 billion in such investments.

READ MORE