P3•EDU 100 1 1 0 0 2020 100

A Directory of Leading Companies Partnering with Colleges and Universities for Strategic and Financial Impact

2020 2 P3•EDU 100

Co-hosted by

This directory has been developed in conjunction with P3•EDU: Innovation and Public-Private Partnership in Higher Education, an event co-hosted by George Mason University and University of Colorado Denver and co-produced by Alpha Education. www.p3edu.com For questions and more information, please email [email protected].

About George Mason About University of About Alpha University Colorado Denver Education

George Mason University is CU Denver is Colorado’s most Alpha Education provides Virginia’s largest public research diverse public urban research strategic corporate development university. Located near Washington, university. In the heart of downtown and advisory services for higher D.C., Mason enrolls 38,000 students Denver, the university enrolls education institutions. Founded from 130 countries and all 50 more than 14,000 students, many in 2011, the firm helps colleges states. Mason has grown rapidly of whom are first generation. One and universities responsibly and over the past half-century and is of four campuses of the University effectively explore a wide range recognized for its innovation and of Colorado, CU Denver generates of private sector partnership entrepreneurship, remarkable innovative solutions and advances opportunities. For more information, diversity, and commitment to economic development, bringing visit www.alpha-education.com accessibility. Learn more at an impact greater than $800M or contact us at www.gmu.edu. to the state. Learn more at [email protected]. www.ucdenver.edu.

Acknowledgements

Brady Colby, Founder and CEO, Stephen Pelletier, Editorial Thirty Two Edu Consultant

Arnaud Ghelfi, Creative Director, Brian Sedlak, Partner and Real l’atelier Starno Estate Practice Leader, Jones Day

Melanie Jordan, Associate, Alpha Jeff Turner, Executive Vice Education President, Brailsford & Dunlavey

Tom Morsch, Founder, Morsch Trace Urdan, Managing Director, Expeditions Tyton Partners P3•EDU 100 3

Contents

About This Directory ...... 5

Partnership Categories and Case Studies ...... 6

Improving Student Success ...... 6

Expanding Reach and Access ...... 10

Increasing Physical Capacity ...... 14

Leveraging Current Assets ...... 16

P3•EDU 100 ...... 18

Resources and Articles ...... 54 U.S. Higher Education 2019 Year in Review S&P GLOBAL ...... 55

Global OPM and Academic PPP Market HOLON IQ ...... 59

2019 State of the Industry Report BRAILSFORD & DUNLAVEY ...... 60

Framework for Online Program Management Transparency 2U, INC...... 62

Now Hiring: EVP for University Strategic Initiatives DR. MICHELLE MARKS AND JAMES SPARKMAN ...... 64

The New Era of Public-Private Partnership in Higher Education DR. MICHELLE MARKS AND JAMES SPARKMAN ...... 66

2019 Public-Private Partnership Survey THE CHRONICLE OF HIGHER EDUCATION & P3•EDU ...... 69

10 Tips for Successful Public-Private Partnerships

in Higher Education ...... 70 4 P3•EDU 100

Sponsorship for this directory has been provided by a grant from Strada Education Network

About Strada Education Network

Strada Education NetworkSM is a national 501(c)(3) nonprofit dedicated to improving lives by catalyzing more direct and promising pathways between education and employment. We engage partners across education, nonprofits, business, and government to focus relentlessly on students’ success throughout all phases of their working lives. Together, we address critical college to career challenges through strategic philanthropy, research and insights, and mission-aligned affiliates—all focused on advancing the universal right to realized potential we call Completion With a Purpose®. P3•EDU 100 5 About This Directory

This directory is designed to be a guidebook for university leaders who are exploring opportunities for private sector partnership. Companies cited here are arranged alphabetically under a set of keys based on their service categories.

Improving Student Success

Data Career Coaching/ analytics services mentoring/ tutoring Expanding Reach and Access

Online International Noncredit Recruiting program student program and enrollment management recruitment provider services

Increasing Physical Capacity

Student Other university housing real estate development

Leveraging Current Assets

Campus infrastructure services 6 P3•EDU 100 Partnership Categories and Case Studies Improving Student Success

IMPROVING STUDENT SUCCESS Representative Data Analytics companies: Aviso Retention ata science offers a range of support approaches, and make other Blackboard innovations to university leaders. changes that can improve the likelihood Burning Glass Technologies Inside the classroom, improved of student persistence and completion. Campus Labs use of data can provide instruc- D In addition, real-time data around the Civitas Learning tors with a real-time understanding of stu- evolving job market allows for improved Economic Modeling (Emsi) dents’ specific challenges in comprehend- decision making around academic pro- HelioCampus ing material. Outside the classroom, data gram expansion and contractions. Part- Nuro Retention management can be applied to help track nerships in this area continue to evolve Othot grades, attendance, scheduling, and a host rapidly from simple data capture and Rapid Insight of other indicators to inform the design of visualization to data-driven solutions for Symplicity appropriate student interventions, redesign a range of campus challenges. Watermark

CASE STUDY: and analytics degree. Emsi used professional profile data and traditional labor market data to identify target occupations for these two programs and analyze the skills that are most relevant for WGU grads in these fields.

Part of the work involved analyzing millions of job postings to learn more about the language employers use to describe their hiring needs. Emsi also applied its skill taxonomy to translate learning competencies for the two Mapping Course and Program Competencies to WGU programs into the language of the labor market. Then, Workplace Skills Emsi assessed the alignment of WGU’s course content with As a pioneer of competency-based education, nonprofit, the skills that employers seek. online Western Governors University (WGU) has a reputation for student-centered innovation. WGU Though this initial analysis was largely a proof of concept recently partnered with Emsi’s higher education for future, university-wide work, it is already having consulting team to develop an innovative methodology an impact on the two programs. The new approach, for translating curriculum to workplace skills and to called skills mapping, allows learners to understand the map how well those skills align with employer demand. competencies and skills they’ve gained in real time, which also allows the learner to communicate those skills and To begin the project, Emsi and WGU first focused on competencies to prospective employers in a language two of WGU’s in-demand, high-impact programs: the the employer understands. Skills mapping also enriches business core curriculum and the data management WGU’s capacity to award academic credit for professional P3•EDU 100 7

CASE STUDY:

IMPROVING STUDENT SUCCESS Career Services

areer-service offer- Representative ings vary significant- companies: ly and can include 12Twenty C student-facing tools, Graduway augmented resources, and ac- Handshake tual bridges to internships and Pairin Engaging Alumni for Career Opportunities employers. Vendors in this space Parker Dewey In 2007, after being a women’s college for more than provide a combination of large- PeopleGrove 125 years, Randolph College became co-ed. While this scale employer networks, which RaiseMe was an important financial decision in light of enrollment may be elusive for many small Revature and demographic trends, going co-ed created distance and medium-sized universities, Talent Path between the school and some alumnae, the same as well as technology exper- alumnae who were needed to create a career network for current students. The college needed to find new ways to tise that can allow universities provide students and alumni/alumnae with opportunities to dramatically expand their to ask for and provide relevant career advice and reach and effect in helping their opportunities, on their own terms. Moreover, the college students find gainful employ- needed to be able to provide expert career guidance at ment—both during and after scale within limited work hours and with a small team. leaving school. Seeking strategies to reclaim alumni’s support while increasing successful career outcomes, the college decided to institute an alumni and career networking platform that would jointly serve three departments: alumni relations, career services, and development. After carefully considering the options, the college work experience and industry certifications that a learner elected to partner with Graduway, a dedicated student may have earned before enrolling at WGU. and alumni networking platform that helps institutions engage with learners across the student life cycle, from Future work will include a focus on deeper analysis of prospective student to donor. groups of skill clusters, complementary skills that appear alongside each other in job postings, to better understand Within 10 weeks of launching at Randolph, the Graduway how skills are used in specific jobs. solution, branded as “Randolph Connect,” had attracted 1,000 registered users, with more than 400 volunteering “Job seekers want to know what skills to learn that to help as mentors and ambassadors. “Randolph will translate into a successful career or promotion, so Connect is our virtual hub…where the whole campus life the creation of a personalized learning pathway that cycle takes place,” said Kristin Dabney, manager of the incorporates those skills and competencies will help college’s alumnae and alumni career network. students match their credentials with what employers In short order, some 8,000 messages had been posted want,” said Marni Baker Stein, WGU provost and chief on Randolph Connect, along with nearly 650 jobs. The academic officer. “WGU is building a comprehensive launch also helped boost connections with alums for skills map across industries to serve as the ‘operating fundraising and was credited with the college seeing system’ that will maximize value to students by providing 25 percent alumni participation in a fund drive called career-relevant programs, a clear way to communicate “Giving Tuesday,” a result that had not been seen for value to employers, and data-driven career assistance.” many years.

Source: Adapted from materials provided by Emsi. Source: Adapted from Graduway case study. 8 P3•EDU 100

IMPROVING STUDENT SUCCESS

Coaching/ CASE STUDY: Mentoring/ Tutoring

ompanies in this category supple- ment the student support offerings of C Mentoring Programs at Scale universities either by interact- ing with students directly or Like many large, public universities, Indiana University (IU) Bloomington faces by providing support mecha- certain constraints in providing one-on-one support for all its students. For nisms to student counselors to example, institutions with large student populations cannot always provide make them more efficient and advisors to every student, and increasing the number of advisors can be effective in managing their stu- expensive. As an alternative, mentorship is a cost-effective strategy that offers dent caseloads. The category high-impact support to students and complements advising. is varied but typically brings With that in mind, four colleges at IU—O’Neill School of Public and Environmental scale, expertise, and in some Affairs, Kelley School of Business, Hamilton Lugar School of Global and cases technology-based tools International Studies, and the School of Education, along with the Center of that exceed what most schools Excellence for Women and Technology—partnered with Mentor Collective to are able to develop on their design large-scale mentorship programs. own. With the support of Mentor Collective’s team and platform, the colleges are able to match students with a personalized, trained peer or alumni mentor, measure Representative student engagement, provide student career preparation, create a culture that companies: promotes community engagement, and expand support capacity without hiring Chronus additional staff. InsideTrack “Mentor Collective excels at pairing students with the appropriate mentors and Mentor Collective doing so quickly and with minimal time commitments from my staff,” said Doug Riipen Goldstein, assistant dean for planning and growth in the Hamilton Lugar School. Timely MD Mentor Collective reports that through its work at IU, 2,044 students and alumni Upswing volunteered to support incoming students and 2,823 students were matched with a Wyzant peer or alumni mentor. Some 10,000 conversations between mentors and mentees have been logged.

Source: Adapted from “Indiana University Scales Mentorship Across 4 Colleges (Case Study/Indiana University Bloomington),” Mentor Collective, www.mentorcollective.org. P3•EDU 100 9

CASE STUDY:

Telehealth for Students

To build a strong community, Abilene Christian University (ACU) requires traditional first- and second-year students to live on campus. That means most new students are living away from home for the first time. Despite an excellent campus clinic, ACU struggled to manage student mental and physical health care needs. Inexperienced students, perhaps accustomed to relying on parents for health care decisions, did not know when or where to seek counseling services or medical attention. Students would often seek help after 5 p.m., when the campus clinic was closed. When students did find their way to campus resources, high demand meant waiting several days to see a doctor or counselor. Administrators decided that ACU needed more immediate and convenient support for student health.

ACU’s senior vice president of operations, director of health services, and CFO collaborated with Timely MD to better understand ACU’s health care ecosystem and customize a telehealth program for the campus. That program, dubbed “Wildcat Care,” includes several key services to support student mental and physical health. The tool enables ACU to offer on-demand, 24/7 virtual visits so students can get medical and mental health support at no cost per visit—all at a low overall cost to the university. Students get on-demand, virtual visits for medical care, allowing them to see a doctor in 10 minutes or less. They also get on-demand mental health coaching, as well as the option to schedule virtual counseling sessions on an ongoing basis. Flexibly filling gaps in ACU’s health care model, the telehealth services optimize clinic resources and improve the overall health care experience for both clinicians and students.

Kevin Campbell, then the university’s senior vice president for operations, said that Wildcat Care provides a cost-effective and convenient user experience that integrates with the care that ACU provides in its campus clinic. “Timely MD not only enables us to provide better care for our students, it also improves public health for our residential community,” he said.

Wildcat Care saves ACU $63,000 in health care costs per every 1,000 students every year. The university has found that the tool has helped increase campus health care utilization by 36 percent, while improving clinic flow and availability. With 46 percent of virtual visits taking place after hours or on weekends, the tool also helps reduce unnecessary student visits to local emergency rooms and clinics.

Source: Adapted from materials from Timely MD. 10 P3•EDU 100 Expanding Reach and Access

EXPANDING REACH AND ACCESS Online Program Management

o help traditional universities com- and sharing the revenue on a split basis, Representative pete in the fast-growing but highly ranging generally between 40 percent and companies: competitive and complex online 60 percent. These agreements are typically 2U T program market, a category of pri- long-term, averaging 7 to 10 years, to allow Academic Partnerships vate companies has emerged that partners the private partner a sufficient period to All Campus with institutions to launch and grow programs realize a return on the initial investment. Bisk Education that are exclusively online. Elsemere Education Though expertise can vary by partner, Emerge Education Commonly known as Online Program Man- OPMs generally provide services in a few Everspring agers (OPMs), these companies provide principal areas: market research, mar- iDesign both the capital and the expertise to enable keting and lead generation, enrollment Keypath Education schools build and market their online degree management, student retention services, Noodle Partners programs with less cost and shared risk. and technology-related support. Instruc- Pearson While some companies operate on a fee for tional design and curriculum development Synergis Education service basis, the more typical approach services are often included to help faculty Wiley Education is as a financial partnership, with each side build and refresh online courses. Services contributing resources to the enterprise P3•EDU 100 11

CASE STUDY:

EXPANDING REACH AND ACCESS International Student Recruitment Partnering to Expand Nursing Education number of private Representative In 2017 Baylor University’s Louise Herrington School of companies, some- companies: Nursing sought to expand its online graduate programs times referred to Bridge Education in order to increase access to its world-class education as international Group for nurses outside of Dallas. One of Baylor’s goals was to A Emeritus grow its program for nurses with a Bachelor of Science in pathway program providers, INTO University nursing (BSN) who wanted to earn the Doctor of Nursing have approached the unique Partnerships Practice (DNP) and become a family nurse practitioner challenges of recruiting and Kaplan University (FNP). Enrollment in that program was being affected retaining international stu- Partners by the increasing number of online FNP programs that dents with a range of solutions. Kings Education provided working professional nurses more flexibility Partner-based pathway pro- M Square Media to pursue graduate education while maintaining their (MSM) grams offer schools access to employment. Shorelight global networks of recruiters Study Group To meet that challenge, Baylor partnered with Keypath cultivated in some cases over Education in early 2018 in a long-term revenue share decades. Programs typical- partnership to deliver the online BSN to DNP, with ly combine credit-bearing specializations in family nurse practitioner, neonatal first-year coursework with developmental English as a nurse practitioner, and nurse-midwifery, as well as the second language coursework to prepare a student who online Master of Science in nursing in leadership and innovation. Keypath instructional designers work with is unable to meet the English proficiency requirements Baylor’s faculty to design and develop highly engaging for standard admission. The programs are often offered and effective online courses. The company’s marketers directly on a university’s campus, although they can collaborate with Baylor to create a national campaign be offered off-site, and typically include conditional designed to attract quality students who meet Baylor’s admission to the partner university upon successful high academic and professional standards. Keypath’s completion of the program. clinical placement specialists partner with quality clinical sites across Texas and wherever students reside In these partnerships, the private company invests to ensure nursing students can put their knowledge into resources in creating and staffing the program, in con- practice. junction with the partner school, and typically shares From fall 2018, the first intake of the partnership, Baylor’s student-paid program tuition revenues with the school. DNP enrollment has grown from 32 to 146 students today. Given often significant capital contributions by the Delighted with these results, Baylor has since expanded private company, these contracts tend to be long-term, its partnership with Keypath to include new DNP often over 20 years, and have a range of business mod- specializations, as well as a BSN program and an online els, including revenue share, surplus share, and formal Master of Science in computer science launching this fall. joint ventures. “Our nursing programs are already nationally ranked, but we know they have even more to offer, and to more students,” said Shelley F. Conroy, dean of Baylor’s Louise Herrington School of Nursing. “With the experience and knowledge of Keypath propelling them forward, we expect these programs will reach new students, help them achieve greatness in their professions, and help the school better fulfill its mission.”

Source: Adapted from materials provided by Keypath Education. 12 P3•EDU 100

EXPANDING REACH AND ACCESS Noncredit Program Provider

dult and continuing education The private partners operating in this sphere Representative is becoming a mission-critical are eclectic and range from traditional pub- companies: community service in a knowl- lishers to venture-backed start-ups. Some Coursera A edge-based economy as well as offerings are relatively simple, such as white edX an increasingly significant source of institu- label online courses offered through branded ExecOnline tional revenue. In addition, these programs extension schools. Others, such as MOOCs, Fullstack Education have been an effective way for institutions to require investment from the university, with a GreenFig experiment with new modalities (MOOCs), back-end revenue share. Still others, such as MindEdge new audiences (corporate education and newer bootcamp offerings, provide up-front Pathstream Yellowbrick working adults), and new career-oriented capital to develop programs, with a long- offerings (bootcamps). When done well, term revenue share providing a return on investment to the private partner. noncredit programs can be brand as well as revenue enhancing, leveraging institutional brand equity in relatively low-risk ways.

CASE STUDY: To serve this massive student population while leveraging leading curricula in such areas as beauty and sneaker design, the Fashion Institute of Technology (FIT) partnered in 2017 with Yellowbrick, an online education company that helps learners enter the workforce with a fundamental understanding of how their industry of choice works. Yellowbrick creates industry-specific online programs by partnering with major colleges, media outlets, and organizations to help learners deepen their understanding of industries for which they have a particular passion.

Building Bridges to Careers Two such programs—“Sneaker Essentials” from FIT and Complex magazine and “Beauty Industry Essentials” As Millennials enter the workforce and Gen Z nears from FIT and Allure magazine, both in conjunction with college graduation, these two generations are quickly Yellowbrick—expose students to the sneaker and beauty comprising a greater percentage of the workforce. industries through curriculum from FIT and industry Millennials alone will account for 75 percent of the working leaders from brands in both fields. Seeing those experts age population by 2025. But unlike previous generations putting their skills into practice in brands that students who have matured into the majority of the workforce, can relate to can help learners get a better sense of career Millennials and their younger counterparts are prioritizing direction and can help them be more likely to select their interests and passions in their career decisions. This and complete their program of study with passion and has presented universities, especially those that have purpose. To date, these programs have enrolled more than world-renowned curricula in these passion-point verticals, 7,000 students from across the world. a unique opportunity to shape the career discovery journey of the largest generational workforce in history. Source: Adapted from materials provide by Yellowbrick P3•EDU 100 13

CASE STUDY:

EXPANDING REACH AND ACCESS Recruiting and Enrollment Services

ncreased competition for Growing Undergraduate Enrollments at an HBCU students and the need Funding for historically black colleges and universities (HBCUs) has been a to spend recruitment focus of attention as they face dramatic declines in enrollment. According to dollars as efficiently as some reports, a large majority of HBCUs face essentially existential threats unless I they can increase revenue through increased student enrollment and retention. possible have given rise to a host of firms that specialize Kentucky State University (KSU), a public historically black university in the city in helping schools identify of Frankfort, faced similar challenges driven by low enrollment and declining their target markets and reach budgets. Seeking to stimulate enrollment growth, improve customer service, and reduce administrative overhead, KSU turned to an outsourced enrollment those students more effective- management partner, Sextant Marketing, a full-service digital marketing agency ly. On a fee for service basis, and consultancy. these companies bring the scale and technical expertise Sextant was hired in January 2019 as KSU’s new student recruitment partner. that an individual college or Tasked with increasing fall 2020 freshmen starts, Sextant serves as an extension of KSU’s admissions office and provides substantial front-end support for the university may not be able to university’s admissions, financial aid, student success, and institutional research possess in the areas of mar- offices. As reported by a local newspaper, the initial three-year contract was ket research, marketing, and worth some $755,600 annually, with the possibility of renewal for up to four one- enrollment. In recent years, a year terms after that. new subcategory of compa- After assessing KSU’s circumstances and aspirations in depth, Sextant positioned nies has evolved that partners its full-service enrollment and advising call center to take potential KSU students with universities to facilitate from inquiry and application through orientation and day one of class. Sextant’s the recruitment of students team engaged potential students through phone, email, and direct mail. In through corporate tuition reim- addition to new students, the outreach included learners who had once studied at bursement programs. KSU and were candidates to reengage with the institution. Sextant’s work focused on answering prospective enrollees’ questions, helping learners complete Representative KSU applications, and assisting with specific requests like securing academic companies: transcripts needed for applications. Part of the work also focused on helping students learn about scholarships and complete FAFSA forms so they could Archer Education secure the necessary finances to enroll at KSU. Among other efforts, Sextant staff Circa Interactive made more than 45,000 phone calls and sent more than 13,000 targeted emails Collegis Education over the first five months. Council for Adult and Experiential Learning (CAEL) The results have been striking. KSU enrolled its largest freshman class ever in EAB the fall of 2019, with 533 new students enrolling, up from 245 in prior semesters EducationDynamics and an increase in new students of more than 200 percent. Citing those early Guild Education returns, KSU President M. Christopher Brown II told a local newspaper that he views Sextant employees as “valuable partners” for the university. The university InStride is now planning that, with Sextant’s help, it will be able to enroll 700 new first-year ReUp Education students this fall. Early results are positive, with fall 2020 admits up 240 percent Ruffalo Noel Levitz year over year as of January. Sextant Marketing Signal Vine Source: Adapted from information provided by Sextant Marketing and McKenna Horsley, “FOCUS: KSU president expects university to meet enrollment goals,” Frankfort, Kentucky, State Journal, June 8, 2019. 14 P3•EDU 100 Increasing Physical Capacity

INCREASING PHYSICAL CAPACITY Student Housing and Other University Real Estate Development Student housing hared-risk partnerships be- Representative companies: tween universities and private companies are most evolved American Campus Communities in the category of campus real Capstone Development Partners S Corvias estate development. Though the financial arrangements can vary, in essence the Gilbane Development Company deals involve a sharing of capital costs Greystar Real Estate Partners around development and a sharing of Harrison Street receipts (and risk) emanating from the Lendlease Michaels Student Living project. The private partner supplies RISE: A Real Estate Company capital and expertise, while the university Servitas supplies a stable and predictable reve- nue stream over an extended period of time. CASE STUDY:

Student housing is the most common type of development partnership, but re- cent deals have brokered a broad range of construction, including retail, dining, Other university hotels, office, workforce housing, student A Comprehensive Student unions, campus edge projects, health real estate Housing P3 and wellness facilities, sports facilities, development In 2011, University of Kentucky and nonstudent, multifamily housing Representative companies: President Eli Capilouto’s vision was projects. Balfour Beatty Campus to transform the physical footprint of Solutions the institution’s campus, including The arrangements are popular for a CA Ventures enhancing and expanding student number of reasons, but well-aligned in- Edgemoor Infrastructure & Real housing. A partnership with terests mean the projects are completed Estate Greystar Real Estate Partners rapidly and with lower project risk to the Fairmount Properties proved pivotal in helping this vision institution. By essentially providing off- Kiewit become a reality. balance-sheet or “off-credit” financing, Oak View Group Prior to the project, the university P3s offer schools a way to satisfy infra- Plenary Group USA had nearly $200 million in student Public Facilities Group structure demands and replace aging fa- housing deferred maintenance. cilities without negatively affecting their Skanska Given that only 10 percent of credit rating or access to capital. Wexford Science & Technology P3•EDU 100 15

CASE STUDY: parking, facilities, and academics. KU recognized that stakeholder buy-in was essential, and it insisted that each affected group provide input and be involved in the process. The KU team implemented a procurement strategy that was extremely collaborative and transparent—the university told the industry exactly how much money it could afford and what it wanted in base scope and included a scope ladder for additional items that KU would like to A University P3 for the Central District include.

To expand its growing campus, the University of Kansas In contrast to a more typical two-year P3 procurement (KU) selected Edgemoor Infrastructure & Real Estate as cycle, KU was also able to go from RFQ to financial close in the master developer for 55 acres on campus referred less than 14 months. The KU approach was a “progressive to as the Central District. Utilizing a public-private P3” that was structured around identifying the right partnership (P3) solution, Edgemoor master-planned partner for the university and then working collaboratively the $350 million project and then developed, financed, on design, contract, financing, and operations and built, and currently operates an integrated science maintenance issues all in parallel to accelerate the facility, a student union, three student housing buildings, schedule. a central utility plant, and a dining center, encompassing “From design to completion of construction, the teams approximately one million square feet. The project worked almost seamlessly in a very collaborative also included parking and the necessary utility and environment. The focus on being solution-oriented was transportation infrastructure. a big part of the success of the project,” said University The Central District is a complex project that intersects Architect Jim Modig. “The working relationships between the teams and KU has been one of the best in my tenure.” numerous functions across the KU campus, including

research, the student union, student housing, dining, Source: Adapted from materials provided by Edgemoor.

Kentucky’s student housing beds had been built in the Results have been significant. The new housing is past 50 years, much of its existing housing was considered considered a factor in higher student GPAs, increases obsolete. The university’s master plan called for more than in its retention rates, and successful and steady student $1 billion in new quality-of-life facilities to support students, progress toward degree, as well as in record application but with limited debt capacity, the university was not in a rates and record enrollment growth. On the financial side, position to fund improvements on the scale that was needed. the university saw its credit rating improve, a boost that Entering into a P3 agreement with Greystar jump-started helped it take on the debt needed to fund a new student a necessary transformation in student housing. With help center and several new academic buildings. from the Greystar team, and using the company’s ONE Underscoring the university’s satisfaction with the Plansm equity financing, Kentucky built nearly 2.6 million partnership, President Capilouto said “Our partnership square feet of new space, with 6,700 new and replacement with Greystar has been incredibly meaningful and beds in state-of-the-art undergraduate student housing, as well as nearly 150 units of graduate student housing, for important to the University of Kentucky. We needed a total of 6,850 beds. Fourteen new residence halls, with to move rapidly to upgrade facilities, and especially more than 200,000 square feet of the space dedicated to residence halls, on our campus to meet the 21st century classroom and social spaces, were built in six years. living and learning needs of our students. Greystar built these [units] across our campus quicker, more Financing through Greystar—a total of $450 million for economically, and of higher quality than we could have the undergraduate and graduate housing—meant that the on our own utilizing the traditional building and financing university could preserve its debt capacity. The partnership solutions that we relied upon in the past.” also transferred long-term housing operations and maintenance risks from the university to Greystar. Source: Adapted from materials from Greystar. 16 P3•EDU 100 Leveraging Current Assets

LEVERAGING CURRENT ASSETS Campus Infrastructure Services CASE STUDY: ike a municipality, institutions of higher education support populations with a variety of nonacadem- ic services and utilities, including water, energy, L parking, and others. Private concessionaires are willing to prepay for the right to provide these services over a long contract term. In these arrangements, univer- sities benefit from professional services, technological upgrades, and off-balance-sheet financing.

A $1 Billion+ Cash Infusion

Representative companies: In a P3 that gives the University of Iowa an up-front payment of $1.165 billion, Ameresco the university has entered into a 50-year Blue Sky Power partnership with the energy company Clearway Energy Group ENGIE and its investment partner, Meridiam. Con Edison Solutions ENGIE will operate the university’s utility DCO Energy systems, including distributing heating, Engie North America cooling, and electricity to the University of Johnson Controls Iowa’s Iowa City and Oakdale campuses and LAZ Parking managing water and storm sewer services. NextEra Energy After paying $153 million in bonds and $13 SP Plus Parking million in consultant fees from the lump-sum payment, the University of Iowa will invest Waldron Engineering and Construction the rest of the money in an endowment that is projected to provide $15 million per year over the life of the contract to support university academic programming.

Over the course of the deal, the University of Iowa will pay ENGIE/Meridiam an annual P3•EDU 100 17

About the Case Studies: Because they are drawn from public sources and from the partnering fee, which includes a fixed fee component assets to find ways to provide the funding institutions themselves, the starting at $35 million and increasing by that Iowa’s public universities need to be case studies 1.5 percent each year starting in July 2025. their best.” University of Iowa President included here are Under the agreement, the University of Bruce Harreld said that with ENGIE and by nature limited in detail and Iowa will lease its utility system to ENGIE/ Meridiam, “The university has found tend to focus on Merdiam and plans to again oversee utility partners that share our values of investing the positive. We recognize that all operations when the term of the lease in our people, improving sustainability, partnerships in concludes. and transitioning toward a zero-carbon higher education, footprint.” even the most The University of Iowa views the agreement successful of them, are as an innovative way to raise resources Source: Eric Kelderman, “Another University Is Leasing Its Utility Operations for a Huge Cash Infusion. Is That a Smart Idea?” The challenging it needs to support its core missions of Chronicle of Higher Education, December 12, 2019, www.chronicle. endeavors and teaching, research, and scholarship. The com/article/Another-University-Is-Leasing/247708, and University of in no way want Iowa, “Board of Regents approves public-private partnership for UI to minimize the University of Iowa also expects that the utility system” (press release), IowaNow, December 10, 2019, https:// efforts, risks, and partnership will help it advance its goals now.uiowa.edu/2019/12/board-regents-approves-public-private- potential pitfalls partnership-ui-utility-system. of shifting from reliance on coal to more when engaging in them. Please sustainable and renewable energy sources, accept these including biofuels. cases for what they are—meant only for illustrative In announcing the deal, Board of Regents purposes to help President Michael Richards said, “We must define the various continue to be creative in leveraging our partnership categories. 18 P3•EDU 100 P3•EDU 100 19

12Twenty InStride 2U INTO University Partnerships Academic Partnerships Johnson Controls All Campus Kaplan University Partners Ameresco Keypath Education American Campus Communities Kiewit Archer Education Kings Education Aviso Retention LAZ Parking Balfour Beatty Campus Solutions Lendlease Bisk Education Mentor Collective Blackboard Michaels Student Living Blue Sky Power MindEdge Bridge Education Group M Square Media (MSM) Burning Glass Technologies NextEra Energy CA Ventures Noodle Partners Campus Labs Nuro Retention Capstone Development Partners Oak View Group Chronus Othot Circa Interactive Pairin Civitas Learning Parker Dewey Clearway Energy Group Pathstream Collegis Education Pearson Con Edison Solutions PeopleGrove Corvias Plenary Group USA Council for Adult and Experiential Learning (CAEL) Public Facilities Group Coursera RaiseMe DCO Energy Rapid Insight EAB ReUp Education Economic Modeling (Emsi) Revature Edgemoor Infrastructure & Real Estate Riipen EducationDynamics RISE: A Real Estate Company edX Ruffalo Noel Levitz Elsmere Education Servitas Emerge Education Sextant Marketing Emeritus Shorelight Engie North America Signal Vine Everspring Skanska ExecOnline SP Plus Parking Fairmount Properties Study Group Fullstack Education Symplicity Gilbane Development Company Synergis Education Graduway Talent Path GreenFig Timely MD Greystar Real Estate Partners Upswing Guild Education Waldron Engineering and Construction Handshake Watermark Harrison Street Wexford Science & Technology HelioCampus Wiley Education Services iDesign Wyzant InsideTrack Yellowbrick 20 P3•EDU 100

12Twenty 2U HQ Santa Monica, CA HQ Lanham, MD URL www.12twenty.com URL www.2u.com Telephone 888-281-3251 Telephone 301-892-4350 Year Founded 2008 Year Founded 2008 Private Public NYSE: TWOU Chief Executive Kenny Berlin, CEO Chief Executive Christopher “Chip” Lead University Contact Bailey Paucek, Co-Founder and CEO Stump, Director of Client Partnerships Lead University Contact Andrew Email bailey.stump @12Twenty.com Hermalyn, President, Global Partnerships Email [email protected]

Services Data analytics, coaching/ Services Online program management, mentoring/tutoring, career services noncredit program provider, recruiting Description 12Twenty integrates and enrollment, data analytics, career career services management, employer services relationship management, and student Description 2U, Inc., is a global job tracking in one system. We provide leader in education technology that intuitive, data-centric software to engage builds, delivers, and supports 250+ students and employers and better digital and in-person educational connect students with their dream jobs. offerings, including graduate degrees, Business Model Fee for service professional certificates, Trilogy- powered boot camps, and GetSmarter Total University Partners 650 short courses. Representative University Partners Business Model Revenue share/risk Harvard Business School, Carnegie share Mellon University, University of California, Los Angeles Anderson School Total University Partners 70 of Management, Dartmouth College Representative University Partners Tuck School of Business, Boston College University of Southern California, Law School, University of Oregon, University of North Carolina, Chapel Hill, Purdue University, University of Oxford University College London, University of Said Business School, Notre Dame California, Berkeley, Harvard University, Mendoza College of Business, University Simmons University, Northwestern of Missouri University, George Washington

Source: Company University, Georgetown University, New York University

Source: Company P3•EDU 100 21

Academic Partnerships All Campus Ameresco HQ Dallas, TX HQ Chicago, IL HQ Framingham, MA URL www.academicpartnerships.com URL www.allcampus.com URL www.ameresco.com Telephone 214-210-7300 Telephone 312-525-3080 Telephone 508-661-2200 Year Founded 2007 Year Founded 2012 Year Founded 2000 Private Private Public NYSE: AMRC Chief Executive Randy Best, Founder Chief Executive Joseph Diamond, CEO Chief Executive George Sakellaris, and Chairman Lead University Contact Kyle Shea, President and Chief Executive Officer Lead University Contact Joe Lynch, Executive Vice President, Revenue Lead University Contact David Executive Vice President Email [email protected] Anderson, Executive Vice President Email joe.lynch@ Email [email protected] academicpartnerships.com

Services Online program management Services Online program management, Services Campus infrastructure Description Academic Partnerships noncredit program provider, recruiting services (parking, energy, etc.) delivers sustainable growth for and enrollment Description Ameresco is a leading universities and facilitates student Description All Campus provides energy efficiency and renewable success through upfront capital flexible online program management energy solution provider. We deliver investment, expertise in scalable services with universities to recruit the independent expertise, innovative online program design, omni-channel qualified students for degree programs. engineering, and attainable financial marketing, and student enrollment and Our analytics platform, creative options that campuses need to reduce retention services. marketing, corporate partners, and team energy costs and achieve sustainability Business Model Revenue share/risk of experts make us an online program goals. share, fee for service manager unlike any other. Business Model Revenue share/risk Total University Partners 60 Business Model Revenue share/risk share, fee for service share, fee for service Representative University Partners Total University Partners 90+ Arkansas State University, Eastern Total University Partners 25 Representative University Partners Michigan University, Northern Kentucky Representative University Partners Arizona State University, Medical University, Lamar University, University University of Southern California, University of South Carolina, Minnesota of Texas of the Permian Basin, University George Washington University, State University Mankato, New Mexico of Texas Arlington, Louisiana State Columbia University, Carnegie Mellon State University, Reed College, Rhode University, Shreveport, University University, University of Florida, Island College, Roxbury Community of Illinois at Chicago, University of University of Arizona, Purdue University, College, Texas A&M University-Corpus Louisiana at Lafayette Michigan State University, University of Christi, Washington and Lee University

Source: Company Utah, DePaul University Source: Company

Source: Company 22 P3•EDU 100

American Campus Communities Archer Education Aviso Retention HQ Austin, TX HQ Los Angeles, CA HQ Columbus, OH URL www.americancampus.com URL www.archeredu.com URL www.avisoretention.com Telephone 512-732-1000 Telephone 310-574-2243 Telephone 888-247-8407 Year Founded 1993 Year Founded 2007 Year Founded 2012 Public NYSE: ACC Private Private Chief Executive Bill Bayless, CEO Chief Executive Brian Hartnack CEO Chief Executive Alexander Leader, Lead University Contact Noel Lead University Contact Brad Gibbs, Founder and CEO Brinkman, SVP Public-Private Chief Growth Officer Lead University Contact Alex Ritchey, Partnerships Email [email protected] VP, Business Development Email nbrinkman@americancampus. Email [email protected] com

Services Student housing, other Services Online program management, Services Recruiting and enrollment, university real estate development recruiting and enrollment data analytics, coaching/mentoring/ Description American Campus Description A team of proven adult tutoring Communities (ACC) is the nation’s higher education marketing experts Description Aviso Retention is a largest developer, owner, and manager who love solving challenging problems. technology suite composed of Aviso of high-quality student housing By leveraging technology, analytics Connect, Aviso Predict, and Aviso communities. and strategy, we help colleges and Engage. Our technologies help colleges Business Model Revenue share/risk universities recruit, enroll, and retain the and universities reduce tuition erosion share, fee for service next generation of learners. by predicting the likelihood that students will persist to graduation. Total University Partners 75 Business Model Revenue share/risk share, fee for service Business Model Fee for service Representative University Partners Virginia Commonwealth University, Total University Partners 125 Total University Partners 50 Arizona State University, Drexel Representative University Partners Representative University Partners University, University of California Peru State College, Indiana Wesleyan Concordia University Wisconsin, Central (Berkeley, Riverside, and Irvine), University, Trinity International Carolina Community College, Indiana Princeton University, Northeastern University, College of Healthcare Wesleyan University

University, Texas A&M University, Professions, Regent University, Post Source: Company University of Illinois at Chicago University, Purdue University Global,

Source: Company Independence University, Ultimate Medical Academy

Source: Company P3•EDU 100 23

Balfour Beatty Campus Solutions Bisk Education Blackboard HQ Malvern, PA HQ Tampa, FL HQ Reston, VA URL www.bbcampussolutions.com URL www.bisk.com URL www.blackboard.com Telephone 610-355-8220 Telephone 813-621-6200 Telephone 800-424-9299 Year Founded 2009 Year Founded 1971 Year Founded 1997 Public LSE: BBY Private Private Chief Executive Rick Taylor, CEO Chief Executive Michael Bisk, CEO Chief Executive Bill Ballhaus, Lead University Contact Bob Shepko, Lead University Contact Becky Chairman, CEO & President President Laman, VP Strategic Partnerships Lead University Contact Ed Tola, Email [email protected] Email [email protected] Business Development Email [email protected]

Services Student housing, other Services Online program management, Services Online program management, university real estate development international student recruitment, non- recruiting and enrollment, data analytics Description Balfour Beatty Campus credit program/bootcamp, recruiting Description Blackboard is the Solutions is a leading developer, investor, and enrollment world’s leading education technology and manager of campus infrastructure. Description We work collaboratively company, providing dynamic products We provide development, finance, with universities to customize a service and services to the global education property management, and other real model that complements their current community. Through partnership estate services to colleges, universities, or future capabilities to build a strategic with our clients, we’re pushing the and their affiliated entities. plan to launch and manage online boundaries of what education can offer. Business Model Fee for service certificate or degree programs. Business Model Fee for service Total University Partners 14 Business Model Revenue share/risk Total University Partners 2,000 share, fee for service Representative University Partners Representative University Partners Purdue University, The University of Total University Partners 7 George Washington University, Johns Texas at Dallas, University of North Representative University Partners Hopkins University, The California State Carolina at Wilmington, Texas Woman’s Villanova University, Michigan State University, Columbia University, Nova University University - Broad College of Business, University, Georgetown University,

Source: Company University of Notre Dame, Mendoza Wichita State University

College of Business, Florida Tech, New Source: Company England College, University of South Florida, Morsani College of Medicine, Jacksonville University

Source: Company 24 P3•EDU 100

Burning Glass Blue Sky Power Bridge Education Group Technologies HQ Haddonfield, NJ HQ Denver, CO HQ Boston, MA URL www.blueskypower.com URL www.bridge.edu URL www.burning-glass.com Telephone 856-823-3172 Telephone 303-785-8889 Telephone 617-227-4800 Year Founded 2008 Year Founded 1986 Year Founded 1999 Private Private Private Chief Executive Benjamin Parvey, Chief Executive Jean-Marc Alberola, Chief Executive Matthew Sigelman, CEO President CEO Lead University Contact Jeff Earnhart, Lead University Contact Andrew Lead University Contact Elizabeth SVP Business Development Johnson, International Outreach Manager Denious, Director of Business Email [email protected] Email [email protected] Development Email bdeniousbenious@burning- glass.com

Services Campus infrastructure Services International student Services Coaching/mentoring/tutoring, services (parking, energy, etc.) recruitment data analytics Description Blue Sky Power is Description Bridge Education Group Description Burning Glass an institutional-scale clean energy is a full-service pathways program Technologies is an analytics software infrastructure developer and financer (BridgePathways) provider. We offer company that has cracked the genetic with particular focus on college a variety of language-related services code of an ever-changing labor market. campuses and collegiate housing. We worldwide, including language training, We deliver job data and breakthrough help our customers achieve efficiency, online for teaching English as a second planning tools that inform careers, energy savings, resiliency, and language, teacher certification, and define academic programs, and shape sustainability. study abroad programs. workforces. Business Model Revenue share/risk Business Model Revenue share/risk Business Model Fee for service share, fee for service share, fee for service Total University Partners 350 Total University Partners 25 Total University Partners 7 Representative University Partners Representative University Partners Representative University Northeastern University, Lone Star Mississippi State University, Stockton Partners Capital University, Colorado College, James Madison University, University, Georgian Court University, Mesa University, Husson University, Georgetown University, University of Clarion University, University of Metropolitan State University of Denver, Maryland, Baltimore County

Massachusetts Amherst, Syracuse Jefferson University, Western New Source: Company University, Penn State University, Johns England University

Hopkins University Source: Company

Source: Company P3•EDU 100 25

Capstone Development CA Ventures Campus Labs Partners HQ Chicago, IL HQ Buffalo, NY HQ Birmingham, AL URL www.ca-ventures.com URL www.campuslabs.com URL www.capdevpartners.com Telephone 312-994-0874 Telephone 716-270-0000 Telephone 205-949-5050 Year Founded 2004 Year Founded 2001 Year Founded 1990 Private Private Private Chief Executive Tom Scott, CEO Chief Executive Eric Reich, Co- Chief Executive Bruce McKee and Jeff Lead University Contact Peter Isaac, Founder & President Jones, Principals Executive Vice President, Campus Lead University Contact Sean Casey, Lead University Contact Matthew Partnerships Vice President, Corporate Development Brown, President Capstone Management Email [email protected] Email [email protected] Partners Email [email protected]

Services Student housing, other Services Data analytics Services Student housing, other university real estate development Description Campus Labs provides university real estate development Description CA Ventures is a vertically technology that truly connects Description Capstone Development integrated real estate investment institutions to their data. Whether Partners is a national leader in on- management company with more the goal is accreditation reporting, campus student housing development than $13 billion of assets in nearly 100 predicting retention, or innovative ways and management focused exclusively on markets across the United States, United to engage students, we help institutions higher-ed P3s. Since 1997, Capstone has Kingdom, Continental Europe, and Latin collect and analyze cross-campus data. partnered with more than 70 colleges America. The Campus Partnerships Business Model Fee for service and universities. team within CA Ventures is dedicated Total University Partners 1,400 Business Model Revenue share/risk to supporting colleges and universities share, fee for service through innovative and customized Representative University Partners Total University Partners 70 public-private partnerships, on-campus Northern Arizona University, Marquette development, and master leases. University, El Paso Community Representative University Partners College, State University of New York at San Diego State University, University of Business Model Revenue share/risk Albany, University of Michigan, Lehigh California, Santa Cruz, Cornish College, share, fee for service University, Cleveland State Community University of South Florida, Seattle Total University Partners 10+ College, Western Michigan University, University, University of Massachusetts Representative University Partners Miami Dade College, South Carolina Boston, University of Chicago, Arizona Arizona State University, University of State University, University of Portland State University

Missouri, University of Nevada-Reno Source: Company (2019), P3•EDU Source: Company

Source: Company 26 P3•EDU 100

Chronus Circa Interactive Civitas Learning HQ Bellevue, WA HQ San Diego, CA HQ Austin, TX URL www.chronus.com URL www.circled.com URL www.civitaslearning.com Telephone 800-515-1206 Telephone 619-752-0420 Telephone 512-692-7175 Year Founded 2007 Year Founded 2011 Year Founded 2011 Private Private Private Chief Executive Seena Mortazavi, CEO Chief Executive Robert Lee, Co- Chief Executive Chris Hester, CEO Lead University Contact Scott Martin, Founder and CEO Lead University Contact Mark Director of Sales Lead University Contact Clayton Milliron, Co-Founder, Chief Learning Email [email protected] Dean, Co-Founder and President Officer Email [email protected] Email [email protected]

Services Coaching/mentoring/tutoring, Services Data analytics, recruiting Services Data analytics career services and enrollment, international student Description Civitas Learning helps Description Chronus is formal recruitment higher ed harness the power of its mentoring made easy. From multiple Description At Circa, we’re passionate data to improve outcomes. We embed mentoring formats to a mobile app, we about establishing a new way of thinking intelligence in workflow tools so higher have what you need to launch, manage, in enrollment marketing. By amplifying a ed can focus their strategies, deliver scale, and measure a program to university’s unique story and deploying proactive care, inspire holistic advising, support your key objectives from student innovative engagement strategies, we and measure what’s working. persistence to alumni support. connect universities with students who Business Model Fee for service will change our world. Business Model Fee for service Total University Partners 375 Business Model Fee for service Total University Partners 44 Representative University Partners Representative University Partners Total University Partners 30 University of South Florida, Austin Carnegie Mellon University, Indiana Representative University Partners Community College, Utah State University Kelley School of Business, The American University, Harvard Kennedy University, Greenville Technical College, Business School for the World, Oklahoma School, Louisiana State University University of Texas at San Antonio, State University, Rowan University, Online, Northwestern University, Rollins West Hills College, Florida Atlantic Rutgers Business School, San Diego College, Tulane University, University University, Del Mar College, Lorain State University, University of Colorado of Central Florida Online, University of County Community College, University Leeds School of Business, University of Pennsylvania, University of San Diego, of California, Riverside

Washington Foster School of Business, Virginia Commonwealth University Source: Company

Villanova University Source: Company

Source: Company P3•EDU 100 27

Clearway Energy Group Collegis Education Con Edison Solutions HQ San Francisco, CA HQ Oakbrook, IL HQ Valhalla, NY URL www.clearwayenergygroup.com URL www.collegiseducation.com URL www.ConEdSolutions.com Telephone 415-627-1600 Telephone 630-210-3400 Telephone 844-896-2614 Year Founded 2009 Year Founded 2013 Year Founded 1823 Private Global Infrastructure Partners Private Public NYSE: ED Chief Executive Craig Cornelius, CEO Chief Executive James Cowie, Chief Chief Executive Mark Noyes, President Lead University Contact Brandon Executive Officer and CEO Tarbert, Commercial and Industrial Lead University Contact Bob King, Lead University Contact Scott Layne, Origination Executive Vice President, Partner Program Manager Email brandon.tarbert@ Strategy Email [email protected] clearwayenergy.com Email bob.king@collegiseducation. com

Services Campus infrastructure Services Recruiting and enrollment, Services Campus infrastructure services (parking, energy, etc.) data analytics services (parking, energy, etc.) Description Clearway is accelerating Description Collegis Education is a Description Con Edison Solutions the world’s transformation to a clean strategic revenue growth company provides turnkey solutions for buildings energy future. With more than 4.3 whose solutions help colleges and utility systems. We help universities gigawatts of solar and wind assets differentiate themselves and maximize achieve sustainability, facility, and capital across 25 states, we are offsetting the growth potential. Collegis delivers program goals. equivalent of nearly 9 million tons of integrated technology, marketing, Business Model Revenue share/risk carbon emissions for our customers. enrollment, and program strategy share, fee for service solutions. Business Model Revenue share/risk Total University Partners 50 share Business Model Fee for service Representative University Partners Total University Partners 15 Total University Partners 32 City University of New York, Florida Representative University Partners Representative University Partners State College at Jacksonville, Penn Brown University, University of Cabrini University, Concordia University State University, Trinity International Maryland, Arizona State University, Texas, Saint Louis University, Dominican University, University of Connecticut, Colby College, Tufts University, University, Brandman University, University of Massachusetts, University of Dickinson College, Lehigh University, Bellevue University Miami, Wichita State University

Lafayette College, Muhlenberg Source: Company Source: Company College.

Source: Company 28 P3•EDU 100

Council for Adult and Experiential Learning Corvias (CAEL) Coursera HQ East Greenwich, RI HQ Chicago, IL HQ Mountain View, CA URL www.corvias.com URL www.cael.org URL www.coursera.org Telephone 415-228-2800 Telephone 312-499-2600 Telephone 650-963-9884 Year Founded 1998 Year Founded 1974 Year Founded 2012 Private Private Private Kleiner Perkins, New Enterprise Chief Executive John Picerne, Founder Chief Executive Marie Cini, President Associates, GSV Capital, Learn Capital, and SEEK Group and CEO Lead University Contact Dawn Lang, Lead University Contact Shawn Senior Vice President, Partnerships Chief Executive Jeff Maggioncalda, CEO Kerachsky, Strategist, Partnership Email [email protected] Development Lead University Contact Nick Email [email protected] LaRusso, Head of University Partnerships Email [email protected]

Services Student housing, other Services Noncredit program provider, Services Online program management, university real estate development, recruiting and enrollment, data analytics, noncredit program provider campus infrastructure services coaching/mentoring/tutoring, career Description Coursera is an online (parking, energy, etc.) services learning platform for higher ed. Description We tackle large-scale Description The Council for Adult More than 200 of the world’s top challenges through trusted partnerships, and Experiential Learning (CAEL), universities and industry educators striving for performance over profit a Strada Education Network affiliate, partner with Coursera to offer courses, and sustainable long-term solutions partners with educators, employers, and specializations, certificates, and degrees for challenging deficiencies in workforce and economic developers to that empower 47 million+ global infrastructure and facilities development create lifelong pathways that integrate learners. in higher education. learning and work for adults. Business Model Revenue share/risk Business Model Fee for service Business Model Fee for service share, fee for service Total University Partners 13 Total University Partners 700 Total University Partners 170+ Representative University Partners Representative University Partners Representative University Partners Wayne State University, Howard Alamo Colleges, Cambridge College, Stanford University, Yale University, University, Georgia State University, City Colleges of San Francisco, City University of Michigan, University of Augusta University, Columbus State University of New York, Mercy College, Pennsylvania, Duke University, Imperial University, Dalton State College, Mississippi Community Colleges, College London, University of Illinois, University of North Georgia, College National Louis University, Texas A&M HEC Paris, Johns Hopkins University, of Coastal Georgia, East Georgia State University, Texarkana, University of University of London

College Maryland University College, West Hills Source: Company

Source: Company (2019), P3•EDU Community College District

Source: Company P3•EDU 100 29

Economic Modeling DCO Energy EAB (Emsi) HQ Mays Landing, NJ HQ Washington, DC HQ Moscow, ID URL www.dcoenergy.com URL www.eab.com URL www.economicmodeling.com Telephone 856-669-4044 Telephone 202-747-1000 Telephone 208-883-3500 Year Founded 2000 Year Founded 2007 Year Founded 2001 Private DCO Energy Private Vista Equity Partners Private Chief Executive Frank DiCola, Chief Chief Executive David Felsenthal, CEO Chief Executive Andrew Crapuchettes, Executive Officer Lead University Contact Scott CEO Lead University Contact Jonathan Schirmeier, President, Technology & Lead University Contact Bob Wohl, SVP - Project Development Partner Development Hieronymus, Vice President, Business Email [email protected] Email N/A Development and Partnerships Email bob.hieronymus@ economicmodeling.com

Services Campus infrastructure Services Recruiting and enrollment, Services Data analytics services (parking, energy, etc.) data analytics Description Emsi is a labor market Description Privately held energy Description At EAB, we harness the analytics firm focused on improving the development company specializing in collective power of more than 1,500 connection between people, education, development, engineering, construction, educational institutions to generate and work. financing, start-up/commissioning, insights that address education leaders Business Model Fee for service operations and maintenance, top challenges. Total University Partners 100+ management and ownership of central Business Model Fee for service energy centers, combined heat Representative University Partners Total University Partners 1,500+ and power plants, microgrids, and Western Governors University, renewables. Representative University Partners Southern New Hampshire University, Harvard University, University of Florida, Arizona State University, Northeastern, Business Model Revenue share/risk University of North Carolina at Chapel University of Florida, Purdue Global, share Hill, California State University System, Broward College, Montgomery College, Total University Partners 4 University of Pennsylvania, Georgia State University of Idaho,

Representative University Partners University, University of Virginia, Abilene Source: Company Montclair State University, Rutgers Christian University, Duke University, University, Rider University Metro State University of Denver

Source: Company Source: Company 30 P3•EDU 100

Edgemoor Infrastructure & Real Estate EducationDynamics edX HQ Bethesda, MD HQ Hoboken, NJ HQ Cambridge, MA URL www.edgemoor.com URL www.educationdynamics.com URL www.edx.org Telephone 301-272-7410 Telephone 201-377-3000 Telephone 214-693-5727 Year Founded 2001 Year Founded 2005 Year Founded 2012 Private Private Private Not-for-profit Chief Executive Neal Fleming, Chief Executive Bruce Douglas, Chief Chief Executive Anant Agarwal, CEO President Executive Officer and Founder Lead University Contact Geoff Lead University Contact Tracy Lead University Contact Johannes Stricker, Senior Managing Director Kreikemeier Heinlein, Chief Commercial Officer Email geoffrey.stricker@edgemoor. Email tkreikemeier@ and Senior Vice President of Strategic com educationdynamics.com Partnerships Email [email protected]

Services Student housing, other Services Online program management, Services Noncredit program provider university real estate development, recruiting and enrollment Description edX is the trusted platform campus infrastructure services Description EducationDynamics for education and learning. Founded by (parking, energy, etc.) helps hundreds of institutions grow Harvard University and Massachusetts Description Edgemoor offers post-traditional programs. We provide Institute of Technology, edX is home comprehensive development solutions to a holistic approach to enrollment to more than 20 million learners, the a broad range of clients in a streamlined, management, marketing, and contact majority of top-ranked universities in the cost-efficient manner. services, helping universities engage world, and industry-leading companies. Business Model Revenue share/risk with, enroll, and retain post-traditional Business Model Revenue share/risk share, fee for service students. share, fee for service Total University Partners 3 Business Model Revenue share/risk Total University Partners 148 share, fee for service Representative University Partners Representative University Partners George Mason University, University Total University Partners 900 Massachusetts Institute of Technology, of Kansas, University of California, San Representative University Partners Harvard University, University of Francisco N/A California, Berkeley, University of Texas

Source: Company Source: Company System, Australian National University, Boston University, Georgetown University, Hong Kong University of Science and Technology, Notre Dame University, Oxford University

Source: Company P3•EDU 100 31

Elsmere Education Emerge Education Emeritus HQ Denver, CO HQ Camp Hill, PA HQ Singapore (Global), Boston, MA (US) URL www.elsmereeducation.com URL www.emergeedu.com URL www. emeritus.org Telephone 303-748-6124 Telephone 800-208-5499 Telephone 844-363-7487 Year Founded 2012 Year Founded 2014 Year Founded 2010 Private Private Private Sequoia Capital, Bertlesmann Chief Executive Justin McMorrow, Chief Executive James Hunter, PhD, Chief Executive Ashwin Damera, CEO President CEO and Co-Founder Lead University Contact Justin Lead University Contact James Lead University Contact Kennon McMorrow, President Hunter, PhD, CEO Harrison, Regional Director, University Email [email protected] Email [email protected] Partnerships Email [email protected]

Services Online program management, Services Online program management, Services Online program management, recruiting and enrollment international student recruitment, international student recruitment, non- Description Elsmere Education (EEI) noncredit program provider, recruiting credit program/bootcamp, recruiting partners with top-tier colleges and and enrollment, data analytics, coaching/ and enrollment universities to build, launch, and manage mentoring/tutoring Description Emeritus works with online degree programs. EEI offers a Description Through our management leading universities to deliver online transparent solution focused on high- team, Emerge Education leverages a and blended certificates and degrees quality programs with shorter contracts collective 75 years of higher education in English, Spanish, Portuguese, and and a lower revenue share model. experience to provide academic Mandarin to more than 50,000 global Business Model Revenue share/risk institutions with online marketing, learners in multiple fields of study. share, fee for service program management, and enrollment Business Model Revenue share/risk and retention services. Total University Partners 13 share, fee for service Business Model Revenue share/risk Representative University Partners Total University Partners 15 share, fee for service University of Oklahoma Representative University Partners Total University Partners 6 Source: Company Massachusetts Institute of Technology, Representative University Partners Columbia University, Cambridge Concordia University Chicago, Montclair University, Dartmouth College

State University, Carroll University, St. Source: Company Francis College, Messiah College

Source: Company 32 P3•EDU 100

Engie North America Everspring ExecOnline HQ Houston, TX HQ Chicago, IL HQ New York, NY URL www.engie-na.com URL www.everspringpartners.com URL www.execonline.com Telephone 713-636-0000 Telephone 847-278-4287 Telephone 800-410-3932 Year Founded 1981 Year Founded 2011 Year Founded 2012 Private Private Private Osage Partners, New Spring Chief Executive Frank Demaille, Chief Executive Jeff Conlon, Co- Capital President & CEO, Engie North America Founder and CEO Chief Executive Stephen Bailey, Chief Lead University Contact Lynn Byrd, Lead University Contact Douglas Executive Officer Vice President Business Development Reiner, Senior Vice President University Lead University Contact Mark Ozer, Email [email protected] Partnerships Chief Commercial Officer Email dreiner@everspringpartners. Email [email protected] com

Services Campus infrastructure Services Online program management, Services Online program management, services (parking, energy, etc.) noncredit program provider, recruiting noncredit program provider, data Description Engie is a global energy and enrollment, data analytics, coaching/ analytics, coaching/mentoring/tutoring player and an expert operator in the mentoring/tutoring Description ExecOnline is changing three businesses of electricity, natural Description Everspring is a leading the way enterprises learn by bringing gas, and energy services. Nearly digital enablement company that works the best-in-class leadership online 100 percent of the company’s power with universities to unlock the power of development programs from the world’s generation portfolio is low carbon or their academic programs and create top business schools to organizations renewable. a new standard of excellence in online worldwide. Business Model Fee for service education. Business Model Revenue share/risk Total University Partners 3 Business Model Revenue share/risk share, fee for service share, fee for service Representative University Partners Total University Partners 8 Ohio State University, Harvard Medical Total University Partners 12 Representative University Partners School and affiliated hospitals, University Representative University Partners Yale School of Management, The of Iowa William and Mary, University of Wharton School, University of Chicago

Source: P3•EDU Kansas, Santa Clara University, Yeshiva Booth School of Business Executive University, Kent State University, Case Education, University of California Western Reserve University, Tulane Berkeley Haas School of Business, University, Seattle University, Colorado Stanford Graduate School of Business School of Mines, California State Executive Education, Massachusetts University, Monterey Bay Institute of Technology Sloan School of

Source: Company Management, International Institute for Management Development Business School, Columbia Business School

Source: Company P3•EDU 100 33

Gilbane Development Fairmount Properties Fullstack Education Company HQ Cleveland, OH HQ New York, NY HQ Providence, RI URL www.fairmountproperties.com URL www.fullstackeducation.com URL www.gilbaneco.com Telephone 216-514-8700 Telephone 917-900-6872 Telephone 401-456-5890 Year Founded 1998 Year Founded 2013 Year Founded 1970 Private Public NYSE: ZVO Private Chief Executive Randy Ruttenberg, Chief Executive Nimit Maru, Co- CEO, Chief Executive Edward Broderick, Founder and Principal David Yang, Co-CEO President and CEO Lead University Contact Eric J. Louttit, Lead University Contact Matan Lead University Contact John Keegan, Chief Investment Officer and Principal Evrany, Director of Business Vice President Email elouttit@fairmountproperties. Development and University Email [email protected] com Partnerships Email matan.evrany@fullstackacademy. com

Services Student housing, other Services Noncredit program provider Services Student housing, other university real estate development Description Fullstack Education is university real estate development Description In 2003, Fairmount the university service arm of Fullstack Description Gilbane Development Properties created its university initiative Academy, the nation’s top coding Company is the real estate development, to acquire, construct, develop, lease, bootcamp. We partner with leading investment, and property management finance, own, and operate real estate universities to bring best-in-class arm of Gilbane, creating and assets on, adjacent to, or affiliated with turnkey programs to their students. implementing successful real estate colleges and universities. Business Model Revenue share/risk programs for public, private, and Business Model Revenue share/risk share nonprofit clients throughout the United States. share Total University Partners 4 Business Model Revenue share/risk Total University Partners 5 Representative University Partners share Representative University Partners Cal Poly Extended Education, University Northern Kentucky University, University of North Florida, University of San Diego, Total University Partners 120 of Rochester, Kent State University, Louisiana State University Representative University Partners

University of Toledo, Iowa State Source: Company George Mason University, Garrett University College, Centenary University

Source: Company Source: Company 34 P3•EDU 100

Greystar Real Estate Graduway GreenFig Partners HQ London, UK HQ Bend, OR HQ Charleston, SC URL www.graduway.com URL www.greenfig.com URL www.greystarcollegiatehousing. Telephone 978-522-4335 Telephone 877-880-9186 com Year Founded 2009 Year Founded 2015 Telephone 901-259-2500 Private Private Year Founded 1993 Chief Executive Daniel Cohen, CEO Chief Executive Sara Leoni, CEO Private and Co-Founder Lead University Contact Juli Zarzour, Chief Executive Robert Faith, Founder, Lead University Contact Yair Lehrer, Operations Chairman and CEO VP Marketing Email [email protected] Lead University Contact Julie Email [email protected] Skolnicki, Senior Managing Director University Partnerships Email [email protected]

Services Career services Services Noncredit program provider Services Student housing, other Description Graduway is the number Description GreenFig is a market- university real estate development, one provider of digital career, alumni driven education company that provides campus infrastructure (parking, energy, and donor networks, helping 2,000+ universities with turnkey, experiential etc.) customers to build, cultivate, and learning programs in applied business Description Greystar offers a single- leverage their network of supporters. science and prepares learners for the source approach to fulfill a partner’s Business Model Fee for service digital-age career. needs, including design, finance, construction, and management for Total University Partners 650+ Business Model Fee for service housing, mixed-use communities, and Total University Partners 10+ Representative University Partners campus transformations. Colby College, Grinnell College, Ithaca Representative University Partners Business Model Revenue share/risk College, Johns Hopkins University, Rice Flagler College, National University, share, fee for service University, Tulane University, University Grand Valley State University, Schreiner of California, Los Angeles, University of University, College of San Mateo, Flagler Total University Partners 60 Oxford University, Metropolitan State University Representative University Partners

Source: Company Denver, Drew University, Berry College University of Kentucky, Cornell

Source: P3•EDU University, Boise State University, University of California, Berkeley, Northern Michigan University, Syracuse University, University of North Carolina, Sacramento State University, University of Massachusetts Dartmouth, Mississippi State University

Source: Company P3•EDU 100 35

Guild Education Handshake Harrison Street HQ Denver, CO HQ San Francisco, CA HQ Chicago, IL URL www.guildeducation.com URL www.joinhandshake.com URL www.harrisonst.com Telephone 720-709-2871 Telephone 415-981-8400 Telephone 312-920-0500 Year Founded 2015 Year Founded 2012 Year Founded 2005 Private Bessemer, Redpoint, Felicis, Private Private Salesforce, Cowboy Ventures, General Chief Executive Garrett Lord, Co- Chief Executive Christopher Merrill, Catalyst Founder and CEO Co-Founder, Chairman and CEO Chief Executive Rachel Carlson, Co- Lead University Contact Christine Lead University Contact Michael Founder and CEO Cruzvergara, Vice President of Higher Leonczyk, Vice President Lead University Contact Mark Education and Student Success Email [email protected] Rudnick, Vice President, Academic Email [email protected] Partnerships Email mark.rudnick@guildeducation. com

Services Online program management, Services Career services Services Student housing, other recruiting and enrollment, data analytics, Description Handshake is the university real estate development, coaching/mentoring/tutoring leading career community for college campus infrastructure services Description Guild is a mission-based students and includes 17 million (parking, energy, etc.) company expanding opportunity for students and young alumni at more Description Harrison Street is a leading America’s workforce through education. than 900 universities, including 120+ investment management firm focused on Guild partners with leading employers minority-serving institutions. 500,000 education, health care, and government to offer education as a company benefit employers actively recruit early talent related real assets and infrastructure. to support their frontline employees in on Handshake. The firm has invested $29.6 billion pursuing debt-free degrees. Business Model Fee for service across 1,000 assets and currently manages $22.9 billion. Business Model Revenue share/risk Total University Partners 900 share, fee for service Business Model Revenue share/risk Representative University Partners share, fee for service Total University Partners N/A Case Western Reserve University, Representative University Partners Howard University, Kansas State Total University Partners 150 Southern New Hampshire University, University, Spelman College, Tufts Representative University Partners Purdue Global, University of Arizona, University, University of Michigan University of Chicago, Arizona State

University of Denver, Brandman Source: Company University, University of South Florida, University, Bellevue University, Michigan State University, Seattle Wilmington University University, Texas A&M University,

Source: Company Duquesne University, Rush University Medical Center, Lafayette College, University of California, Berkeley

Source: Company 36 P3•EDU 100

HelioCampus iDesign InsideTrack HQ Bethesda, MD HQ Dallas, TX HQ Portland, OR URL www.heliocampus.com URL www.idesignedu.org URL www.insidetrack.com Telephone 844-994-3546 Telephone 903-571-1953 Telephone 800-884-6371 Year Founded 2016 Year Founded 2013 Year Founded 2001 Private Private Private Wholly owned by nonprofit Chief Executive Darren Catalano, CEO Chief Executive Paxton Riter, Co- Strada Education Network Lead University Contact Lars Kontz, Founder and CEO Chief Executive Pete Wheelan, CEO Sr. Vice President, Market Development Lead University Contact Paxton Riter, Lead University Contact Dave Jarrat, Email [email protected] Co-Founder and CEO SVP Strategic Engagement & Growth Email [email protected] Email [email protected]

Services Data analytics Services Online program management, Services Online program management, Description HelioCampus is a fast- Noncredit program provider recruiting and enrollment, analytics, growing data company working with Description iDesign partners with coaching/mentoring/tutoring, career the higher education community. We colleges and universities to build, services provide clients with actionable solutions grow, and support online and blended Description As part of the nonprofit through integration and analysis of programs. iDesign was created to Strada Education Network, InsideTrack key data across the student life cycle, disrupt the incumbent online program helps colleges and universities improve institutional financials, and more. management business model by taking student enrollment, completion, and Business Model Fee for service a faculty-centric approach to service career readiness with solutions that delivery. combine student coaching, staff training, Total University Partners 30 Business Model Fee for service technology, and data analytics. Representative University Partners Business Model Fee for service George Mason University, University Total University Partners 30 of North Carolina System, University of Representative University Partners Total University Partners 200+ Maryland Global Campus, University University of Pittsburgh, University Representative University Partners of Massachusetts Amherst, Clark of Southern California, University of California State University System, University, Ithaca College, University of Nebraska, University of North Carolina George Mason University, Harvard Southern Mississippi, Frostburg State System, Loma Linda University, Extension School, Ivy Tech Community University, University of South Carolina Schreiner University College, Northwestern University,

Source: Company Source: Company Old Dominion University, Penn State University, Rice University, Rutgers University, University of North Carolina System, University of Washington

Source: Company P3•EDU 100 37

INTO University InStride Partnerships Johnson Controls HQ Los Angeles, CA HQ Brighton, UK, San Diego, CA HQ Milwaukee, WI URL www.instride.com URL www.intoglobal.com URL www.johnsoncontrols.com Telephone 310-954-1578 Telephone 858-356-4400 Telephone 888-235-2151 Year Founded 2019 Year Founded 2005 Year Founded 1885 Private The Rise Fund, Arizona State Private Public NYSE: JCI University Chief Executive John Latham, Chief Chief Executive George Oliver, CEO Chief Executive Vivek Sharma, CEO Executive Officer Lead University Contact Dr. Russell Lead University Contact Michelle Lead University Contact Tim O’Brien, Garcia, Director - Higher Education, Westfort, Vice President, Academic Senior Vice President, New Partner North America Partnerships Development Email [email protected] Email [email protected] Email [email protected]

Services Recruiting and enrollment, Services Student housing, international Services Campus infrastructure data analytics student recruitment, recruiting and services (parking, energy, etc.), data Description As the premier global enrollment, data analytics analytics provider of Strategic Enterprise Description Founded in 2005, INTO Description Johnson Controls is a Education‚(SEE), InStride enables University Partnerships enables global diversified technology leader employers to provide career-boosting universities to extend their global reach, serving a wide range of customers in degrees to their employees, through grow their international enrollments, and more than 150 countries. leading global academic institutions. deliver exceptional student outcomes Business Model Fee for service more effectively than any other solution Business Model Fee for service Total University Partners 1,887 in North America. Total University Partners 7 Representative University Partners Business Model Revenue share/risk Representative University Partners Stanford University, University of share, fee for service Arizona State University, The City California, Merced, University of Hawaii University of New York, Harvard Total University Partners 22 Community Colleges, Lake Superior Business School Online, University of Representative University Partners State University, University of North New South Wales, Tec de Monterrey, Oregon State University, University of Dakota

TecMilenio, Dublin City University South Florida, Colorado State University, Source: Company

Source: Company Marshall University, George Mason University, Drew University, Saint Louis University, University of Alabama at Birmingham, Washington State University, Suffolk University

Source: Company 38 P3•EDU 100

Kaplan University Partners Keypath Education Kiewit HQ Fort Lauderdale, FL HQ Chicago, IL HQ Omaha, NE URL www.kaplanup.com/universities URL www.keypathedu.com URL www.kiewit.com Telephone 703-345-6394 Telephone 224-419-7988 Telephone 416-643-1336 Year Founded 1938 Year Founded 2015 Year Founded 1884 Public NYSE: GHC Private Keypath Education Sterling Private Chief Executive Andy Rosen, CEO Partner Chief Executive Rick Lanoha, President Lead University Contact Brandon Chief Executive Steve Fireng, CEO and CEO Busteed, President, Kaplan University Lead University Contact Paul Lead University Contact Sabrina Partners Gleason, Chief Development Officer Karim, Director, Kiewit Development Email [email protected] Email [email protected] Company Email [email protected]

Services Student housing, online Services Online program management Services Student housing, other program management, international Description For the world’s leading university real estate development, student recruitment, career services universities that want to reach and campus infrastructure services Description Kaplan University Partners educate more professionals, Keypath (parking, energy, etc.) is higher education’s first multipurpose Education offers innovative online Description As a construction and strategic partner, designed to help learning through academic excellence, engineering leader in the North universities adapt and grow in mission- unrivaled student support, and a global American market, coupled with one critical ways. We partner selectively perspective. of the largest P3 development teams, with visionary leadership teams and Business Model Revenue share/risk Kiewit offers services in a variety of institutions. share markets, successfully delivering some of the most challenging projects. Business Model Revenue share/risk Total University Partners 26 share, fee for service Business Model Revenue share/risk Representative University Partners share Total University Partners 32 Baylor University, Florida State Representative University Partners University, University of Technogy Total University Partners 20 Arizona State University, Wake Forest Sydney, Suffolk University, Royal Representative University Partners University, Pace University, University of Melbourne Institute Technology, Texas University of Colorado Boulder, Glasgow, Adelaide University, University Woman’s University, University of New University of Colorado Colorado of Liverpool, University of York, South Wales, Victoria University, Aston Springs, Colorado School of Mines, University of Essex University, University of Exeter Auburn University, University of

Source: Company Source: Company Nebraska Omaha, University of Denver, University of California, Irving, University of Texas MD Anderson Cancer Center, University of Alaska Fairbanks, University of Washington

Source: Company P3•EDU 100 39

Kings Education LAZ Parking Lendlease HQ Los Angeles, CA HQ Hartford, CT HQ New York, NY URL www.kingseducation.com URL www.lazparking.com URL www.lendlease.com/us Telephone 213-625-0320 Telephone 860-522-7641 Telephone 212-592-6700 Year Founded 1957 Year Founded 1981 Year Founded 1970 Private Private Public ASX: LLC Chief Executive Jose Antonio Flores, Chief Executive Alan Lazowski, Co- Chief Executive Denis Hickey, Chief Co-Owner and US Managing Director Founder, Chairman, and Chief Executive Executive Officer, Americas Lead University Contact Jose Antonio Officer Lead University Contact Matt Flores, Co-Owner and US Managing Lead University Contact Tony Myllykangas, Director of Student Director DiPaolo, Senior Vice President, LAZ Housing Development Email [email protected] Parking Midwest Email matt.myllykangas@lendlease. Email [email protected] com

Services International student Services Other university real estate Services Student housing, other recruitment, noncredit program development, campus infrastructure university real estate development provider, recruiting and enrollment services (parking, energy, etc.), data Description Lendlease’s vision to Description Kings is a private analytics create the best places empowers us international education group in the Description LAZ Parking owns, to work with colleges and universities United States and the United Kingdom. manages, and leases parking facilities to deliver sustainable, operationally We offer University Pathways. Our across the United States. LAZ Parking efficient, purpose-built communities pathways provide individualized partners with some of the nation’s largest designed to meet the needs of students attention and progression support, and most prestigious colleges and today and for generations to come. placing students in a top-100 nationally universities. Business Model Revenue share/risk ranked university. Business Model Revenue share/risk share Business Model Revenue share/risk share, fee for service Total University Partners 1 share, fee for service Total University Partners N/A Representative University Partners Total University Partners 7 Representative University Partners Vanderbilt University

Representative University Partners Cleveland State University, Eastern Source: Company University of Wisconsin, Oshkosh, Michigan University, Ohio State University of Wisconsin, Oshkosh, Fox University

Cities Campus, University of Wisconsin Source: Company Oshkosh, Fond Du Lac Campus, California State University, Fullerton, Pine Manor College, Concordia College New York, College of Mount Saint Vincent

Source: Company 40 P3•EDU 100

Mentor Collective Michaels Student Living MindEdge HQ Boston, MA HQ Camden, NJ HQ Waltham, MA URL www.mentorcollective.org URL www.tmo.com URL www.mindedge.com Telephone 617-272-0983 Telephone 856-596-0500 Telephone 877-592-8000 Year Founded 2014 Year Founded 1973 Year Founded 1998 Private Lumina Foundation, Strada Private Private Education Network, IU Ventures, Rethink Chief Executive Joe Coyle, President Chief Executive Jefferson Flanders, Education and Learn Capital Lead University Contact Ned President and CEO Chief Executive Jackson Boyar, Co- Williams, Senior Vice President Lead University Contact Chris Founder and CEO Email [email protected] Edwards, Senior Vice President, Lead University Contact Stephanie University Partnerships Krusemark, University Relations Director Email [email protected] Email [email protected]

Services Coaching/mentoring/tutoring Services Student housing, other Services Noncredit program provider Description Mentor Collective university real estate development, Description MindEdge provides partners with universities by delivering infrastructure services (parking, energy, leadership, management, mentorship programs that empower etc.) communication, and educational students through life-changing Description The Michaels Organization solutions for organizations. MindEdge relationships. MC’s approach drives creates sustainable partnerships that specializes in higher education and impact through every step of the student deliver quality, affordable living- professional development content experience. learning communities, and related and technology solutions for online Business Model Fee for service campus facilities that are designed to education. meet the unique needs of each university Total University Partners 65 Business Model Revenue share/risk and every resident profile. share Representative University Partners Business Model Revenue share/risk Indiana University Bloomington, Total University Partners 300+ share, fee for service Washington University in St. Louis, Representative University Partners Lehigh University, Northeastern Total University Partners 9 Drexel University, University of Texas University, Penn State University, Representative University Partners at Austin, National University, Louisiana Johns Hopkins University, California University of California, Davis, Rowan State University, Mississippi State, State University, Northridge, Oregon University, Kean University, University University of Southern Maine, Loyola State University, Princeton University, of Minnesota, Boston University, University of Maryland, Saint Michael’s University of San Diego Rochester Institute of Technology, Suffolk College, University of the Pacific,

Source: Company University, Rutgers University - Camden, California State University, Long Beach

Louisiana State University Source: Company

Source: Company P3•EDU 100 41

M Square Media (MSM) NextEra Energy Noodle Partners HQ Kelowna, BC, Canada HQ Juno Beach, FL HQ New York, NY URL www.msquaremedia.com URL www.NextEraEnergy.com URL www.noodlepartners.com Telephone 250-262-6686 Telephone 561-691-7171 Telephone 410-446-2299 Year Founded 2012 Year Founded 1925 Year Founded 2013 Private Laul Global Ventures Public NYSE: NEE Private Swan Legend, Osage Partners, Chief Executive Mr. Sanjay Laul Chief Executive James Robo, Owl Ventures Lead University Contact Dr. Alex Chairman and Chief Executive Officer Chief Executive John Katzman, CEO Parnia, President Lead University Contact Chelle Lead University Contact Lee Email [email protected] Izzi, Executive Director of Business Bradshaw, EVP University Partnerships Development Email [email protected] Email [email protected]

Services International student Services Campus infrastructure Services Online program management, recruitment, recruiting and enrollment services (parking, energy, etc.) noncredit program provider, recruiting Description MSM is a leading global Description NextEra develops, builds, and enrollment platform that provides business owns, and operates resilient, sustainable, Description Noodle Partners is a development and marketing solutions low-cost campus energy solutions for modern online program manager that to higher education institutions around universities. NextEra is the world’s builds some of the country’s top online the world, establishing global or country largest producer of wind and solar degrees with a flexible, transparent offices to increase international student energy, a leading infrastructure investor, approach. enrollment for sustained growth. and America’s largest utility. Business Model Revenue share/risk Business Model Revenue share/risk Business Model Revenue share/risk share, fee for service share share, fee for service Total University Partners 20 Total University Partners 40 Total University Partners 15 Representative University Partners Representative University Partners Representative University Partners American University, Harvard Bay Atlantic University, Community University of Minnesota, State University University, University of Michigan, New Colleges of Spokane, Edgewood of New York, Florida International York University, Southern Methodist College, Hilbert College, Montana State University, University of California, University, Tulane University, University University, Billings, Nichols College, Paul Irvine, Dickinson College, Augsburg of Pittsburgh, University of Tennessee, Smith’s College, Shoreline Community College, Baylor University, Emerson University of Virginia, Virginia College, University of Charleston, College, Galveston College, Tompkins Commonwealth University

University of Missouri - St. Louis Cortland Community College Source: Company

Source: Company Source: Company 42 P3•EDU 100

Nuro Retention Oak View Group Othot HQ Chicago, IL HQ Los Angeles, CA HQ Pittsburgh, PA URL www.nuroretention.com URL www.oakviewgroup.com URL www.othot.com Telephone 866-238-7327 Telephone 310-954-4800 Telephone 412-458-4167 Year Founded 2016 Year Founded 2015 Year Founded 2014 Private Private Private Activate Venture Partners, Chief Executive Tom McNamara, CEO Chief Executive Tim Leiweke, CEO Riverfront Ventures Lead University Contact James Lead University Contact Dan Shell, Chief Executive Fred Weiss, President Rogers, Director of University President, Oak View Group Collegiate and CEO Partnerships Email [email protected] Lead University Contact Greg Curry, Email [email protected] Vice President of Sales Email [email protected]

Services Data analytics, coaching/ Services Other university real estate Services Data analytics mentoring/tutoring development Description Othot’s artificial Description Nuro is an innovative Description Oak View Group intelligence solution enables colleges predictive analytics and retention established its collegiate division in and universities to optimize the platform that drives improved student 2018 to work with schools on operating, relationship between the institution and retention and revenue. Nuro identifies booking, and driving revenue from their the individual throughout the entire key risk drivers for each student, sports facilities. student-to-alumni lifecycle. allowing our team of exerts to help drive Business Model Revenue share/risk Business Model Fee for service improvement throughout the institution. share Total University Partners N/A Business Model Revenue share/risk Total University Partners N/A Representative University Partners share, fee for service Representative University Partners Arizona State University, University Total University Partners 30 University of Texas at Austin of Pittsburgh, Columbia College of

Representative University Partners Source: Company Chicago, Florida Institute of Technology, University of California, Berkeley, Whitman College, Rhodes College, Oklahoma State University, University Texas Tech University, Carnegie Mellon of Wyoming, Iowa Lakes Community University, Oklahoma State University, College, Mid Michigan College, New Jersey Institute of Technology

Neumann University, Independence Source: Company University, Wilmington College, Tennessee Wesleyan University, and Columbia College Hollywood

Source: Company P3•EDU 100 43

Pairin Parker Dewey Pathstream HQ Denver, CO HQ Chicago, IL HQ San Francisco, CA URL www.pairin.com URL www.ParkerDewey.com URL pathstream.com Telephone 855-724-7466 Telephone 312-767-8601 Telephone 347-772-8478 Year Founded 2012 Year Founded 2015 Year Founded 2018 Private Private Private Chief Executive Michael Simpson, Chief Executive Jeffrey Moss, CEO Chief Executive Eleanor Cooper, CEO CEO and Co-founder Lead University Contact Kristin Lead University Contact Jihan Quail, Lead University Contact Travis Schrader, Director of University VP of Business Development Desmond, Sales Manager Engagement Email [email protected] Email [email protected] Email [email protected]

Services Career services Services Noncredit program provider, Services Online program management, Description Pairin uses friendly career services noncredit program provider, recruiting science to personalize career Description Parker Dewey facilitates and enrollment, career services exploration, job matching, and student micro-internships between students and Description Pathstream partners skill development. Pairin measures companies. These professional, paid, with leading software companies and soft skills, matches students to careers, short-term assignments allow students our national network of college and and provides personalized, online to demonstrate skills, explore careers, university partners to build college curriculum to help them develop toward and develop their networks as they seek curriculum for emerging digital skills, goals. internship and full-time roles. delivered to students through our online, Business Model Fee for service Business Model Fee for service active-learning environment. Total University Partners 6 Total University Partners 300 Business Model Revenue share/risk share, fee for service Representative University Partners Representative University Partners Community College of Aurora, Purdue University, Illinois Tech, Total University Partners 26 University of Arizona, University of University of Chicago, University Representative University Partners Colorado Colorado Springs, California of Michigan, Colby University, Yale N/A

State University Global, University of University, University of Central Florida Source: Company

Colorado Pueblo, East Coast Polytechnic Source: Company University

Source: Company 44 P3•EDU 100

Pearson PeopleGrove Plenary Group USA HQ New York, NY HQ San Francisco, CA HQ Los Angeles, CA URL www.pearson.com URL www.peoplegrove.com URL www.plenarygroup.com Telephone 877-303-2340 Telephone 650- 584-3400 Telephone 424-278-2180 Year Founded 1995 Year Founded 2015 Year Founded 2005 Public NYSE: PSO Private Reach Capital Private Employee owned Chief Executive John Fallon, CEO Chief Executive Adam Saven, CEO Chief Executive Brian Budden, Lead University Contact Stephen Lead University Contact Matt Kelly, President and CEO Dalla Betta, VP Business Development Strategic Marketing Manager Lead University Contact Sia Kusha, Email stephen.dallabetta@pearson. Email [email protected] Group Head, Project Development and com Partnering Email [email protected]

Services Online program management Services International student Services Other university real estate Description Pearson provides online recruitment, recruiting and enrollment, development, campus infrastructure learning services and solutions for coaching/mentoring/tutoring, career services (parking, energy, etc.) schools, colleges, and universities services Description Plenary Group is North worldwide. Description PeopleGrove connects America’s leading specialized developer Business Model Revenue share/risk every student and alumni with the and long-term investor of public-private share, fee for service network and resources they need to partnership projects, with a portfolio of realize their full potential before, during, 34 projects worth $14.6 billion, including Total University Partners 30+ and after their time in college. projects in higher education. Representative University Partners Business Model Fee for service Business Model Revenue share/risk Arizona State University, George share Washington University, Hofstra Total University Partners 250+ University, Maryville University, Norwich Representative University Partners Total University Partners 2 University, Rutgers University, University Stanford University, Georgetown Representative University Partners of Cincinnati, University of Nevada, University, University of Michigan, University of California, Merced, Purdue University of Southern California, Wake Wellesley College, University of University

Forest University, Duquesne University Maryland Global Campus Source: Company

Source: P3•EDU Source: Company P3•EDU 100 45

Public Facilities Group RaiseMe Rapid Insight HQ Seattle, WA HQ San Francisco, CA HQ Conway, NH URL www.publicfacilitiesgroup.org URL www.raise.me URL www.rapidinsight.com Telephone 206-849-6260 Telephone 310-408-6856 Telephone 603-447-0240 Year Founded 2016 Year Founded 2012 Year Founded 2003 Private Private GSV Acceleration, Owl VC, Private Chief Executive John Finke, President Teamworthy Ventures, Redpoint, Strada Chief Executive Michael Laracy, Education Group, Chan Zuckerberg Lead University Contact John Finke Founder and CEO Initiative, Salesforce.org Email johnfinke@publicfacilitiesgroup. Lead University Contact Ryan Chief Executive Preston Silverman, org Orlando, Senior Account Manager CEO and Co-Founer Email [email protected] Lead University Contact Daniel Reyes, Director of Partnerships Email [email protected]

Services Student housing, other Services International student Services Data analytics university real estate development, recruitment, recruiting and enrollment, Description Rapid Insight is a leading campus infrastructure services data analytics provider of business intelligence and (parking, energy, etc.) Description RaiseMe is on a mission automated predictive analytics software. Description Public Facilities Group to help students build financial and With a focus on ease-of-use and combines privately issued tax-exempt behavioral pathways to higher education efficiency, Rapid Insight products enable debt, progressive design-build delivery, by partnering with colleges to provide users of any skill level to transform their focusing on optimizing lifecycle students with achievement-based higher education strategies. costing. A national leader, PFG staff has scholarships throughout high school, Business Model Fee for service completed 28 projects with development community college, and university. Total University Partners 200 costs of $1.8 billion. Business Model Fee for service Representative University Partners Business Model Fee for service Total University Partners 300 Lipscomb University, Fairfield University, Total University Partners 5 Representative University Partners Saint Leo University, Mount Saint Representative University Partners Arizona State University, Wayne Mary’s University, Massachusetts University of Washington, Edmonds State University, Florida International Institute of Technology – Sloan School Community College, Washington University, University of Rochester, of Management, Western Carolina State University, University of Alaska Indiana University - Purdue University University, Dickinson College, Fairbanks, Seattle Pacific University Indianapolis, University of Texas at Dallas Baptist University, Bunker Hill

Source: Company Austin, Loyola Marymount University, Community College, The Community University of Pennsylvania, Syracuse College System of New Hampshire

University, California Polytechnic State Source: Company University

Source: Company 46 P3•EDU 100

ReUp Education Revature Riipen HQ San Francisco, CA HQ Reston, VA HQ Vancouver, BC, Canada URL www.reupeducation.com URL www.revature.com URL www.Riipen.com Telephone 650-449-8765 Telephone 703-570-8181 Telephone 647-778-9471 Year Founded 2016 Year Founded 2013 Year Founded 2014 Private TDM/HCM, Entangled Private Private Ventures, Serious Change, Impact Chief Executive Ashwin Bharath, CEO Chief Executive Dana Stephenson - Engine, Michelson Runway, Bisk and Founder CEO Ventures, University Ventures Lead University Contact Brad Parrish, Lead University Contact Roberto Chief Executive Sarah Horn, Co- SVP University Partnerships Torreggiani - Director of Academic Founder and CEO Email [email protected] Partnerships Lead University Contact Maurice Email [email protected] Benson, Head of Sales Email maurice.benson@ reupeducation.com

Services Coaching/mentoring/tutoring Services Career services Services Online program management, Description At ReUp Education, we Description Revature, the leader in coaching/mentoring/tutoring partner with universities to reenroll emerging technology talent training Description Riipen is enabling students who have dropped out of and development, creates enterprise- transformative opportunities for college. We use a blend of people level software engineers through in- companies to collaborate with post- and technology to locate students and person, online, and on-campus training secondary students on real-time, real- then support them in the reenrollment pathways. We connect our consultants to world challenges that are embedded process. clients for new careers in technology. directly into coursework. Business Model Revenue share/risk Business Model Revenue share/risk Business Model Fee for service share share Total University Partners 150 Total University Partners 40 Total University Partners 18 Representative University Partners Representative University Partners Representative University Partners Arizona State University, Suffolk Arizona State University, Arkansas University of Virginia, University of University, Capella University, The Tech University, Bellevue University, South Florida, City University of New University of Toronto, The University Eastern Michigan University, Excelsior York, University of Missouri, Arizona of British Columbia, Royal Melbourne College, Kalamazoo Valley Community State University, University of Texas Institute of Technology

College, Old Dominion University, at Arlington, West Virginia University, Source: Company Pennsylvania State System of Higher George Mason University, University of Education, Texas A&M University Maryland Global Campus, University of System, University of Nevada, Reno North Carolina at Charlotte

Source: Company Source: Company P3•EDU 100 47

RISE: A Real Estate Company Ruffalo Noel Levitz Servitas HQ Valdosta, GA HQ Cedar Rapids, IA HQ Irving, TX URL www.risere.com URL www.ruffalonl.com URL www.servitas.com Telephone 229-247-2077 Telephone 800-756-7483 Telephone 972-759-1600 Year Founded 1995 Year Founded 1991 Year Founded 2011 Private Private Private Chief Executive Ryan Holmes, CEO Chief Executive Sumit Nijhawan, Chief Executive Rafael Figueroa, CEO Lead University Contact Jeremy Doss, President and CEO Lead University Contact Angel SVP Development Lead University Contact Robert Heil, Rivera, Senior Vice President of Email [email protected] Chief Business Development Officer Development Services Email [email protected] Email [email protected]

Services Student housing, other Services Recruiting and enrollment Services Student housing, campus university real estate development Description Ruffalo Noel Levitz infrastructure services (parking, energy, Description As an industry veteran offers colleges and universities a etc.) in the higher ed P3 space, RISE offers comprehensive suite of preenrollment, Description Servitas is a nationally 25-years of broad experience in the campus, and postcampus services, renowned real estate development firm development, financial structuring, including enrollment management, specializing in student housing. Our turnkey delivery, and management of student retention, and fund-raising firm provides clients with a full suite of more than 50,000 student beds and more management. services to meet each college/university than 20 million square feet of auxiliary Business Model Fee for service needs. We are your one partner with facilities. unlimited solutions. Total University Partners 300 Business Model Fee for service Business Model Revenue share/risk Representative University Partners share, fee for service Total University Partners 35 Aurora University, Austin College, Representative University Partners Averett University, Baylor University, Total University Partners 40 Louisiana State University, Appalachian Bowling Green University, Creighton Representative University Partners State University, University of Georgia, University, Elmhurst College, Fresno Texas A&M University, Florida University of Louisiana at Lafayette, West Pacific University, Goshen College, International University, Blinn College, Virginia State University, Millersville Indiana Wesleyan University Orange Coast College, National Park

University, Western Carolina University, Source: Company College, University of Louisiana Monroe, University of North Georgia, New Jersey Santa Rosa Junior College

City University, Old Dominion University Source: Company

Source: Company 48 P3•EDU 100

Sextant Marketing Shorelight Signal Vine HQ Tampa, FL HQ Boston, MA HQ Alexandria, VA URL www.sextantmktg.com URL www.shorelight.com URL www.signalvine.com Telephone 727-455-7033 Telephone 857-317-2001 Telephone 703-480-0278 Year Founded 2015 Year Founded 2013 Year Founded 2013 Private Private Private New Markets Venture Partners Chief Executive Adrian Marrullier, Chief Executive Tom Dretler, CEO and Chief Executive Brian Kathman, CEO CEO and Founder Co-Founder Lead University Contact Jeff Mutimer Lead University Contact Adrian Lead University Contact Basil Chief Growth Officer Marrullier Cleveland, EVP and Co-Founder Email [email protected] Email [email protected] Email [email protected]

Services Online program management, Services Online program management, Services Recruiting and enrollment, recruiting and enrollment international student recruitment, non- career services Description We are a full-service credit program/bootcamp, recruiting Description Signal Vine is higher ed’s marketing and enrollment agency, and enrollment, data analytics leading artificial intelligence-powered providing full-funnel management Description Shorelight creates life- messaging platform that uses Blended with deep experience managing changing experiences for international Messaging to reach students where they marketing communications, new students. We build meaningful operate most. By nudging students with student recruitment, retention, and yield partnerships with top U.S. universities personal messages administrators can campaigns for our university clients as a and skilled counselors. Together, we improve engagement, enrollment, and fee for service. inspire students to be exceptional persistence. Business Model Revenue share/risk leaders in a globally connected world. Business Model Revenue share/risk share, fee for service Business Model Revenue share/risk share Total University Partners 25 share, fee for service Total University Partners 300+ Representative University Partners Total University Partners 20 Representative University Partners UMass Online, Kentucky State University, Representative University Partners Community College of Vermont, Boston College, University of Virginia, American University, Auburn University, University of Pittsburgh, Utah Valley Indiana University, New England Adelphi University, University of Kansas, University, Austin Community College, College, Marian University Louisiana State University, University Youngstown State University, Olympic

Source: Company of South Carolina, University of Illinois College, Weber State University, Chicago, University of Central Florida, Southwest Tennessee Community University of Utah, University of the College, Southwestern Michigan Pacific, Merced University College, Brigham Young University

Source: P3•EDU Source: Company P3•EDU 100 49

Skanska SP Plus Parking Study Group HQ New York, NY HQ Chicago, IL HQ London, UK URL www.usa.skanska.com URL www.spplus.com URL www.studygroup.com Telephone 917-438-4500 Telephone 312-274-2000 Telephone +44 203 053 0207 Year Founded 2000 Year Founded 1929 Year Founded 1994 Public OTCMKTS: SKBSY Public NASDAQ: SP Private Chief Executive Paul Hewins, CEO Chief Executive G. Marc Baumann, Chief Executive Emma Lancaster, CEO Lead University Contact Rose Torres, President and CEO Lead University Contact Josh Rubin, Director of Business Development Lead University Contact Steven Vice President, Operations, North Email [email protected] Aiello, Chief Business Development America Officer Email [email protected] Email [email protected]

Services Student housing, other Services Campus infrastructure Services International student university real estate development services (parking, energy, etc.) recruitment, recruiting and enrollment Description Teaching and learning Description SP Plus Corporation Description Study Group is the leading are the top priorities on any academic provides parking management, ground provider of international education, campus. At Skanska, we cultivate strong transportation, baggage, and other driving success for our students and partnerships with our higher education ancillary services to commercial, partners. We believe in a better world clients and deliver sustainable, leading- hospitality, institutional, municipal and through education, and work with edge projects that align with the unique governmental, and aviation clients in the leading universities across the UK, goals of each institution. United States, Canada, and Puerto Rico. Europe, North America, and Australia. Business Model Revenue share/risk Business Model Revenue share/risk Business Model Revenue share/risk share, fee for service share, fee for service share, fee for service Total University Partners 178 Total University Partners 60+ Total University Partners 47 Representative University Partners Representative University Partners Representative University Partners New York University, Harvard University, Boston University, Colorado State University of Vermont, Baylor University, Eastern Oregon University, Virginia University, Georgia Institute of Australia National University, Durham Tech, Yale University, University of Technology, Rice University, Tulane University, Lancaster University, Texas, Arizona State University, Florida University, University of Miami, University of Leeds, Surrey University, State University, Massachusetts Institute University of Wisconsin University of Sydney, University of of Technology, University of Maryland Source: P3•EDU Sheffield, DePaul University

Source: Company Source: Company 50 P3•EDU 100

Talent Path - A Division of Symplicity Synergis Education Genuent HQ Arlington, VA HQ Mesa, AZ HQ Houston, TX URL www.simplicity.com URL www.synergiseducation.com URL www.talentpath.com Telephone 703-351-0200 Telephone 480-426-7652 Telephone 713-547-4444 Year Founded 1996 Year Founded 2011 Year Founded 2018 Private H.I.G. Capital Private University Ventures Private Chief Executive Matthew Small, Chief Executive Norm Allgood, CEO Chief Executive Kip Wright, President President and CEO Lead University Contact John and CEO Lead University Contact Craig DeVoe, Donohue, Chief Academic and Lead University Contact Ryan Szala, Vice President, North America - Higher Development Officer Executive, University Relations Education Email jdonohue@synergiseducation. Email [email protected] Email [email protected] com

Services Career services, data Services Online program management, Services Coaching/mentoring/tutoring, analytics recruiting and enrollment, data analytics career services Description A global student Description Synergis Education Description Talent Path partners experience company, Symplicity provides online program management, with leading colleges and universities provides smart platforms that help including marketing and enrollment, and to offer a “last mile” pathway to great more than 2,000 college and university academic services with emphasis on first jobs in technology at no cost to clients worldwide manage all aspects of pre- and postlicensure nursing degrees, recent graduates. Our model unites the student life, including career services, as well as doctoral programs. objectives of young talent, universities, student conduct, well-being and Business Model Revenue share/risk and hiring companies. accommodations. share, fee for service Business Model Revenue share/risk Business Model Fee for service Total University Partners 6 share, fee for service Total University Partners 2,000+ Representative University Partners Total University Partners 3 Representative University Partners Gwynedd Mercy University, Brenau Representative University Partners Harvard University, London Business University, Samuel Merritt University, University of Houston C.T. Bauer College School, William and Mary, Yale LaRoche College, Alverno College, of Business

University, Clemson University, Texas Lutheran University Source: Company

University of Florida, Queensland Source: Company University of Technology, Vanderbilt University, University of Texas at Austin, Washington University in St. Louis

Source: Company P3•EDU 100 51

Waldron Engineering and Timely MD Upswing Construction HQ Fort Worth, TX HQ Austin, TX HQ Exeter, NH URL timely.md URL www.upswing.io URL www.waldron.com Telephone 817-835-7554 Telephone 844-879-8779 Telephone 603-772-7153 Year Founded 2017 Year Founded 2013 Year Founded 1992 Private Private Bill and Melinda Gates Private Chief Executive Luke Hejl, CEO Foundation, Impact America Fund, Chief Executive Terence Waldron, Lumina Foundation, Rethink Education, Lead University Contact Pete President Strada Education Network Blaisdell, Senior Vice President of Lead University Contact Terence University Health Chief Executive Melvin Hines, Founder Waldron, President and CEO Email [email protected] Email [email protected] Lead University Contact Christine Wyatt, Chief Revenue Officer Email [email protected]

Services Coaching/mentoring/tutoring, Services Recruiting and enrollment, Services Campus infrastructure recruiting and enrollment data analytics, coaching/mentoring/ services (parking, energy, etc.) Description Timely MD offers schools tutoring Description As a premier utility a comprehensive, custom program that Description Upswing is an integrated engineering and construction optimizes campus resources to give student services company helping management firm, Waldron prides itself students quality care and immediate to close achievement gaps for on being a leader in advancing new treatment for medical or mental nontraditional students in their many technologies that result in high efficiency, health concerns from board certified forms in higher ed. Our virtual assistant reliability, resiliency, and a minimum physicians and licensed counselors. and student engagement platform greenhouse gas impact. Business Model Fee for service increase retention by 10 percent on Business Model Revenue share/risk average per school. Total University Partners 12 share, fee for service Business Model Fee for service Representative University Partners Total University Partners 22 Abilene Christian University Total University Partners 60+ Representative University Partners

Source: Company Representative University Partners Columbia University, Massachusetts Borough of Manhattan Community Institute of Technology, Montclair State College, Central Carolina Community University, University of Massachusetts College, Claflin University, Indiana Medical Center, University of University East, Laredo College, Navarro Massachusetts Amherst, Yale University, College, Samuel Merritt University, Simmons College, Harvard University, University of Memphis, Wallace State University of Connecticut, Tufts Community College, Winston-Salem University

State University Source: Company

Source: Company 52 P3•EDU 100

Wexford Science & Watermark Technology Wiley Education Services HQ New York, NY HQ Baltimore, MD HQ Oakbrook, IL URL www.watermarkinsights.com URL www.wexfordscitech.com URL www.edservices.wiley.com Telephone 708-250-4622 Telephone 410-649-5629 Telephone 630-366-2900 Year Founded 1998 Year Founded 2005 Year Founded 2012 Private Private Private Chief Executive Kevin Michielsen, Chief Executive James Berens, Chief Executive Brian Napack, CEO Founder and CEO President and CEO Lead University Contact Webster Lead University Contact Thomas Lead University Contact Jay Hatcher, Thompson, Executive Vice President of Osha, SVP, Innovation and Economic Vice President of Business Development Business Development Development Email [email protected] Email [email protected] Email thomas.Osha@wexfordscitech. com

Services Data analytics Services Other university real estate Services Online program management, Description Watermark’s mission development international student recruitment, is to put better data into the hands of Description Wexford partners with noncredit program provider, recruiting administrators, faculty, and students universities, academic medical centers, and enrollment, data analytics everywhere in order to empower them and research companies to develop Description Wiley Education Services to connect information and gain insights vibrant, mixed-use communities. Its and Learning House, a Wiley brand, that will drive meaningful improvements. Knowledge Centers network brings have united as a leading, global provider Business Model Fee for service its partners together to exchange of technology-enabled higher education ideas, best practices, and value-added solutions. Our best-in-class services help Total University Partners 1,700 programming. our partners succeed in a competitive Representative University Partners Business Model Revenue share/risk and dynamic market. University of Arizona, Rochester Institute share Business Model Revenue share/risk of Technology, Syracuse University, St. share, fee for service Cloud State University, South Piedmont Total University Partners 25 Community College, California Representative University Partners Total University Partners 60 State University, Central Connecticut Duke University, Washington University Representative University Partners State University, George Washington in St Louis, Arizona State University, American University, Concordia University, Texas State University University of Maryland, Baltimore, Drexel University, Saint Paul, George Mason

Source: Company University, Wake Forest University, University, Loyola Law School, Michigan University of Pittsburgh, University State University, Our Lady of the Lake of Miami, University of Pennsylvania, University, Purdue University, University University of Rhode Island. of Alabama, University of Kentucky,

Source: Company University of West Florida

Source: Company P3•EDU 100 53

Wyzant Yellowbrick HQ Chicago, IL HQ New York, NY URL www.wyzant.com URL www.yellowbrick.co Telephone 312-646-6365 Telephone 347-949-8483 Year Founded 2005 Year Founded 2014 Private Accel Private University Ventures, Entangled Chief Executive Andrew Geant, Co- Ventures Founder and CEO Chief Executive Rob Kingyens Lead University Contact Erika Lead University Contact Rob Warren, VP Partnerships Kingyens Email [email protected] Email [email protected]

Services Coaching/mentoring/tutoring Services Online program management, Description Wyzant is a pioneer in noncredit program provider, recruiting digital tutoring and 1-to-1 learning with and enrollment the largest network of expert tutors in Description Yellowbrick is an the world (75,000+ U.S. based tutors). educational platform and strategic Wyzant partners with universities to university partner that engages provide targeted interventions that work and attracts the next generation of for at-risk students. students through unique online career Business Model Revenue share/risk exploration programs in collaboration share, fee for service with globally recognized brands and contributors. Total University Partners 20 Business Model Revenue share/risk Representative University Partners share Bellevue University, George Washington University, Georgetown University, Total University Partners 10 Simmons University, National University Representative University Partners

Source: Company New York University, Tisch School of the Arts and School of Professional Studies, The New School, Parsons School of Design, Fashion Institute of Technology, Columbia University

Source: Company 54 P3•EDU 100

Resources and Articles

U.S. Higher Education 2019 Year in Review

S&P GLOBAL ...... 55

Global OPM and Academic PPP Market

HOLON IQ ...... 59

2019 State of the Industry Report

BRAILSFORD & DUNLAVEY ...... 60

Framework for Online Program Management Transparency

2U, INC...... 62

Now Hiring: EVP for University Strategic Initiatives

DR. MICHELLE MARKS AND JAMES SPARKMAN ...... 64

The New Era of Public-Private Partnership in Higher Education

DR. MICHELLE MARKS AND JAMES SPARKMAN ...... 66

2019 Public-Private Partnership Survey

THE CHRONICLE OF HIGHER EDUCATION & P3•EDU ...... 69

10 Tips for Successful Public-Private Partnerships

in Higher Education ...... 70 P3•EDU 100 55

U.S. Higher Education 2019 Year in Review

The Top 10 Credit Stories Affecting U.S. Not-for-Profit Higher Education in 2019

December 11, 2019

he U.S. not-for-profit higher education sector has had an eventful year. As many schools continue to struggle with enrollment PRIMARY CREDIT ANALYSTS pressures, institutions remain focused on Mary Ellen E Wriedt cost-cutting and containment, while some San Francisco haveT battled headline risk. At the same time, it has been (1) 415-371-5027 a year of strong donor support and fundraising, with [email protected] many institutions in the midst of material comprehensive campaigns. S&P Global Ratings analysts recently Jessica L Wood discussed what they thought were the most interesting Chicago events in the sector that have had or could have credit (1) 312-233-7004 quality implications. Here are their picks for the top ten [email protected] credit stories for higher education in 2019. 56 P3•EDU 100

Operation Varsity Blues to the University of Alaska system (UA; A+/Stable), which has put operating strain on the system. State The Varsity Blues cases, most likely one of the most unrestricted general funds (UGF) appropriated to UA fell widely covered higher education scandals in history, 13% over five years, to $327 million in fiscal 2019 from have riveted national attention since March. The $378 million in fiscal 2014. Following difficult budget admissions scheme, which was orchestrated by William negotiations in 2019, the governor and the UA board Rick Singer (CEO of Key Worldwide Foundation, a of regents signed a contract to reduce state UGF to UA college entrance advisory company), to help students by $25 million in fiscal 2020 (to a total of $302 million). gain admission to preferred universities, involved parents While this cut is significant, it is an improvement from and several rated universities in untoward admissions the governor’s original proposal to cut $134 million (or practices. The implications of such a widespread 41%) from UA’s fiscal 2020 appropriation. Another $25 conspiracy are not totally clear. We know from past million cut is expected for fiscal 2021, with an additional scandals and their ultimate outcomes that despite $20 million cut in fiscal 2022. Since these cuts began, UA all of the publicity, the actual impact to a college or management has implemented a combination of cost university may ultimately be just a bruised ego without reduction and revenue-enhancing efforts to offset the enrollment, financial operations, or fundraising being effects of these declines, and management has a plan to adversely affected significantly enough to warrant rating align the budget with these lower amounts. As a result of action. However, this scandal is somewhat unique given the lower state appropriations combined with additional the sheer amount of attention it has received, coupled debt and enrollment declines in recent years, which with the fact that the investigation remains open, which have pressured operating performance and available creates some uncertainty as to the long term impact on resource metrics relative to debt, S&P Global Ratings the universities identified to date. S&P Global Ratings lowered its rating on UA to ‘A+’ from ‘AA-’ in October is addressing this matter in our current review of these 2019. institutions, and we expect that institutions across the sector will continue to review their admissions practices Closures And Consolidations to ensure something like this will not affect them in the In 2019, a handful of not-for-profit private colleges future. and universities have unfortunately been forced to Harvard Lawsuit Over Admissions Practices close. Given the longstanding and stable nature of this industry, these school closures have generated a lot of In October, Harvard University (AAA/Stable) prevailed in attention and concern. While some of these institutions the admissions discrimination lawsuit that was filed by a were able to find a merger partner or form a business group called “Students for Fair Admissions.” An appeal combination, retaining some of their faculty, history and has already been filed. While the Federal District Court legacy, others were left to shut their doors permanently. judge in Boston opined that the admissions process is None of the schools that have closed recently were rated not perfect, she ruled that Harvard’s admissions process by S&P Global Ratings, but we have looked at available is constitutional and the university is within its right to historical data to identify indicators of stress. Most of consider race in making admissions decisions. S&P these institutions have been located in the Northeast, Global Ratings expects that the widespread attention that a highly competitive region for higher education, and this case has generated could motivate other universities, almost all were small (well under 1,000 students in some especially highly selective schools, to make investments cases). Historical precedent indicates that consistent in ensuring best and fair admissions practices which enrollment declines can lead to material financial could be an added expense to the operating budget; challenges, especially when an institution does not however, we do not expect such expense to affect the benefit from strong fundraising or endowment. Given the credit quality of universities. projected persistence of challenging demographics for high school graduates, schools will continue to compete University of Alaska State Funding for a reduced pool of students. While some struggling During the past few years, declining Alaska (AA/Stable) colleges or universities with valuable real estate, brand state revenue has led to cuts in operating appropriations or institutional core competencies will be able to seek P3•EDU 100 57

and secure a merger or acquisition, S&P Global Ratings unique. These universities benefited not only from longer expects we will see more closures, in particular among amortization of debt, but also, more flexibility in use of smaller, more regional private liberal arts colleges. proceeds. Century bonds do not have the same federal restrictions as municipal bonds, and the income investors College And University Affordability receive from century bonds is not tax-exempt. Therefore, With the ever-increasing cost of higher education, universities can use the money raised from century colleges and universities continue to work to strike a bonds to fund both public and private use projects. At balance between affordability, revenue growth, and the same time, interest rates for taxable bonds were academic quality. To increase their value proposition, not significantly higher than the rates on tax-exempt many institutions are getting creative with tuition municipal bonds, and as a result, we saw significant pricing programs to both attract students and help growth in taxable higher education bond issuance in them minimize their debt burden. Purdue University 2019. (AAA/Stable) was the first U.S. research university to NCAA Settlement offer students the Income Sharing Agreement (ISA), an alternative financing option to student loans which In September, California’s governor signed the game- provides those who choose to sign an ISA contract a changing Fair Pay To Play Act, permitting college certain amount of money toward tuition, with students athletes, effective January 2023, to receive payment from promising to pay a portion of their income after endorsements without losing eligibility or scholarships. graduation. We understand that there now are more Although historically opposed to this issue, the National than 850 contracts with students in over 120 majors in Collegiate Athletic Association (NCAA) governing board the “Back A Boiler” program. State tuition programs voted in October to permit student athletes to benefit from the use of their name, image, and likeness, and for students attending public universities have also the NCAA is currently drafting the rules for this new expanded and vary in strategy, including freezing, policy. How the NCAA’s national policy and California’s guaranteeing, rolling back, subsidizing, or waiving legislation will mesh remains to be seen as details are tuition. Most recently, New Mexico’s governor announced worked out. Additionally, the magnitude of how this issue a plan that would provide free tuition to all state colleges will affect funding for colleges and universities also will for students regardless of family income, if it receives evolve. At this time, S&P Global Ratings does not expect legislative approval. A general trend of bifurcation any immediate credit implications; however, we will continues within our rated universe, where the strong monitor developments. institutions with broader reach are getting stronger and the weak (often more regional institutions) are getting United States Department of Justice Early Decision weaker, and we expect that the institutions that compete Ruling primarily on tuition pricing will remain pressured. In September, the National Association for College Admission Counseling’s assembly voted to remove Century Bond Issuance Resurgence certain provisions from its Code of Ethics and In 2019, with interest rates so low and favorable market Professional Practices relating to restrictions in offering indicators, five universities issued century bonds early decision incentives to students, the recruitment (which don’t mature for 100 years), including The of students who have already committed to attending University of Pennsylvania (AA+/Stable), the University another institution, and the solicitation of transfer of Virginia (AAA/Stable), Rutgers University (A+/Stable), applications. This vote was a result of an inquiry by Georgetown University (A-/Stable), and the most recent the Antitrust Division of the Department of Justice into entrant to the century bond “club”, The University of restraint of trade in competition for students as a result of Pittsburgh (AA+/Stable). Together, they have issued these practices. Colleges are now free to offer incentives more than $1.63 billion in 100-year financing this year. for early decision applicants as well as recruit each Over the years, just over a dozen institutions in the higher other’s admitted and enrolled students, which historically education sector have issued century bonds--a small was prohibited under ethical rules, or a “gentlemen’s group, which has made the flurry of activity this year agreement”. The likely impact of this move is that there 58 P3•EDU 100

will be increased competition for students at colleges FAFSA by eliminating up to 22 questions through data and universities and larger incentives paid to certain sharing with the Internal Revenue Service; and eliminate students. S&P Global Ratings expects that institutions annual paperwork for borrowers using income-driven on the higher end of the rating scale with more pricing repayment. Reports indicate the changes would save flexibility as a result of significant financial resources $2.8 billion over 10 years, which would be used to pay and stronger demand characteristics will benefit, for permanent funding for HBCUs and MSIs instead and institutions on the other end of the scale will face of eliminating a subsidy for student loan guarantee increased pressure. agencies.

The Evolution Of Public Private Partnerships (P3) This report does not constitute a rating action. There remains strong demand for public-private partnerships (P3s) in higher education, particularly in housing, and we saw increased activity in our rated Reprinted with permission. Copyright © 2019 by privatized student housing transactions in 2019. While Standard & Poor’s Financial Services LLC. All rights reserved. the higher education sector remains pressured, students continue to demand enhanced facilities and amenities, Copyright © 2020 by Standard & Poor’s Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, and these partnerships can provide efficiencies, access software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, to expertise and improved services, and often, cost or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The savings despite having a higher cost of capital. At the Content shall not be used for any unlawful or unauthorized purposes. S&P and any same time, we believe that there are certain risks that third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, can make the success of these projects challenging, even timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained those at universities with strong demand profiles. While from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND students desire improved housing facilities on campus, ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE affordability of such housing remains a concern. During OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT the past two years, we have seen some new projects WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, experience surprising weakness in opening occupancy compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs as a result of inadequate marketing, over-priced beds, or losses caused by negligence) in connection with any use of the Content even if or other reasons. At the same time, demographic advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are pressures can also impact housing occupancy. However, statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not P3s continue to be widely used as a viable delivery recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation method for colleges and universities to address their to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the infrastructure needs. Beyond housing, higher education user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor institutions continue to utilize P3s for other traditional except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty infrastructure, such parking garages, dining facilities, of due diligence or independent verification of any information it receives. Rating- related publications may be published for a variety of reasons that are not necessarily and more recently, multi-use facilities and aging energy dependent on action by rating committees, including, but not limited to, the publication infrastructure. S&P Global Ratings incorporates our of a periodic update on a credit rating and related analyses. To the extent that regulatory authorities allow a rating agency to acknowledge in one assessment of any potential long-term operating, jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any financial, or reputational risks associated with these time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any partnerships into our related university analysis. liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business Senate Passes Bipartisan Legislation units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non- In December, just weeks before year end, the Senate public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from unanimously passed an amended version of HR 2486, issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P’s public ratings and analyses are made the FUTURE Act. The bill, if moved forward by the House, available on its Web sites, www.standardandpoors.com (free of charge), and www. ratingsdirect.com (subscription), and may be distributed through other means, would make permanent $255 million in annual funding including via S&P publications and third-party redistributors. Additional information for Historically Black Colleges and Universities (HBCUs) about our ratings fees is available at www.standardandpoors.com/usratingsfees. STANDARD & POOR’S, S&P and RATINGSDIRECT are registered trademarks of and Minority Serving Institutions (MSIs); simplify the Standard & Poor’s Financial Services LLC. P3•EDU 100 59

Global OPM and Academic PPP Market

Number of new University Partnerships established with OPMs, Pathways and Bootcamps. 2000-Q1 2020.

153

13

132 153 17 13 14 117 132 17 14 18 14 117 +25.1% 14 18 91 17 12 +25.1% 79 91 17 1 79 12 14 66 14 OPM Partnerships 1 3 14 123 Pathways Partnerships 14 6654 56 OPM Partnerships 3 15 Bootcamp Partnerships 123 5 Pathways Partnerships 54 6 47 56 100 15 5 Bootcamp Partnerships 6 47 5 100 86 15 5 86 15 65 26 26 64 64 65 26 26 5 48 48 518 48 12 48 42 15 18 42 36 15 1312 6 36 13 3 6 66 7 73 3 3 21 4 45 5 2 3 4 4 21 2 3 0 0 2 2 12 14 12 14 1 12 2 6 1 1 12 10 12 10 3 3 3 2 02 0 22 11 6 3 3 5 5 00 0001 01 02 02 0033 004 4 05 0506 0067 0807 09 0810 011 9 12 10 13 114 1512 16 1317 1184 19 15Q1 20 16 17 18 19 Q1 20

924 University PPPs since 2000 60 P3•EDU 100

Higher Education Public-Private Partnerships 2019 State of the Industry Report

By Brailsford & Dunlavey

n the most recent installment of its State of the housing-anchored mixed-use projects on campuses Industry Report released in the fall of 2019, the across the country. higher education advisory firm Brailsford & For more information, visit the Higher Education P3 Dunlavey provided a snapshot of Public-Private Resource Center at p3resourcecenter.com. Reprinted with Partnership (P3) activity through its research permission. Copyright ©2019 by Brailsford & Dunlavey. Iof transactions taking place between 2014 and 2018. All rights reserved. The following is a sampling of its findings focusing on

Number of Deals & Average Closing Value

The database currently Number of Housing-Anchored Mixed-Use P3s and Average Closing Value, by Year holds 130 housing- Number of Housing-Anchored Mixed-Use P3s and Average Closing Value, by Year anchored mixed-use deals

that have closed over the $150M 35 past 5 years (2014-2018). 32 While the average number P3s 30 28 of deals closed per year 27 $130M A P3s V P3s E is perhaps settling in the 25 24 R A s (I N

high 20s range, average P3s GE C 27 $110M

deal size appears to be 20 19 $100M M ILLIO N L

getting bigger after a few P3s $94M $ O R OF P 3 S E

$ I

15 N years of getting smaller. If B $90M G S M

$79M ) U

average deal sizes increase V A N $ $72M while the number of deals 10 L

$68M U $ decreases, that might be $ $70M E a sign more schools are 5 bundling—wherein a single project covers multiple 0 $50M 2014 2015 2016 2017 2018 asset classes. P3•EDU 100 61

Closing Value Closing Value of Housing-Anchored Mixed-Use P3s, by Year This idea is reinforced by a breakdown of Closing Value of Housing-Anchored Mixed-Use P3s, by Year the data looking at roughly three scales of 100 projects: 8% 5% 11% 21% 8% 42% 38% 64% 1. A single building/asset (projects with a 36% closing value of $49M and under) 80 46% 2. Multiple buildings/assets 5% ($50M – $149M) University- Financed 38% 60 Developer 3. Campus-wide projects 14% Debt / Equity ($150M and more). 54% Taxable 53% 54%

The data shows a recent uptick in the 40 percentage of projects closing between $50M – $149M—possibly an indication of Financial 33% 28% projects being bundled, or possibly just 20 Structure, rising construction costs. The uptick in 2014-2018 larger/bundled projects is paired with a downtick in smaller/simpler projects. A trend 0 2014 44% 2015 2016 2017 2018 is not yet proven, however; 2019’s data will Tax Exempt help confirm or refute it. $49M and under $50M-$149M $150M and more

Financial Structure Financial Structure of Housing-Anchored Mixed-Use P3s, by Year Financial Structure of Housing-Anchored Mixed-Use P3s, by Year The majority of housing-anchored mixed- use deals closed continues to be tax exempt 100 6% 4% 5% 6% or equity. As seen in the chart below, in the 7% Developer Debt/ Equity 15% 53% previous year studied (2017), deals financed 31% 50% 6% through taxable debt or by the institution 50% Tax Exempt 80 46% seemed to be decreasing, but 2018 saw an uptick inT aboth.xabl eCompared to last year, the return of university-financed deals—while 60 maintainingUniv etransferencersity-Financ ofed operations and 28% maintenance risk—indicates schools are considering retaining the finance piece.

40 44% 42% 5% 39% University- 35% Financed 38% 34% Developer 14% Debt / Equity 20 Taxable

Financial 0 Structure, 2014 2015 2016 2017 2018 2014-2018

Developer Debt/ Equity Tax Exempt 44% Taxable University-Financed Tax Exempt

Financial Structure of Housing-Anchored Mixed-Use P3s, by Year

100 6% 4% 5% 6% 7% Developer Debt/ Equity 15% 53% 31% 50% 6% 50% Tax Exempt 80 46% Taxable

60 University-Financed 28%

40 44% 42% 39% 34% 35%

20

0 2014 2015 2016 2017 2018 62 P3•EDU 100

Framework for Online Program Management Transparency

By 2U, Inc.

e believe greater transparency Openness; Access; Affordability; Quality; and Outcomes. into the role online program We believe this Framework for Transparency will allow management (OPM) companies universities, students, and policymakers to better play in helping universities offer understand and assess the role 2U plays in helping degree and non-degree programs our non-profit university partners build high-quality to W students is important and will help to foster a more educational offerings and deliver great student outcomes. constructive and well-informed dialogue about our industry. With leadership comes responsibility, and we look forward to releasing our inaugural 2U Transparency Report in With that goal in mind, last year, 2U announced a 2020. We hope that other OPMs will join us in embracing framework for transparency, grounded in six core pillars: the need for greater transparency in our industry by University Oversight & Accountability; Marketplace publicly releasing their own metrics. P3•EDU 100 63

1. University Oversight & Accountability 4. Affordability We value and respect the institutional independence The rising cost of higher education is a serious and of our non-profit university partners. In the Title IV important societal issue. All stakeholders in the higher eligible degree programs we power, our partners set the education community, including 2U, have a responsibility admission criteria and tuition pricing, and they manage to be part of the solution to this complex and growing faculty and curriculum governance. For the non-degree challenge. 2U commits to disclose: offerings we power, our partners exercise final approvals • the percentage of degree programs in our portfolio over instructors and curriculum. This oversight and priced at or below their comparable campus-based accountability is core to our model and written into our program contracts. As such, we commit to release: • the average price, by discipline, of degree programs • our standard contractual terms related to academic in our portfolio oversight and decision making control of our non- • the average price of our non-degree offerings profit partners, including our responsibility to comply with all laws and regulations applicable to our • our total investment in student scholarships services

2. Marketplace Openness 5. Quality 2U has always been transparent about our university As a brand steward to many of the world’s most respected partnerships and publicly listed the degree and non- and highly ranked universities, quality is core to 2U’s value degree offerings we power. Today, that is not standard proposition. 2U commits to disclose average: practice in our industry. We believe any OPM company— • hour requirements for synchronous, asynchronous, whether its business is based on a tuition revenue share and in-person clinical or immersive work in degree or fee-for-service model—should publicly disclose the programs existence and nature of all of its university relationships. • attendance rates 2U commits to disclose: • student satisfaction ratings (e.g., Likert or Net • a comprehensive list of partners and offerings we Promoter Scores) power • a complete list of the services we contractually provide to partners 6. Outcomes • our aggregate annual investment in partner programs Although defining appropriate qualitative and quantitative • the aggregate number of students enrolled in outcome measures is complex, since people’s motivations 2U-powered programs and goals for furthering their education are personal, we believe there are some consensus benchmarks. 2U • our total advertising and digital marketing spend commits to disclose average: as a percentage of tuition generated by launched programs • retention, graduation and, where applicable, employment outcomes and licensure passage rates

3. Access • time to completion by offering 2U’s degree and non-degree offerings create greater flexibility and access by allowing adult learners to return to school without needing to quit their jobs or uproot their lives and families. 2U commits to disclose aggregate: • percentages of enrolled students by gender, race, age, and geographic location, as well as data on enrollment by active-duty military and veterans Reprinted with permission. 64 P3•EDU 100

Now Hiring: EVP for University Strategic Initiatives

By Dr. Michelle Marks and James Sparkman

s colleges and universities in the United was second only to partnerships for “development of States adapt to new financial and campus infrastructure” as areas of the most interest on competitive challenges, partnerships today’s college campuses. with the private sector are playing an expanding role. A recent survey of The expanded range of partnerships with the private sector comes with new opportunities, but also poses college A and university presidents, provosts, and CFOs new challenges and risks. While the upside of these by The Chronicle of Higher Education and P3•EDU found partnerships may be great – unique capabilities, new that 83 percent of respondents said partnerships between capital, speed to market – considerable financial and their institutions and private companies have increased reputational stakes are at play. (with virtually none of the respondents citing a decrease in such relationships). Most colleges and universities do not have the dedicated resources to properly consider these transactions. More As we note in our article, “The New Era of Public-Private often than not, the exploration and execution of public- Partnership in Higher Education,” (p. 66), P3s are growing private partnerships are led by university leaders who in number and in type. Traditional P3s around student already have full-time jobs at their institution. They can housing and building development continue, as do be led by treasurers, budget directors, housing directors, new ways to raise capital through the sale of long-term athletic directors, and equally by deans, associate branding agreements and service rights around parking provosts, online directors, and VPs for external affairs. and energy. In addition to these traditional administrative And, not surprisingly, the skill sets of those leading these partnerships, a whole new group of “academic” P3s partnership efforts vary widely. are now in place to launch online programs, recruit international students, and improve student success. The In the corporate world, where mergers and acquisitions same survey of public-private partnerships found, for and strategic partnerships are the norm, these efforts example, that partnerships for “growing online programs” are typically consolidated into one dedicated strategic P3•EDU 100 65

Board of Trustees

President

Provost/ CFO/ General Academic Advancement Strategic Business Communications Counsel

Affairs Initiatives Affairs ➠

office. Most often referred to as the office of Corporate revisions to their organization chart. Consider the case of Development, these are usually led by an EVP/SVP of technology over the past ten years. As technology became Corporate Development whose team oversees strategic more pervasive on campuses, the role of managing this partnerships and acquisitions for the company. Teams in function expanded considerably from small projects to a these roles typically have comprehensive transactional strategic imperative. Today, there is not a college campus experience and oversee a range of services that includes without a Chief Information Officer whose office serves as strategic procurement, financial and operational due a critical central resource across the institution. diligence, pro-forma modeling, contract review and negotiation, and post-transactional project implementation. As colleges and universities focus on their core Higher education today needs a similar office. Though the competencies and engage in partnerships to help title should probably change – we might call it the Office advance their institutional missions, they would be well of Strategic Initiatives – the function and required skill sets served to have the expertise and focus to execute on would largely be the same. A key to this role would be not these initiatives. It is time to recognize that a dedicated only to have the basic competencies to protect and advance role may be required. their universities, but also the strong ability to work across the institution. The role must be strategic in nature, and must Dr. Michelle Marks not be siloed to one specific area. We suggest structuring Chancellor this role as a central resource for the institution, with a direct University of Colorado Denver reporting line to the university president. The concept of adding a new senior level office may James Sparkman sound far-fetched, but colleges and universities have Partner adapted in the past to change and made needed Alpha Education LLC 66 P3•EDU 100

The New Era of Public-Private Partnership in Higher Education

By Dr. Michelle Marks and James Sparkman

hese are complex times for institutions (the latter is currently outsourced at more than three- of higher education. Perhaps with the quarters of all US colleges and universities). exception of the handful of universities Private companies have also provided significant that are buffered by endowments over liquidity to higher education, as evidenced in examples $1 billion, most US colleges and universities such as brand licensing arrangements, television faceT intense financial pressures and fundamental broadcast rights, and acquisitions of intellectual challenges to their business models. Simultaneously, property. Recent infrastructure concession sales have those same institutions are being asked to do more — brought in huge capital to cash-starved state schools. to improve student outcomes, provide more and better Consider Ohio State University’s recent experience options for an expanding student base (especially the raising some $1.6 billion in capital through long-term adult learner), and to compete in an increasingly online arrangements for parking garage management ($483M and global marketplace. in 2012) and energy/power management ($1.165B in 2017). Or New York University’s return of over $1 billion Given this context, today’s universities are more open to on the sale of its patent of Remicade, a rheumatoid partnering with the private sector, in ways that may have arthritis drug developed through academic research. been unimaginable just a decade ago. In certain functional areas, notably real estate develop- Colleges and universities have long collaborated ment, true partnerships have evolved in which private with the private sector to execute select non-core capital has been brought to bear in the development of administrative functions. In particular, services that a joint campus initiatives. In these public-private partner- private company might perform better, faster, or less ships (P3s), colleges and universities collaborate with expensively have lent themselves to outsourcing. Typical private equity capital firms, real estate developers, and examples include security, custodial and laundry builders to construct new campus infrastructure — often services, bookstore management, and food services student residences but increasingly non-revenue-generating P3•EDU 100 67

real estate assets. An entire class of dedicated real estate academic partnerships involve a private sector partner investment trusts (REITs) has emerged over the past two providing a bundle of services, capital, and expertise, decades just to support universities’ student housing sharing both risks and rewards over a long-term contract needs. (sometimes more than 10 years). Instead of CFOs or auxiliary officers leading these complex initiatives, they More recently, this trend in public-private partnerships are managed by provosts, deans, and other academic has expanded from the administrative side of the leaders. And instead of building physical assets, such university to also support the academic side. Like the partnerships are developing online programs, recruiting real estate partnerships that have preceded them, international students, and supporting student success.

Evolution of partnerships in higher education New services in support of the academic core

68 P3•EDU 100

This new era of academic partnerships in higher Administrative vs. education brings new opportunities, but also a new academic partnerships set of risks. These ventures touch students and faculty directly and sit much closer to the core competencies Traditional Academic P3s P3s of higher education institutions. Given the high stakes involved — financial as well as reputational — Growth Areas Student Online services, housing, international successful partnerships often pivot on a set of skills infrastructure pathways, non-credit that many university leaders may need to develop. programs Specifically, these transactions require that academic University offices CFO, Provost, leaders have the capacity to manage elaborate, often leading efforts Auxiliary Dean intricate business deals, including the ability to conduct

Leading Reasons for Partnerships deep due diligence on private companies, supervise competitive bidding processes, and lead complex Budget constraints • • negotiations. University administrators also need strong project management skills in order to oversee these Fastest path to market • • relationships, protect the interests of their institution, and Higher quality hold partners accountable. of service • • While partnerships are occurring at hundreds of Impacts campuses nationally, many institutions work in a relative vacuum as they explore and pursue these opportunities. Students • • Never has it been so critical to gather information and Faculty find ways to network with peers. Our conference — • • P3•EDU: Innovation & Public-Private Partnership in Higher Brand • • Education — and the associated P3•EDU 100 Directory were developed to address this need. Partnership Details As university relationships with private companies Long-term evolve and potentially expand, success in large arrangements • • measure depends on an institution’s ability to manage Complex contracts • • the partnership effectively. If done correctly, these School ultimately partnerships — whether they are administrative or responsible • • academic in nature — may be one path to a more sustainable future. Risks Has credit/financial implications • • Dr. Michelle Marks Has regulatory/ accreditation • Chancellor implications University of Colorado Denver

Requires faculty input • James Sparkman Integral to student Partner academic experience • Alpha Education P3•EDU 100 69

2019 Public-Private Partnership Survey By The Chronicle of Higher Education & P3•EDU

Key Findings

PUBLIC-PRIVATE Increasing (83%) PARTNERSHIPS ON YOUR CAMPUS ARE Staying the same (17%)

Decreasing (less than 1%)

AREAS OF INTEREST Development of other campus facility/infrastructure (53%) IN PARTNERING WITH PRIVATE COMPANIES Online program expansion (42%)

Leveraging current assets (e.g., energy, parking) (41%)

Student housing (39%)

Predictive analytics (31%)

Skills training/bootcamps (29%)

Coaching/mentoring/tutoring (24%)

Career counseling (16%)

TOP REASONS Unique competencies (66%) INSTITUTION HAS PARTNERED OR Availability of investment capital (52%) WOULD PARTNER WITH PRIVATE COMPANIES Speed to market (44%)

Speed of execution (42%)

Superior service to in-house alternatives (37%)

TOP CONCERNS • Control • Cost

Survey responses from ~250 college and university presidents/chancellors, provosts, and CFOs 70 P3•EDU 100

ment. Make sure you assign the 10 Tips for Successful role of point person to someone who brings significant project Public-Private management capability.

Partnerships in Reach out Higher Education to multiple 4 companies and run a competitive selection process Set realistic nership agreement only to find expectations – both there is no faculty and staff buy- • Whether running a formal RFP in terms of timing in to execute on the project. process or just an informal 1 search, approach as many po- • When commencing the planning and outcomes tential partners as possible. The for a partnership, engage as landscape of companies chang- • Entering into a long-term many campus stakeholders as es rapidly and there are likely public-private partnership takes possible. Consider forming an more options than you think. time — give yourself a reason- advisory committee with faculty, able window to conduct a strong staff, and students. If you run an • Use this time to familiarize search process AND time to ne- RFP process, bringing together yourself with the financial models gotiate your contract. Based upon the right selection and review available for the partnership and the experience of others, this can committee from the outset can the risks that both the university take months, or even years. help avoid surprises and resis- and the company are taking to • Once the contract is signed, tance down the road. make the partnership work. don’t expect to flip a switch • Talking to a range of prospective and see immediate results. All partners will help you under- partnerships require significant Have the right stand the nuanced differences ramp-up time. leaders who can be agents of change between potential partners. It will • Finally, when thinking of desired 3 also provide you with leverage come negotiation time if you outcomes for your university, be • Implementing a significant uni- have multiple options. realistic about what is possible versity partnership may require through the partnership. Look to establishing new business pro- peer averages — not exceptional cesses across several functional case studies — to be your guide. Do deep due areas. To effectively achieve this, diligence on appoint and empower initiative potential partners Engage a leadership with the credibility to 5 engage the university community, broad base of • Your university is entering into marshall resources, and generate stakeholders from a long-term relationship and 2 the commitment to make neces- you want to make sure that your your institution sary changes. partner company will be fiscal- • There are numerous examples • Furthermore, the partnership will ly stable for the duration of the of institutions going through the likely demand dedicated over- agreement. With an abundance long process of signing a part- sight over the term of the agree- of private capital funding new

P3•EDU 100 71

ventures serving higher educa- success will be driven by how Clearly define tion, it pays to do basic financial well the parties work together. your goals for the due diligence on your potential • These are long-term relation- partnership partner. 9 ships and the environment and • What does the potential partner’s people involved may change • University leaders need to assess balance sheet look like? during the years of your part- exactly why they are explor- nerships. Pick a partner that you ing partnership options. Is the • What have been their results with believe can evolve and grow with partnership about executing on similar institutions? you. elements of a strategic plan? • Are there any red flags in their Adding capabilities or exper- history? Have contracts been tise? Are there specific financial cancelled? Have they been Get financial targets? The more clear you can subject to lawsuits or other regu- and contractual be from the start about your latory issues? expertise – motivations, the more likely you 8 can craft a partnership to achieve understand all the your desired ends. potential risks Network with • Once you have embarked on a your peers and • P3s often have very complex partnership, both parties need a 6 learn from their contracts (100 pages is not shared vision for what success experience unheard of) with dozens of key looks like. This means a de- variables that could have sig- tailed business plan, with clearly • When considering a potential nificant financial, operating, and delineated roles and responsibil- partner, there is no substitute for liability implications. ities, revenue streams, and key the recommendation of another milestones for the term of the • Do not depend on a potential college or university. agreement. partner to provide you with all the • Ask your potential partner for a list financial statements you might of references and make the calls. need in order to complete a Hold your Also, try to talk with one or two contract. Similarly, do not depend partner institutions that currently work with solely on a partner to give you accountable your partner, but are not on the guidance — financial, legal, or 10 reference list. otherwise — around the contract. • It’s a marriage—both sides • Be aware of any contractual have leverage and should not Find a cultural fit liabilities your institution may be be shy about speaking up if the with a partner, not incurring should the partnership relationship is not going accord- just the best price not perform as planned. Simi- ing to plan. Ultimately, you and 7 larly, have contingency plans in your partner should be flexible • Partnerships are not just about place if you need to terminate and find ways where each can key terms, such as length of the partnership early. benefit. contract and financial terms, but about finding the right cultural fit. “With your institution’s reputation at stake in any of these partnership arrangements, the faculty will care. • Selection criteria should be It pays to involve the faculty early in your process and based on an all-inclusive value often. Also, be sure to read the fine print. These can be analysis, with particular empha- complicated agreements, but the final responsibility sis on finding an experienced always still rests with the universities.” partner that “fits” with your —Dr. Belle Wheelan, President, Southern Association of Colleges and Schools institution. Ultimately the project’s Commission on Colleges 72 P3•EDU 100 P3•EDU 100 73 74 P3•EDU 100 P3•EDU 100 75 76 P3•EDU 100

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