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It is important to us to support the DC community, and one of the most effective ways we have done this is by investing in Venture Philanthropy Partners (VPP) and their portfolio of grantees. We're excited to share their latest announcement - an investment partnership of up to $5.5 million in the growth of KIPP DC - and wanted to share the note below from Carol Thompson Cole, VPP's President and CEO. This news comes on the heels of another exciting development for VPP; just a couple of weeks ago, they were included among the first round of grantees for the Social Innovation Fund.
I am very excited to share with you the news of our second investment in Portfolio II. VPP will enter an investment partnership of up to $5.5 million in the growth of KIPP DC over the next four years. KIPP DC is the highest performing network of college-preparatory public charter schools in Washington DC and serves children and youth in under-resourced communities.
The VPP investment of growth capital and strategic assistance will help KIPP DC expand from seven schools serving approximately 1,550 students to ten schools serving at least 3,400 students and promises to provide outstanding social return for VPP’s investors, stakeholders, and most importantly, for the children and youth of low-income families in our region. The demonstration of KIPP’s high performing model at scale in the National Capital Region has the potential to raise expectations for how high-quality education can be delivered in under-served communities around the country.
We began working closely with KIPP DC and its excellent executive and board leadership in October, 2009 when we funded business planning, led by McKinsey, as the final step in our investment selection process. The total investment committed to KIPP DC, including business planning, is $5.9 million. VPP and KIPP DC have developed a very effective relationship, and we look forward to deepening and strengthening our partnership throughout the investment and beyond.
I have personally been very impressed by the vision, commitment and leadership capabilities of Susan Schaeffler, Founder and Executive Director, and Allison Fansler, President and COO, as well as the bold aspirations and drive of board members, including board chair, Terry Golden, and KIPP DC board member and VPP investor, David Bradley. This outstanding leadership team has the passion and ability to achieve this ambitious growth plan and build a strong and sustaining public school system that will be able to deliver outstanding results for students in our region for years to come.
You can read more about the KIPP investment on our website, in the Washington Post, and in our official announcement, below.
Thank you for your investment and support that makes our work with KIPP DC possible and will result in almost two thousand more students receiving an excellent education and strong foundation for a successful adulthood. We are grateful for your generosity and commitment to the children and youth of our region.