Andre Agassi Launches Charter School Building Fund

LOS ANGELES (AP) — Former tennis champion Andre Agassi and a real estate venture capital firm have teamed up to form an investment fund to finance buildings for charter schools.

Agassi, who operates an award-winning charter school in Las Vegas, said Thursday the biggest impediment to charter school growth is finding adequate facilities to house students.

Agassi's partner in the fund is a $20 billion Los Angeles-based real estate investment firm, Canyon Capital Realty Advisers.

The fund, whose investors include Citigroup and Intel, plans to finance the construction or remodeling of 75 urban school sites over the next three to four years, with the first one in Philadelphia.

The schools also will be built as environmentally sustainable buildings including elements such as solar power.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)