Kudos to Andre Agassi and Canyon Capital!

Andre Agassi, the former tennis champion, and Canyon Capital Realty Advisors LLC said they created a real estate fund that will spend $500 million to capitalize on and promote the movement for U.S. charter schools.

The Canyon-Agassi Charter School Facilities Fund plans to develop more than 75 urban campuses with space for about 40,000 students over three to four years, according to a statement today from Canyon Capital and Agassi Ventures LLC, which manages the player's partnerships. Citigroup Inc. (C) and Intel Corp. (INTC)'s investment arm are contributing to the Los Angeles-based fund.

It's the first for-profit investment vehicle formed to build charter schools, Canyon Capital said. There are more than 5,400 of the schools serving about 1.7 million children in the U.S., with 465 campuses in 40 states and Washington, D.C., having opened in the last school year, according to the Center for Education Reform. A lack of new facilities is the greatest impediment to further growth, said Bobby Turner, chairman of Canyon Capital Realty Advisors in Los Angeles.

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