As of 2008, BMO Capital Markets estimated the For-Profit-Education industry to have annual revenues of $108 billion or less than 10% of the $1.2 trillion spent on the broader Education Industry. The face of education has been changing over the past 10 years due, in large part, to government funding programs, third party funding options, and new business models for education delivery. Technology has enabled schools to more efficiently and cost effectively deliver content to students; creating a new level of business scalability in a traditionally brick and mortar industry. Duane Street Capital is focused on businesses that achieve healthy ROIC’s in the education industry through the effective management of student acquisition costs, program retention rates, and maximization of a student’s lifetime value.