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GSV Capital is the first publicly traded security giving growth equity investors access to the world's most dynamic, VC-backed private companies.

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NASDAQ: GSVC
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Why We Like

$13.7 million NAV|7.2% of GSVC

Founded

2011

Capital Raised

$119 million

Investors

GSV Capital along with IVP, Jeff Bezos, Maveron, Rethink Education and more.

GSV Investment Theme

  • Cloud/Big Data
  • Marketplaces
  • Sustainability
  • Education

Overview

General Assembly has created a next generation global educational institution. GA delivers short- and long-form online and in-person practical education programs for digital-age entrepreneurs. By delivering high-quality content from exceptional teachers and in highly engaging formats, the Company has created a fanatical base of over 6,000 alumni. Positioned somewhere in between a magnet high school, trade school, and Stanford’s Institute of Design, GA offers learners an unmatched educational experience.

4Ps
Why We Like It: The Four Ps

Why We Like General Assembly

General Assembly is delivering on the twin concepts of “Return on Education” (tangible benefits from an investment in education) and “Knowledge as a Currency” (disaggregated, demonstrable skills and knowledge). GA has created an education platform that can be scaled globally for both individual learners and corporate partners. The company has the opportunity to build the largest and most valuable global community of highly motivated learners who use the knowledge and skills gained in GA to transform companies and industries.

People

General Assembly was founded by Jake Schwartz (CEO), Adam Pritzker, Matthew Brimer, and Brad Hargreaves. Prior to GA, Jake Schwartz was the founder of OfficeSpaceGuys.com, and an Entrepreneur-in-Residence at Associated Partners (private equity fund backed by Goldman Sachs and Liberty Global). Jake has a MBA in Entrepreneurial Management from The Wharton School.

Product

General Assembly offers education content in both short- and long-form classes, through online and on-campus modalities. GA has campuses in 8 cities today, comprising New York, San Francisco, Los Angeles, Washington, DC, Boston, London, Sydney, and Hong Kong. The majority of courses today are delivered as in-person long-form courses and multi-week long immersion programs. Impressively, 97% of job-seeking candidates who enroll in GA’s immersive programs are hired within 90 days of graduation. Additionally, GA has partnered with many Fortune 500 corporations to deliver intensive corporate learning modules, and is developing a suite of on-demand and live streaming online learning products as well.

Potential

General Assembly is directly addressing the $41 billion global for-profit post-secondary education market. GA has grown rapidly in the 3 years from founding, and today boasts a community of over 100,000 students. Yet we believe that GA is just getting started. GA is feeding the huge global demand for the demonstrable skills necessary for digital-age jobs, which we believe extends to potentially tens of millions of learners worldwide. Additionally, GA should extend its reach in online learning over the next few years, which could substantially contribute to the company’s top line.

Megatrends

Knowledge Economy; Brands; Internet; Globalization; Social

How Big Can This Be?

General Assembly could become the premier practical educational institution in the world, and could ultimately represent the largest and most valuable network of technology and entrepreneurial-minded alumni on the planet.

Predictability

GA has demonstrated its model in 8 cities around the world to-date and has a track record of ramping up a city to profitability within a very short time frame. The company has shown strong efficacy in both customer acquisition and learner satisfaction, which bodes well for the company’s financial visibility and long-term viability. Additionally, we believe that the network effects of GA’s alumni network will become very powerful over time, and can extend to multiple revenue models for the company.

Risks

There are several strong competitors in the space of entrepreneurial and technology education today, including Codecademy, Lynda.com and HackReactor. GA will be competing with these companies across brand recognition, curriculum, price point and learner satisfaction. GA will also have to continue to execute as the company rolls out to new global cities. Additionally, the company needs to stay abreast of regulatory requirements for post-secondary educational institutions.

GSVC percentage figures are based upon the fair value of each holding as of the quarter ended December 31, 2016, or the cost basis of the holding (exclusive of transaction costs) if the investment closed subsequent to December 31, 2016. In either case, these values are divided by the fair value of total portfolio investments of GSV Capital as of December 31, 2016.

GSV stands forGlobal Silicon Valley
Learn more at GSV.com