In 2013 and 2016, IFC invested a total of US$13.5m of equity in NewGlobe Schools, Inc., which owned Bridge International Academies ("Bridge" or the "Company"), Africa’s largest chain of low-cost schools. According to IFC, at the time of its investment, the Company operated 211 schools serving over 57,000 students in Kenya and aimed to provide quality education to children from families earning less than $2 per person per day. The investment was intended to support an increase in the number of schools in Kenya and expansion to 3 new countries. IFC exited its investment in NewGlobe Schools, Inc. (the parent company of Bridge International Academies) effective March 3, 2022. 

While IFC’s direct investment in Bridge terminated in March 2022, IFC still had exposure to Bridge through a financial intermediary at the time the complaints were filed. According to IFC disclosures, IFC holds equity in Learn Capital Venture Partners III LP, and this investment is still active. Learn Capital Valuation Summary dated December 31, 2021, provides that the Fund holds equity (2.91%) in New Globe Schools, the parent company of Bridge at the time the complaint was filed.

In August 2023, CAO received a complaint from a former student at a Bridge International Academies School in Kenya, raising concerns relating to child sexual abuse and harassment at the school.

In October 2023, CAO found the complaint eligible for assessment. The assessment process is ongoing.