Investment Profiles

647,820

695,207

219,462

209,322

Impact Over Hold Period

Students Enrolled

2024

2023

Impact Metrics

Impact and Investment Thesis

Penn Foster is a market leader in an industry backed by tailwinds as the shift to online education and increased demand for middle-skill workers is expected to continue, with a current lack of labor supply creating future enrollment demand. Penn Foster addresses the high financial and lifestyle costs associated with higher education by offering a low-cost, high-value, flexible solution that allows students to graduate debt-free and develop skills that are in high-demand by employers. On average, a Penn Foster student only pays approximately 10-20% of tuition compared to similar two-year programs at a community college.

Recent Activity

• In 2024 and 2025, Penn Foster was recognized as one of the top organizations on Newsweek’s List of America’s Top Online Learning Providers.

• The company integrated ReadSpeaker in its learning platform, allowing learners to transform written materials into easy-to-access audio, improving both accessibility and engagement. (April 2025)

• Penn Foster was recognized with the 2025 Anthology Catalyst Award, honoring the company’s innovative use of technology to support student outcomes, enhance institutional excellence and expand access to education.
  (August 2025)

Investment Profiles

Impact Metrics

Impact and Investment Thesis

Increased regulation, such as demand response requirements for minimum annual energy efficiency savings, continues to drive utility companies to seek more efficient solutions. Power TakeOff directly contributes to reduced energy consumption by using utility customers’ meter data to run proprietary algorithms that identify energy savings opportunities. The company helps reduce each utility customer’s strain on the grid as well as CO2 production from power generation, providing a more sustainable solution while also providing savings for customers on their utility bills.

Recent Activity

• The company joined the U.S. Department of Energy’s Energy Savings Performance Contracting Campaign, emphasizing its commitment to advancing energy efficiency through best practices in measurement and verification; the campaign aims to collectively achieve $1B in measured and verified savings by 2030. (June 2025)

• Power TakeOff announced the strategic expansion of its programs through seven new utility partnerships, expanding delivery of its services across Florida, Iowa, New Jersey and Oklahoma, with projected savings exceeding 78M KWh through 2029 – enough energy to power approximately 7.5K average American homes for an entire year.
  (August 2025)  

Investment Profiles

Impact Over Hold Period

Estimated CO₂ Avoided (Metric Tons)

2024

2023

Impact Metrics

Impact and Investment Thesis

TXO operates in an underserved market that is expected to undergo significant growth as increased regulation shifts demand toward more sustainable practices within the telecommunications industry and a desire to maximize returns on existing infrastructure systems. Customers are looking to TXO and companies alike to provide a circular economy option in the space. The company’s revenue can be traced to CO2/landfill averted, given the linear, wasteful basis the industry currently operates on. TXO has built a multi-decade reputation as a go-to circular economy resource with a full-suite of services averting a linear value chain ending in waste and landfill, to one aiming to ensure every material with further use is not wasted.

Recent Activity

• TXO was named one of the top sustainability companies in TechRound’s Sustainability60, which highlights companies across the U.K. and Europe that are driving meaningful environmental change in technology and business.
  (April 2025)

• The company expanded its presence in North America with the addition of the AirWay Group of companies, leading providers of network infrastructure products and services, increasing TXO’s scale in the region and enhancing its customer value proposition in lifecycle management, network and engineering, staging, sourcing, logistics and technology reuse; Airway works with all four major U.S. national carriers including AT&T, Dish, T-Mobile and Verizon. (April 2025)

• TXO partnered with the Carbon Trust to launch the Carbon Calculator, an industry-first tool for companies to quantify the carbon savings from buying and selling refurbished network equipment. (May 2025)

• The company was named a finalist for the 2025 Connected Britain Sustainability Award, highlighting the impact TXO is making in helping organizations reduce waste, extend asset lifecycles and adopt more sustainable, circular practices across the technology supply chain. (July 2025)

Investment Profiles

Impact Over Hold Period

Electricity Use Reduced (MWh)

2024

2023

Impact Metrics

Impact and Investment Thesis

Ubicquia’s technology leverages existing infrastructure to make cities smarter, safer and more connected by reducing energy costs and expanding public broadband, helping to bridge the digital divide. The company is expected to undergo significant growth as it scales its 5G technology and leverages existing key partnerships with AT&T and Ericsson.

Recent Activity

• Ubicquia launched its Storm Response and Vegetation Encroachment Reporting technology, which offers real-time insights and analytics designed to help utilities accelerate their response to severe weather events and proactively predict potential power and equipment issues before they cause outages; these sensors have been deployed in over 800 U.S. cities. (August 2024)

• Ubicquia launched the UbiCell Utility-Grade Universal lighting controller, a versatile streetlight controller designed to be compatible with a wide range of streetlight configurations and voltages, accelerating the modernization of urban lighting systems with lower costs and increased energy efficiency. (October 2024)

Assessment-based services, 1:1 meetings, and group supervision

Counseling services, classroom support, case management

Environmental and activity analysis and direct therapy

Psychology

Mental Health

Physical/Occupational

Education

Academic assessments, tutoring, remote support, classroom instruction and curriculum review

Diagnostic evaluations, SLI disability, speech / language / pragmatics / voice / fluency intervention

Assessments, classroom consultations, and 1:1 behavior support

Speech

Behavior

Investment Profiles

Schools have struggled to keep up with the need for behavior and developmental services from their populations, driving demand for Non-Public Agencies to help fill the gap.

Impact Metrics

clinicians staffed

1,800

U.S. school districts utilizing services

170

Impact Thesis

• The rising number of special education learners – now 15% of the U.S. population – has significantly increased demand for behavioral and developmental services in schools, outpacing the supply of trained clinicians.

• Unison Therapy Services expands access to high-quality therapeutic and behavioral health services for underserved students, helping districts address critical gaps in care.

• The company delivers personalized care through well-supported clinicians who collaborate closely with school administrators and individual education plan teams.

• Unison Therapy Services has also broadened its service offerings in response to district demand, evolving beyond speech and behavior therapy to meet a wider range of student needs.

Investment Thesis

• Unison Therapy Services operates within a large and growing market, projected to expand at a 9% CAGR over the next five years, driven by increasing demand for applied behavior analysis therapy services and a persistent shortage of providers.

• The company benefits from strong customer loyalty, with district relationships spanning 20 years, on average, in addition to its 90% recurring revenue profile.

• With operations in 175+ school districts and 12 clinics across California and Colorado, Unison Therapy Services has a proven M&A track record, having successfully acquired six platforms previously.

• The Sponsor brings deep expertise in the U.S. healthcare sector, specializing in healthcare services, patient care and multi-site investment opportunities, with the goal to transform healthcare delivery for underserved and vulnerable populations.

English Language Arts Outcomes

Math Outcomes

Investment Profiles

Math

Reading

Declining Student Performance, Exacerbated by COVID-Related "Learning Loss,"
is Driving Demand for Additional In-Class Instructional Support

Impact Metrics

Norfolk Public Schools Strengthens Student Success
with UI’s TutorEd Program (2023-2024 School Year)

Impact Thesis

• The U.S. faces a critical teacher shortage, driven by a growing gap between the number of credentialed educators and the increasing need for classroom teachers – an issue intensified by COVID-19’s impact on learning and teacher retention.

• University Instructors addresses this challenge by placing full-time, outsourced educators in classrooms and managing the entire human capital process, from recruitment to performance measurement.

• University Instructor’s revenue model is directly based on its ability to increase the number of districts served, hours delivered and utilization rates, resulting in more teachers in classrooms and more students reached.

Investment Thesis

• K-12 education remains a bipartisan priority in the U.S., with ~90% of public education funding coming from local and state government sources.

• As one of the few providers exclusively focused on full-time, in-class educator placements, University Instructors is well-positioned to become a regional leader in a nascent but growing market for outsourced permanent staffing.

• The company has demonstrated strong organic growth by expanding its school district customer base and is positioned to scale further through geographic expansion and enhanced education offerings.

• The sponsor has developed its thesis over the last several years, seeking assets that operate within the education staffing space and address supply/demand imbalances, and plans to drive value through geographic expansion into adjacent markets and expansion of its special education offerings, which are expected to benefit from funding tailwinds.

Female

Male

Overall

U.S. Average Life Expectancy, by Group and Rural/Urban Area (2022)

Rural Community Gaps in Healthcare Access and Care Quality
Have a Profound Impact on Health Outcomes

Rural Communities Face Severe Healthcare Shortages

...and Plans to Capture Additional Rural Geographies

Xpress Wellness Offers Multiple Patient Touchpoints, with a Core Focus on Urgent Care…

On Average, Rural Communities in the U.S. Have a Life Expectancy 3 Years Below Urban Areas

Rural Communities Have More Vulnerable Demographics

Investment Profiles

Impact Metrics

Impact Thesis

• Rural communities face persistent healthcare access challenges, with only 12% of practicing physicians serving these areas, resulting in patients typically traveling twice as far for proper care and 70% of rural markets reporting lower healthcare quality compared to urban areas. 

• Xpress Wellness addresses this healthcare access and quality gap by offering faster, more affordable care through a network of 58 clinics strategically located in underserved regions.

• By expanding access to healthcare resources, the Company improves patient outcomes and reduces overall care time for populations typically reliant on overburdened hospitals and emergency rooms.

Investment Thesis

• Xpress Wellness maintains strong clinical-level EBITDA margins of approximately 30%, supported by low-cost operations and a care model led by advanced practice providers such as physician assistants and nurse practitioners.  

• The company has established a strong presence across Kansas, Oklahoma and Texas and is well-positioned to expand into adjacent geographies with similar healthcare needs, leveraging its scalable clinic model and operational efficiency.

• The sponsor is uniquely positioned to drive value, leveraging access to healthcare experts in relevant areas such as payor relationships and M&A to enhance overall impact outcomes.