FRANKFURT, July 16 (Reuters) - German media company Bertelsmann is putting up as much as 100 million euros ($109 million) to set up a fund to invest in education companies in Brazil, it said on Thursday.
Bertelsmann wants to make education a third pillar of its business alongside media and services, aiming to grab a billion-euro slice of the fragmented $5.5 trillion global market in which the biggest single player is Britain’s Pearson .
Europe’s largest media group, which controls broadcaster RTL and book publisher Penguin Random House, said it would take nearly 40 percent in the fund with a target endowment of 800 million Brazilian real ($255 million).
It said numerous private and instititional investors were participating in the fund, which will be managed by investment firm Bozano Investimentos and intends to invest in six to eight companies, focusing among other things on medical education.
Earlier this year, Bertelsmann agreed to buy a controlling stake in United States-based Alliant International University. Last year, it bought e-learning business Relias Learning for $540 million. ($1 = 3.1379 Brazilian reais) ($1 = 0.9170 euros) (Reporting by Harro ten Wolde; Editing by Georgina Prodhan)