News Release
at The Chicago Public Education Fund
Aidan Leonard, Development/Communications
Associate
(312) 558-4503
July 20, 2005
Hyatt Center grand opening raises more
than $500,000 for The Chicago Public Education Fund
CHICAGO—In
a celebration that officially opened the doors of the newest
hallmark on Chicago’s famed skyline, the Hyatt Center
held its grand opening Tuesday, July 19, with a benefit that
raised more than $500,000 for The Chicago Public Education
Fund, a venture capital fund for public education.
The event featured remarks from Chicago Mayor Richard M.
Daley and Chicago Public Schools CEO Arne Duncan, and highlighted
The Fund’s role as a catalyst for improving school leadership
and student achievement in CPS.
“The Fund has been a tremendously valuable partner in
working with us on our core strategies, particularly in recruiting
the best educators for our schools,” Duncan said. “Our
schools have made great progress over the past several years,
and The Chicago Public Education Fund has played a large role
in that success.”
More than 700 people attended the event, including some of
Chicago’s most prominent business and civic leaders.
“We’re thrilled to officially open the building
and use the occasion to benefit The Fund,” said Penny
Pritzker, president and CEO of Pritzker Realty Group, which
co-developed the Hyatt Center. “Education is a fundamental
priority for our city, and The Fund is a terrific vehicle
for private sector dollars and ideas to impact public school
leadership in a constructive and positive way.”
Launched five years ago by a group of founding directors
comprising some of Chicago’s most prominent business
and civic leaders, including Pritzker, The Fund is a venture
philanthropy focused exclusively on the single most important
factor in student achievement – school leadership. It
seeks to accelerate that achievement in Chicago’s public
schools by building teams of talented teachers and principals
in the schools that need them the most.
Like a venture capital fund, The Fund channels private sector
dollars and expertise into a portfolio of high-impact programs
that are aligned with CPS priorities and promise excellent
returns through innovation and solid implementation. The Fund’s
board and staff help those programs develop strategic plans,
navigate relationships within the third largest school district
in the nation, hire staff and management teams, recruit board
members, develop marketing plans and much more.
“The return on investment we expect from these programs
is high-quality leadership and improved student achievement,”
said Tim Schwertfeger, chairman of The Fund. “There’s
a lot of work left, but we’ve already made meaningful
progress. In the past few years, The Fund has significantly
and measurably improved the way CPS recruits and develops
teachers and principals.”
To date, The Fund has organized a series of two funds –
Leadership Fund I and Leadership Fund II – which have
focused on building a pipeline of expert principals, master
teachers and talented new teachers, and then deploying them
in teams to Chicago’s neediest schools. Its portfolio
includes a variety of effective programs such as Leadership
Academy and Urban Network for Chicago, Golden Apple Teacher
Education and National Board Certification – widely
recognized as the highest credential a teacher can earn.
These efforts have led to substantial results. The Fund has
been instrumental in helping boost the number of National
Board Certified teachers in CPS from just 11 in 1999 to 352
today. In conjunction with a group of education and business
leaders it assembled, it has helped CPS systematically overhaul
the way the district prepares and supports principals. Additionally,
it has raised the number of first-year teachers hired through
alternative routes to more than 33 percent, providing another
option for high-quality leaders to enter the classroom.
“We’re proud of our results,”
said Janet Knupp, president of The Fund. “Identifying
and supporting great school leadership is the first and most
important step to ensure that all public school students receive
a great education. By successfully investing in high-impact
programs focused on school leadership, The Fund has helped
Chicago begin that step.”
# # #
As a venture capital fund for public
education, The Chicago Public Education Fund is an unprecedented
catalyst for improving school leadership and student achievement
system wide. Launched by a group of corporate and civic leaders,
The Fund brings private sector dollars and expertise to high-impact
programs aligned with Chicago Public Schools priorities. Find
out more at www.cpef.org.
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