PT - JOURNAL ARTICLE AU - Vance H Fried AU - Aaron D Hill TI - The Future of For-Profit Higher Education AID - 10.3905/JPE.2009.12.4.035 DP - 2009 Aug 31 TA - The Journal of Private Equity PG - 35--43 VI - 12 IP - 4 4099 - https://pm-research.com/content/12/4/35.short 4100 - https://pm-research.com/content/12/4/35.full AB - For-profit higher education has recently been the focus of successful private equity investment. This article explores the industry’s future in the United States. It provides a structural overview of the higher education industry, and a discussion of potential strategies in various market segments. It concludes: 1) For-profit higher education likely will grow substantially for many years by taking share from existing non-profits, particularly privates. 2) In the next few years, the primary issues facing for-profits are the time involved in building a brand and an organization with the capacity to meet demand. 3) Longer term, for-profit growth may be limited by non-profits mimicking them and the absence of a state subsidy.TOPICS: Private equity, portfolio construction, factors, risk premia