Building Momentum for the Next Decade

Letter from Our CEO

We are so grateful for your partnership in supporting the work and expansion of our country’s best public charter schools. The CSGF “portfolio” of ~150 charter school networks has grown to over 1,200 schools, and they serve more than 580,000 students across 34 states. Over 90% of their students identify as people of color, and nearly 75% are from low-income communities, and their schools are setting the pace to show what is possible at scale in our country for every student. These networks have created a wide array of school models that are built around the dreams and needs of their students, families, and communities. Over the past two years, our portfolio has added 150 new schools and 110K new students – creating more opportunities for students to achieve their dreams.

We are honored to support an amazing group of diverse entrepreneurs and leaders – ~60% of network CEOs identify as people of color, and over half of our portfolio CEOs are women. We have been so inspired by their leadership, tenacity, sense of community, and spirit of innovation over the difficult past two years. At every turn, they led their organizations to step up for their students, families, and communities, displaying a tremendous level of flexibility and commitment to excellence. We know that they are bringing lessons learned from the last two years to innovate and create better experiences and outcomes for their students and alumni.

We are excited to launch our new philanthropic Fund IV this year. In our Fund IV investment strategies, we are building momentum for the next decade so that our portfolio can grow to serve over one million students by 2030. As importantly, we believe our portfolio will be a catalytic engine of innovation and excellence in creating more opportunities for students, particularly students of color and students from low-income backgrounds.

We appreciate the steadfast belief of our investors and partners in the work and power of our portfolio leaders. Your commitment inspires us, and we look forward to continuing to learn and work with you.

With deep gratitude,

Kevin Hall Signature

Kevin Hall

Letter From CEO
Kevin Hall, CSGF CEO, and Darryl Cobb, CSGF President, with Robert Clark, CEO of Newark Opportunity Youth Network, Diana Diaz-Harrison, Executive Director of Arizona Autism Charter Schools, and Kimberly Neal, Executive Director of BELIEVE Schools

The Charter School Growth Fund has built a powerful community of the best public charter schools in the country over the last 15+ years.

If CSGF portfolio schools were considered to be a single school district, they would be the nation’s third largest behind New York City and Los Angeles.

Our Community

We build a strong culture of collaboration across portfolio leaders, investing in their growth and great ideas, and sharing best practices with our portfolio and beyond.



We believe in supporting more leaders who reflect the backgrounds of their students. Today, nearly 60% of our portfolio networks are led by a CEO of color and 55% are women.



Despite the pandemic, CSGF networks enrolled 110,000 more students in the last two years and opened 150 new schools, underscoring strong demand from parents.



Our students read on grade level at a rate that is 3x higher than statistical expectations and attend college at 2-3x the national rate for students from the bottom 50% of income levels.

Our Expanding Impact

Current CSGF Portfolio Schools

Our Results in 2021

Despite the pandemic, our portfolio opened 75 new schools and worked tirelessly to meet the needs of students, teachers, and families.

Each year, we analyze a wide array of data to evaluate portfolio performance, identify areas of high impact, and provide more targeted support.
View Performance Data
Portfolio Growth & Reach
  • In 2021-22, CSGF portfolio schools served nearly 53,000 more students than they did the previous year, with over 50% of this growth coming from networks new to the CSGF portfolio.
  • The CSGF portfolio opened 75 new schools last fall, and more than two-thirds of portfolio networks were on track with or exceeded their targeted enrollment. This is encouraging given declining overall public school enrollment in the last two years due largely to the pandemic.
  • Looking back over the life of Fund III, CSGF investments supported the growth of over 280,000 new high-quality seats, and we expect this pace of growth to continue in Fund IV.
Academic Performance
  • Black and Latino/a/x students at CSGF networks experienced less learning loss during the pandemic than their peers nationwide as measured by the change in 2019 to spring 2021 performance on the nationally norm-referenced assessment, NWEA MAP.
  • Due to the disparate impact of the pandemic on state test participation rates in 2021, only 57% of CSGF schools are in states where we consider K-8 assessment results to be “approaching-valid” or” valid” based on CSGF’s review of test participation levels by demographic groups.
  • Among portfolio schools with what we consider to be “approaching-valid” and “valid” 2021 data, 66% outperformed other similar schools in English language arts (ELA) and 52% outperformed other similar schools in math.
Financial Sustainability
  • 79% of CSGF portfolio schools are able to operate at full build-out without additional philanthropic support, a level in line with prior years.
  • In 2021, 82% of networks in the CSGF portfolio had at least 60 days of cash on hand, and the average days of cash-on hand were 140, indicating strong financial health overall.
Portfolio Diversity
  • The charter school networks we support serve over 585,000 students, of which 92% are students of color and 77% are from economically-disadvantaged households.
  • At the end of 2021, 59% of our network CEOs identified as people of color and 55% as women. These numbers have increased from 49% and 48% in 2019, respectively.
  • CSGF has supported over 1,200 schools in 34 states across the country in rural, suburban, and urban settings.
  • In 2020-21, our portfolio continued to expand its reach, with 48% of current portfolio schools located outside the top 20 charter markets (defined by charter school enrollment or charter market share, according to the National Alliance for Public Charter Schools).
  • The percentage of portfolio teachers of color increased to 64% while the percentage of school leaders/principals of color increased to 58%. According to national statistics, only 20% of all public school teachers and 22% of all public school principals are people of color.
Leadership Support & Satisfaction
  • In 2021, 94% of portfolio CEOs agreed that CSGF helped them solve a significant problem within the past year. They especially valued CSGF’s support in three areas: connections to a community of peers; relevant resources and practices; and strategic advice to address critical challenges.
  • We surveyed our portfolio ahead of the launch of our new Policy, Communications, and Advocacy (PCA) strategy, and 86% of respondents prioritized a need to develop knowledge and skills related to policy, advocacy and organizing, and communications.
  • We held the first PCA convening in early 2022 with 150+ attendees to kick-start our Fund IV work in this area of work.
Long-term Student Outcomes
  • Our 6-year college graduation rate of ~40% for bachelor's degree programs is 2-3x higher than the national rate for students from the bottom half of the family income distribution.
  • In fall 2021, 81% of the over 12,000 graduates of portfolio high schools matriculated to college, a postsecondary credential program, or the military, higher than national averages.
  • In Fund IV, we are investing more in solutions that improve career outcomes for students and alumni such that many more first-generation college students earn at least $40K in their first job (a target income level identified in a joint study with CSGF and Bain & Company).
2021 Investment Summary

CSGF made commitments for over 200 grants and low-interest facility loans to its portfolio in 2021, totaling $65 million.

26% Scale Growth
10% Other/Covid Support
17% Impact/Capacity Grants
21% Facility Loans
26% Early-Stage Growth

We are launching a new,
five-year philanthropic fund
(Fund IV) in 2022 to accelerate
our goal to serve over one
million students by 2030.

We believe in the power of a diverse group of education entrepreneurs to create public charter schools that transform communities and life prospects for students.

Our Strategy in Fund IV

Strategy Intro


Since our founding in 2005, CSGF has worked to identify and invest in the best public charter schools in the nation. In that time, we have collaborated with some of the most inspiring education entrepreneurs in the country and helped fuel dramatic expansion of high-quality public schools. Our work in Fund IV will seek to close gaps in opportunity, access, achievement, and equity by expanding the impact CSGF schools and their leaders can have, driving change at scale.

Identify and Invest

Identify and Invest In High-Quality Charter Networks

Identify and Invest In High-Quality Charter Networks

In Fund IV, we will build on our core strengths at CSGF to help our portfolio add over 500 new, high-quality charter schools across the country. We plan to grow our portfolio of 150 charter networks to serve 750,000 students in the next five years, the majority of whom will be students of color and come from under-resourced communities.

Catalyze Impact

Catalyze Impact and Innovation

Catalyze Impact and Innovation

At CSGF, we know that school leaders with bold ideas are charting the course for the future of education—and for every student. By investing in those leaders and equipping them with the tools they need to fulfill their vision and values, we can scale new ideas that increase economic mobility, reduce opportunity gaps, and improve educational and career outcomes for all students.

Build Capacity

 Build Capacity to Drive Results

Build Capacity to Drive Results

In Fund IV, CSGF will help charter school leaders strengthen their policy, communications, and advocacy strategies so they can respond to external challenges and boldly share their stories of impact. We will also leverage our team of finance experts and access to facility loans to address the increasing lack of affordable school facilities.

Our Vision for the Future

We view our work in Fund IV as a critical next step in realizing our ultimate vision that every child has access to great public schools that provide them with the knowledge, sense of purpose, and skills needed for long‑term success.

Board & Funders

CSGF’s work would not be possible without the insight of our board of directors and the generosity of our philanthropic supporters. You have our deepest thanks.

Our Board  Our Funders

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