# Learn Capital
Learn Capital is a United States venture capital firm focused on education technology and human capital, founded around 2008–2009 by [Rob Hutter](https://www.edgepedia.org/rob-hutter) and [Greg Mauro](https://www.edgepedia.org/greg-mauro), historically based in [San Mateo, California](https://www.edgepedia.org/san-mateo-california) and filing its most recent funds from Austin, Texas, where it remains active as of the record through 2024.[1](https://www.sec.gov/Archives/edgar/data/1926089/0001926035-24-000002.txt) • [2](https://www.privateequityinternational.com/institution-profiles/learn-capital.html) Its recent fund vehicles include Learn Capital Fund V Early, L.P., a Delaware limited partnership formed in 2022,[1](https://www.sec.gov/Archives/edgar/data/1926089/0001926035-24-000002.txt) and Learn Capital Fund V Growth, L.P.[3](https://aum13f.com/firm/learn-capital-llc)
| Fact | Detail |
|---|---|
| Founded | 2009 per the firm's site and PEI; 2008 per the firm's own SEC filing description[4](https://www.learn.vc/about) • [2](https://www.privateequityinternational.com/institution-profiles/learn-capital.html) • [5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm) |
| Founders | Rob Hutter and Greg Mauro, both Managing Partners[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm) |
| Headquarters | Austin, Texas (1809 Pearl Street) on recent SEC filings; San Mateo, California per PEI[1](https://www.sec.gov/Archives/edgar/data/1926089/0001926035-24-000002.txt) • [2](https://www.privateequityinternational.com/institution-profiles/learn-capital.html) |
| Sector | Venture capital, education technology and human capital[4](https://www.learn.vc/about) |
| Recent Form D sales | About USD 207 million across four vehicles filed 2023–2024 (directory data, unverified against primary Form D)[3](https://aum13f.com/firm/learn-capital-llc) |
| Self-reported scale | $1B+ AUM, 10 unicorns, three IPOs, 27 M&A exits, 176 portfolio companies across five funds[4](https://www.learn.vc/about) |
| Status | Active, filing fund documents through May 2024[3](https://aum13f.com/firm/learn-capital-llc) |
## History and people
Rob Hutter and Greg Mauro are each filed as Executive Officers and Managing Members of the General Partner of Learn Capital Fund V Early, L.P., at the firm's Austin address.[1](https://www.sec.gov/Archives/edgar/data/1926089/0001926035-24-000002.txt) Both are identified in the Learn CW Investment Corporation prospectus as Founder and Managing Partner of Learn Capital.[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm) Previously, Hutter was a Partner at [Revolution Ventures](https://www.edgepedia.org/revolution-ventures), an early-stage venture investment firm and affiliate of [Founders Fund](https://www.edgepedia.org/founders-fund).[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm)
Mauro's board record doubles as an exit record: he has served on the boards of New Globe, Higher Ground, Wave Neuroscience, Cognitive Genetics, Ascent, Smashcut, and Foundry College, and previously on the boards of [Edmodo](https://www.edgepedia.org/edmodo), sold to NetDragon, and Mangahigh, sold to Westermann.[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm) PEI lists Mauro as Managing Partner and Co-Founder based in San Mateo.[2](https://www.privateequityinternational.com/institution-profiles/learn-capital.html)
## Strategy
The firm describes itself as focused exclusively on early- and mid-stage investments in education, targeting what it calls the $5.4 trillion global education sector; its stated thesis covers AI-powered learning, digital education, workforce training, and career advancement.[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm) • [4](https://www.learn.vc/about) These claims come from the firm itself, in an SEC filing, and on its own site, rather than from independent reporting.
A related public vehicle was Learn CW Investment Corporation, a [Cayman Islands](https://www.edgepedia.org/cayman-islands) blank check company incorporated February 2, 2021, sponsored by Learn Capital and Commonwealth Asset Management. It consummated an IPO of 23,000,000 units (including 3,000,000 units issued on the underwriter's over-allotment option) on October 13, 2021, targeting education, training, and EdTech businesses.[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm)
## Funds, by the numbers
PEI records Learn Capital Fund V closing in April 2024, Learn Capital Venture Partners IV in December 2020, and Fund III in November 2015.[2](https://www.privateequityinternational.com/institution-profiles/learn-capital.html) The firm's own SEC filing description stated it had raised four funds totaling $600+ million in AUM in its first decade, while its 2026 site claims $1B+ in AUM over 15 years; both figures are self-reported and not reconciled by any independent source.[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm) • [4](https://www.learn.vc/about)
Recent Form D filings break down as follows (directory data, unverified against the primary Form D filings):[3](https://aum13f.com/firm/learn-capital-llc)
| Vehicle | Offered | Sold | Filed |
|---|---|---|---|
| Learn Capital Fund V Growth, L.P. | $150.0M | $112.8M (remaining $37,161,616; $3.6M commission) | D/A 2024-05-03 |
| Learn Capital Fund V Early, L.P. | $150.0M | $87.5M (remaining $62,535,354; 29 investors; $1.5M commission) | D/A 2024-05-03 |
| Learn Capital IV Special Opportunities VIII, LLC | $10M | $6.3M | D/A 2023-07-31 |
| Learn Capital IV Special Opportunities XI LLC | $21M | $0.7M | D 2024-05-17 |
Neither fund of the 2022 vintage had reached its $150 million offering amount as of the May 2024 amendments, with Fund V Early showing 29 investors.[3](https://aum13f.com/firm/learn-capital-llc)
## Portfolio and exits
The Learn CW prospectus names Hutter as representing Learn Capital across portfolio investments including Coursera, Udemy, Nerdy, Photomath, Brilliant, SoloLearn, Andela, Prenda, and Merlyn Mind.[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm) The firm says it has backed 10 unicorns and produced three IPOs and 27 M&A exits across 176 portfolio companies; these are the firm's own claims, and no independent deal-level reporting retrieved specifies which exits returned how much capital.[4](https://www.learn.vc/about) The board-level sales recorded in the prospectus are Edmodo to NetDragon and Mangahigh to Westermann.[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm)
## What has changed and what remains open
Two changes stand out in the record since the early 2020s. First, the filing address moved from California to Texas: PEI described a San Mateo-based firm, while the 2022–2024 Form D filings for the Fund V vehicles all come from 1809 Pearl Street, Austin, Texas, with Hutter and Mauro filed at that address.[2](https://www.privateequityinternational.com/institution-profiles/learn-capital.html) • [1](https://www.sec.gov/Archives/edgar/data/1926089/0001926035-24-000002.txt) Second, the 2024 activity centers on closing Fund V: PEI records its close in April 2024, immediately followed by the May 2024 Form D amendments and the new Special Opportunities XI vehicle.[2](https://www.privateequityinternational.com/institution-profiles/learn-capital.html) • [3](https://aum13f.com/firm/learn-capital-llc)
The founding year is stated as both 2008 (in the firm's SEC filing description) and 2009 (on its site and by PEI), and the AUM figures ($600+ million versus $1B+) are likewise unreconciled self-reports.[5](https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm) • [4](https://www.learn.vc/about)
## References
1. SEC Form D/A — Learn Capital Fund V Early, L.P. (CIK 0001926089). https://www.sec.gov/Archives/edgar/data/1926089/0001926035-24-000002.txt
2. Learn Capital — Institution Profile, Private Equity International. https://www.privateequityinternational.com/institution-profiles/learn-capital.html
3. Learn Capital LLC — Form D fund breakdown, AUM 13F. https://aum13f.com/firm/learn-capital-llc
4. Learn Capital — About (firm's own site). https://www.learn.vc/about
5. Learn CW Investment Corporation 424B4 prospectus. https://www.sec.gov/Archives/edgar/data/1847577/000114036121034373/nt10022269x9_424b4.htm
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of the Americas › Enterprise software and cloud investors › Titles J to Y*
*Initially written Sep 17, 2026 · Edited: Oct 15, 2026; Oct 25, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license