$60 million venture fund for 50 charter schools in Chicago.

Was I reading the business section?

Nope. Education. But these days it is hard to tell the difference.

Today’s Trib reports on a major investment in corporate charters.

Big money.

Under the initial $50 million fund, Renaissance gave up to $750,000 each to 70 schools. They include 58 charters, six magnet schools and six contract schools, which have CPS oversight. The fund helped start 13 charter networks, including funding eight campuses for Chicago International Charter Schools, seven United Neighborhood Organization schools and nine Noble Street charter high schools. With the new fund, charters will get $1 million to $5 million apiece over two to five years. This time, though, the money will be doled out as charters reach specific academic, financial and growth milestones.

With the additional money, fund executives hope to attract outside charters like California-based Rocketship, YES Prep from Texas, East Coast-based Uncommon and more KIPP — Knowledge Is Power Program — campuses. The latter is the nation’s fastest-growing and most academically successful charter group with a school in Chicago.

While they’ve made academic gains in struggling communities, KIPP and other large charter networks have come under fire recently for high student attrition rates, discipline issues and failing to meet states’ standards.

“These are not innovative charter schools,” says Gary Miron, professor of education at Western Michigan University, who co-wrote a critical report on KIPP. “What we’re talking about are corporate schools or franchises.”

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