MacNicol & Associates Asset Management Announces Successful Exit from LearnWell Following Goldman Sachs Alternatives Investment
Toronto-based boutique firm realizes 11.3x return on 2018 equity co-investment, demonstrating how the investment community can drive meaningful social impact
TORONTO, Ontario — February 2026 — MacNicol & Associates Asset Management (MAAM), a Toronto-based boutique asset management firm specializing in alternative investments, today announced a successful exit from LearnWell following the company’s announcement of a new investment from the Sustainable Investing business at Goldman Sachs Alternatives. MAAM, which made an equity co-investment in LearnWell in 2018, realized an 11.3x return on its investment — a result that reflects both the financial strength of the business and the enduring demand for the services LearnWell provides to children and families across North America.
LearnWell is a leading provider of academic and mental health services for students facing behavioral and mental health challenges. With more than 250 educators serving over 7,700 school districts and teaching more than 51,000 students annually, LearnWell bridges the gap between hospitals, schools, and families — ensuring that children who are absent from the classroom receive the support they need to stay on academic track and successfully return to school.
For MAAM, the investment was never solely about financial returns.
“When we co-invested in LearnWell in 2018, we saw a company doing something genuinely important — helping kids who were falling through the cracks of our education and healthcare systems get back on their feet,” said David MacNicol, President and Portfolio Manager at MAAM. “An 11.3x return is something we’re proud to deliver for our clients, but what makes this exit truly meaningful is knowing that the capital our investment community directed toward LearnWell helped build a platform that now reaches tens of thousands of children every year. This is exactly what thoughtful alternative investing looks like — aligning financial performance with real-world impact.”
The LearnWell exit illustrates a broader thesis that MAAM has long championed: that the investment council community and the broader investment community are not separate from the social good — they are essential to it. By identifying and backing mission-driven companies at the right stage, investors can accelerate outcomes that governments, schools, and healthcare systems alone cannot achieve at scale.
LearnWell’s growth over the course of MAAM’s investment period — and its recognition by Goldman Sachs Alternatives as a compelling platform for continued expansion — validates the strategy of backing businesses where commercial fundamentals and social purpose are mutually reinforcing.
About MacNicol & Associates Asset Management (MAAM)
MacNicol & Associates Asset Management is a Toronto-based boutique asset management firm founded in 2001 by David MacNicol. MAAM specializes in alternative investments, offering clients access to private equity, private real estate, hedge funds, and other non-correlated asset strategies. The firm serves individuals, family trusts, estates, holding companies, and charitable foundations across Canada and the United States. For more information, visit www.macnicolasset.com.
Media Contact Diane MacNicol info@macnicolasset.com Tel: 416-367-3040
