MacNicol & Associates Asset Management, through The Emergence Fund, Announces 11x Exit from LearnWell Academic and Mental Wellness Services

FOR IMMEDIATE RELEASE

MacNicol & Associates Asset Management, through The Emergence Fund, Announces 11x Exit from LearnWell Academic and Mental Wellness Services

TORONTO, Ontario — February 2026 – The Emergence Fund, in partnership with Brook Venture Partners, is pleased to announce the successful exit of its equity co-investment in LearnWell Academic and Mental Wellness Services. Goldman Sachs’ Sustainable Alternatives Division has acquired LearnWell at eleven times (11x) the fund’s original purchase price — delivering a substantial return for Emergence Fund investors and validating the long-held thesis that behavioural health is among the most underfunded opportunities in American healthcare.

The Emergence Fund’s original co-investment dates to 2018, when LearnWell was a $7 million revenue business operating in seven states. Brook Venture Partners identified behavioural health and student well–being as a grossly under-resourced segment of the U.S. mental healthcare system, and LearnWell was built to close that gap.

Today, the company serves 36 states with revenues approaching $50 million. In 2025 alone, LearnWell delivered over 120,000 counselling sessions to more than 51,000 children across the country, providing both academic continuity and direct mental health support.

“Over the years the Brook investment team has brought many attractive investment opportunities for our investors, and we are very pleased with the outcome of Learnwell,” said David MacNicol, Founder of MacNicol and Associates Asset Management.

Goldman Sachs’ acquisition through its Sustainable Alternatives Division reflects the growing recognition that behavioural health is not only a social imperative but a durable investment category. For the Emergence Fund, this exit exemplifies its core mandate: generatecapital gains by investing in privately held, under-followed small companies where exit strategies are clearly defined and executable.

About The Emergence Fund

The investment objective of the Emergence Fund is to generate capital gains by investing in a portfolio of privately held companies. The primary objective of the Emergence Fund is to seek investments in small companies which are not widely followed by research analysts or investors. The Fund seeks opportunities where capital exit strategies are clearly defined, and are likely to occur within a three-year time frame.

About LearnWell Academic and Mental Wellness Services

LearnWell delivers mental health, behavioral health, and academic support to K-12 students, in school and online, giving kids the tools to stay in class, stay on track, and reach their potential.

MEDIA CONTACT

Joseph Pochodyniak
Senior Portfolio Manager
MacNicol & Associates Asset Management
joseph.pochodyniak@macnicolasset.com