<SEC-DOCUMENT>0001104659-21-044224.txt : 20210330
<SEC-HEADER>0001104659-21-044224.hdr.sgml : 20210330
<ACCEPTANCE-DATETIME>20210330214720
ACCESSION NUMBER:		0001104659-21-044224
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210326
FILED AS OF DATE:		20210330
DATE AS OF CHANGE:		20210330

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BECKER DOUGLAS L
		CENTRAL INDEX KEY:			0001072473

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38002
		FILM NUMBER:		21789575

	MAIL ADDRESS:	
		STREET 1:		C/O 650 DUNDEE ROAD
		STREET 2:		SUITE 370
		CITY:			NORTHBROOK
		STATE:			IL
		ZIP:			60062

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAUREATE EDUCATION, INC.
		CENTRAL INDEX KEY:			0000912766
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521492296
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		650 S. EXETER STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4108436100

	MAIL ADDRESS:	
		STREET 1:		650 S. EXETER STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SYLVAN LEARNING SYSTEMS INC
		DATE OF NAME CHANGE:	19930929
</SEC-HEADER>
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<SEQUENCE>1
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<DESCRIPTION>OWNERSHIP DOCUMENT
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    <issuer>
        <issuerCik>0000912766</issuerCik>
        <issuerName>LAUREATE EDUCATION, INC.</issuerName>
        <issuerTradingSymbol>LAUR</issuerTradingSymbol>
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            <rptOwnerName>BECKER DOUGLAS L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O STERLING PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>650 S. EXETER STREET, #1100</rptOwnerStreet2>
            <rptOwnerCity>BALTIMORE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>21202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
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                    <value>See footnotes.</value>
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            <securityTitle>
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            <ownershipNature>
                <directOrIndirectOwnership>
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                <natureOfOwnership>
                    <value>See footnotes.</value>
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                    <footnoteId id="F9"/>
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                <value>2021-03-26</value>
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                <transactionFormType>4</transactionFormType>
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                    <value>See footnotes.</value>
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                    <footnoteId id="F9"/>
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                <natureOfOwnership>
                    <value>See footnotes.</value>
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                    <footnoteId id="F3"/>
                    <footnoteId id="F7"/>
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                    <value>See footnotes.</value>
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                    <footnoteId id="F7"/>
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                    <value>See footnotes.</value>
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                    <value>See footnotes.</value>
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                <footnoteId id="F6"/>
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                <directOrIndirectOwnership>
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                    <value>See footnotes.</value>
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    <footnotes>
        <footnote id="F1">Upon distribution of shares of Class B common stock (&quot;Class B Common Stock&quot;) of Laureate Education, Inc. (the &quot;Issuer&quot;) by Wengen Alberta, Limited Partnership (&quot;Wengen&quot;) to its investors pro rata based on their respective ownership interest in Wengen, such shares of Class B Common Stock automatically converted into shares of Class A common stock of the Issuer (&quot;Class A Common Stock&quot;) on a one-for-one basis.</footnote>
        <footnote id="F2">Pursuant to an agreement (the &quot;Founders' Agreement&quot;) among Steven M. Taslitz, Douglas L. Becker and R. Christopher Hoehn-Saric and one other founder of Sterling (the &quot;Sterling Founders&quot;), the Sterling Founders share equally, on a net after-tax basis, in certain equity securities they receive in connection with services rendered by any of them to certain entities, including the Issuer. Each Sterling Founder controls the voting and disposition of the securities allocable to such Sterling Founder.</footnote>
        <footnote id="F3">Mr. Taslitz directly holds shares of Class A Common Stock and indirectly beneficially owns shares of Class B Common Stock by virtue of the limited partnership interests he holds in Wengen, which are subject to the Founders' Agreement. In light of the Founders' Agreement, Mr. Becker may be deemed to indirectly beneficially own a portion of these shares in the Issuer.</footnote>
        <footnote id="F4">Mr. Becker directly holds shares of Class A Common Stock and indirectly beneficially owns shares of Class B Common Stock by virtue of the limited partnership interests he holds in Wengen, which are subject to the Founders' Agreement.</footnote>
        <footnote id="F5">SP-L Affiliate, LLC (&quot;SP-L Affiliate&quot;) directly holds shares of Class A Common Stock and indirectly beneficially owns shares of Class B Common Stock by virtue of its limited partnership interests in Wengen. Messrs. Becker, Taslitz and Hoehn-Saric are the managers of SP-L Affiliate.</footnote>
        <footnote id="F6">Each share of Class B Common Stock is convertible into one share of Class A Common Stock upon the election of the holder or upon transfer, subject to the terms of the Issuer's Amended and Restated Certificate of Incorporation.</footnote>
        <footnote id="F7">Represents shares of Class B Common Stock held directly by Wengen, whose general partner is Wengen Investments Limited (&quot;Wengen GP&quot;). Certain investors, including, but not limited to, certain investment funds and other persons affiliated with or managed by Sterling Fund Management, LLC (including the Reporting Person), Kohlberg Kravis Roberts &amp; Co. L.P., Cohen Private Ventures, LLC, Bregal Investments, Inc. and Snow Phipps Group, LLC (collectively, the &quot;Wengen Investors&quot;) have interests in the Issuer through Wengen. Certain Wengen Investors (including the Reporting Person) have designated representatives who serve on the board of directors of Wengen GP.</footnote>
        <footnote id="F8">Mr. Taslitz serves as a designated representative of the Reporting Person on the board of directors of the Issuer pursuant to a securityholders agreement.</footnote>
        <footnote id="F9">The Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of the Reporting Person's pecuniary interest therein. This filing shall not be deemed an admission that the Reporting Person is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership by such Reporting Person of any securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ M. Avi Epstein, attorney-in-fact for Douglas L. Becker</signatureName>
        <signatureDate>2021-03-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
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