<SEC-DOCUMENT>0001104659-21-003899.txt : 20210217
<SEC-HEADER>0001104659-21-003899.hdr.sgml : 20210217
<ACCEPTANCE-DATETIME>20210113165926
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-003899
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210113

FILER:

	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

	FILING VALUES:
		FORM TYPE:		CORRESP

	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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    <TD STYLE="width: 30%">&nbsp;<IMG SRC="tm213001d1_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">650 South Exeter Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baltimore, MD 21202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">laureate.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January&nbsp;13, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Via EDGAR</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade&nbsp;&amp; Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Taylor Beech and Jacqueline Kaufman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>RE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
Education,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Form&nbsp;10-K for the Fiscal Year Ended
December&nbsp;31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Filed February&nbsp;27, 2020 (&ldquo;Form&nbsp;10-K&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>File No.&nbsp;001-38002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Laureate
Education,&nbsp;Inc. (the &ldquo;<U>Company</U>&rdquo;, &ldquo;<U>we</U>&rdquo; or &ldquo;<U>our</U>&rdquo;) is submitting
the following response to the comments of the U.S. Securities and Exchange Commission staff (the &ldquo;<U>Staff</U>&rdquo;)
set forth in its letter dated December&nbsp;31, 2020, regarding the Form&nbsp;10-K. For ease of reference, we have repeated
the Staff&rsquo;s comment in bold preceding each of our responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Board Committees, page&nbsp;13 (2020 Proxy Statement)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>In future filings, please discuss whether, and if so how, your nominating and governance committee
considers diversity in identifying nominees for director. Refer to Item 407(c)(2)(vi)&nbsp;of Regulation S-K.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We acknowledge
the Staff&rsquo;s comment. While the Company does not have a stand-alone diversity policy in place, our Corporate Governance
Guidelines, which are available through the &ldquo;Leadership and Governance&rdquo; portion of our investor relations website
at http://investors.laureate.net, provide that candidates to be nominated for membership to our board of directors (our
&ldquo;<U>Board</U>&rdquo;) &ldquo;shall be selected on the basis of experience, integrity, expertise, diversity,
independence, ability to make independent analytical inquiries, understanding of the Company&rsquo;s business environment and
willingness to devote adequate time to Board duties &ndash; all in the context of an assessment of the perceived needs of the
Board at that point in time.&rdquo; Additionally, our Corporate Governance Guidelines provide that our Board &ldquo;believes
that its membership should reflect a diversity of experience, gender, race, ethnicity and age.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comments, the Company will, in its future proxy statement filings, expand its current Board Committee disclosure
to add the new paragraph set forth below, which explains that diversity is one of the criteria considered by the Nominating and
Corporate Governance Committee in identifying director nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Except with respect to the
directors designated pursuant to the Wengen Securityholders Agreement, as documented in the Company&rsquo;s Corporate
Governance Guidelines, the Nominating and Corporate Governance Committee takes into account a candidate&rsquo;s experience,
integrity, expertise, diversity, independence, ability to make independent analytical inquiries, understanding of the
Company&rsquo;s business environment and willingness to devote adequate time to Board duties in evaluating candidates who may
be able to contribute to the Board as a whole - all in the context of an assessment of the perceived needs of the Board at
that point in time. While the Company does not have a stand-alone diversity policy in place, and the Board does not make any
particular weighting of diversity or any other characteristic when evaluating director nominees, the Board believes that its
membership should reflect a diversity of experience, gender, race, ethnicity and age.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Exhibits (Form&nbsp;10-K)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>We note that Article&nbsp;X of your Amended and Restated Certificate of Incorporation provides
that the Court of Chancery of the State of Delaware is the sole and exclusive forum for &ldquo;any derivative action or proceeding
brought on behalf of the Corporation.&rdquo; In future filings, please disclose whether this provision applies to actions arising
under the Exchange Act and the Securities Act. In that regard, we note that Section&nbsp;27 of the Exchange Act creates exclusive
federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules&nbsp;and
regulations thereunder. If this provision does not apply to actions arising under the Exchange Act, please also ensure that the
exclusive forum provision in the governing documents states this clearly, or tell us how you will inform investors in future filings
that the provision does not apply to any actions arising under the Exchange Act. We note that Section&nbsp;22 of the Securities
Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created
by the Securities Act or the rules&nbsp;and regulations thereunder. In future filings, please include disclosure to address any
questions of enforceability. In addition, you should also consider providing risk factor disclosure in future filings, as applicable,
that discusses the risks to investors of limiting the forums in which to bring claims.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We acknowledge the
Staff&rsquo;s comment and advise the Staff that the choice of forum provision in the Company&rsquo;s Amended and Restated Certificate
of Incorporation does not apply to actions arising under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;)
and the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), and will not preclude or contract
the scope of exclusive federal or concurrent jurisdiction for actions brought under the federal securities laws. In response to
the Staff&rsquo;s comment, we propose to update a risk factor that was previously included in our 2017 Form&nbsp;10-K, and include
such risk factor in future filings of annual reports on Form&nbsp;10-K, which acknowledges that the choice of forum provision does
not apply to actions arising under the Securities Act and the Exchange Act and could increase costs to bring a claim, discourage
claims or limit the ability of the Company&rsquo;s stockholders to bring a claim in a judicial forum that they find favorable for
disputes with the Company, its directors, officers or other employees. The proposed risk factor to be included in future filings
is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>The provision of our amended
and restated certificate of incorporation requiring exclusive venue in the Court of Chancery in the State of Delaware for certain
types of lawsuits may have the effect of discouraging lawsuits against our directors and officers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s amended and
restated certificate of incorporation requires, to the fullest extent permitted by law, that (i)&nbsp;any derivative action or
proceeding brought on our behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of our directors,
officers or other employees to us or our stockholders, (iii)&nbsp;any action asserting a claim against us arising pursuant to any
provision of the Delaware General Corporation Law or our amended and restated certificate of incorporation or our amended and restated
bylaws or (iv)&nbsp;any action asserting a claim against us governed by the internal affairs doctrine will have to be brought only
in the Court of Chancery in the State of Delaware unless we otherwise consent in writing to an alternative form. Any person or
entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice of and to have consented
to the provisions of our amended and restated certificate of incorporation described above. We believe that this provision benefits
us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies. This choice
of forum provision, however, may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable
for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect
to such claims. Alternatively, if a court were to find the choice of forum provision contained in our amended and restated certificate
of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such
action in other jurisdictions, which could materially adversely affect our business, financial condition, results of operations
and cash flows. The choice of forum provision in the Company&rsquo;s amended and restated certificate of incorporation will not
preclude or contract the scope of exclusive federal or concurrent jurisdiction for actions brought under the federal securities
laws, including the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, or the respective rules&nbsp;and
regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hope that the foregoing addresses the
Staff&rsquo;s comments. If you have any further questions or comments, or if you require any additional information, please contact
me at rick.sinkfield@laureate.net.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Richard H. Sinkfield III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Richard H. Sinkfield III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Legal Officer and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Ethics&nbsp;&amp; Compliance Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">cc: Jean-Jacques Charhon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
