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Form SC 13G/A EDUCATION MANAGEMENT Filed by: CITIGROUP INC

January 30, 2015 12:34 PM EST
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 SCHEDULE 13G*
                                 (Rule 13d-102)

                           INFORMATION TO BE INCLUDED
                          IN STATEMENTS FILED PURSUANT
                           TO RULES 13d-1(b), (c), AND
                           (d) AND AMENDMENTS THERETO
                          FILED PURSUANT TO RULE 13d-2
                               (AMENDMENT NO. 5)*


                            Education Management Corp.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   28140M-10-3
            --------------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2014
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

   / /       Rule 13d-1(b)
   / /       Rule 13d-1(c)
   /X/       Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).


                                      Page 1
                                     of 10 Pages




                                       13G

CUSIP NO.  28140M-10-3                                       Page 2 of 10 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS

     Citigroup Capital Partners II Employee Master Fund, L.P.
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY


-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              Delaware


-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                      624,694

       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER                 624,694

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        624,694


-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                     0.5%


-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             PN


-------------------------------------------------------------------------------




                                       13G

CUSIP NO.  28140M-10-3                                       Page 3 of 10 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS

     Citigroup Private Equity LP
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY


-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              Delaware


-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                      624,694

       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER                 624,694

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        624,694


-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                     0.5%


-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             PN


-------------------------------------------------------------------------------




                                      13G

CUSIP NO.  28140M-10-3                                       Page 4 of 10 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS

     Citigroup Alternative Investments LLC
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              Delaware


-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                      624,694

       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER                 624,694

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        624,694


-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                     0.5%


-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             IA


-------------------------------------------------------------------------------





                                       13G

CUSIP NO.  28140M-10-3                                       Page 5 of 10 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS

     Citigroup Investments Inc.
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              Delaware


-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                      624,694

       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER                 624,694

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        624,694


-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                     0.5%


-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             HC


-------------------------------------------------------------------------------




                                       13G

CUSIP NO.  28140M-10-3                                       Page 6 of 10 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS

     Citigroup Inc.
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              Delaware


-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                     625,418*
                                                                             
       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER                625,418*
                                                                              
        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON       625,418*
                                                                             

-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    0.5%*


-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             HC


-------------------------------------------------------------------------------
*   Includes shares held by the other reporting persons.




Item 1(a).     Name of Issuer:

               Education Management Corp

Item 1(b).     Address of Issuer's Principal Executive Offices:

               210 Sixth Avenue, 33rd Floor
               Pittsburgh, PA 15222

Item 2(a).     Name of Person Filing:

               Citigroup Capital Partners II Employee Master Fund, L.P. 
               ("Citigroup Employee Master Fund")
               Citigroup Private Equity LP ("Citigroup PE")
               Citigroup Alternative Investments LLC ("CAI")
               Citigroup Investments Inc. ("CII")
               Citigroup Inc. ("Citigroup")

Item 2(b).     Address of the Principal Business Office or, if none, Residence:

               The address of the principal business office of each of 
               Citigroup Employee Master Fund, Citigroup PE, CAI, CII and 
               Citigroup is:

               399 Park Avenue
               New York, NY 10022

Item 2(c).     Citizenship:

               Citigroup Employee Master Fund and Citigroup PE are Delaware 
               limited partnerships.

               CAI, CII and Citigroup are chartered in Delaware.

Item 2(d).     Title of Class of Securities:

               Common Stock

Item 2(e).     CUSIP Number:

               28140M-10-3


                                        Page 7
                                      of 10 Pages




Item 3.      If This Statement Is Filed Pursuant to Sections 240.13d-1(b) or
             240.13d-2(b) or (c), Check Whether the Person Filing Is a(n):

             (a)  [ ] Broker or dealer registered under Section 15 of the
                      Act (15 U.S.C. 78o);

             (b)  [ ] Bank as defined in Section 3(a)(6) of the Act
                      (15 U.S.C. 78c);

             (c)  [ ] Insurance company as defined in Section 3(a)(19) of
                      the Act (15 U.S.C. 78c);

             (d)  [ ] Investment company registered under Section 8 of the
                      Investment Company Act of 1940 (15 U.S.C. 80a-8);

             (e)  [ ] Investment adviser in accordance with Section
                      240.13d-1(b)(1)(ii)(E);

             (f)  [ ] Employee benefit plan or endowment fund in accordance
                      with Section 240.13d-1(b)(1)(ii)(F);

             (g)  [ ] Parent holding company or control person in accordance
                      with Section 240.13d-1(b)(1)(ii)(G);

             (h)  [ ] Savings association as defined in Section 3(b) of the
                      Federal Deposit Insurance Act (12 U.S.C. 1813);

             (i)  [ ] Church plan that is excluded from the definition of an
                      investment company under Section 3(c)(14) of the
                      Investment Company Act of 1940 (15 U.S.C. 80a-3);

             (j)  [ ] A non-U.S. institution in accordance with Section
                      240.13d-1(b)(1)(ii)(J);

             (k)  [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(K).
                      If filing as a non-U.S. institution in accordance with
                      Section 240.13d-1(b)(1)(ii)(J), please specify the type
                      of institution: ____________________________ .

Item 4.   Ownership. (as of December 31, 2014)

          (a)  Amount beneficially owned: See item 9 of cover pages

          (b)  Percent of class: See item 11 of cover pages

          (c)  Number of shares as to which the person has:

                  (i)   Sole power to vote or to direct the vote:

                  (ii)  Shared power to vote or to direct the vote:

                  (iii) Sole power to dispose or to direct the disposition of:

                  (iv)  Shared power to dispose or to direct the disposition of:

                  See Items 5-8 of cover pages

                                      Page 8
                                     of 10 Pages




Item 5.   Ownership of Five Percent or Less of a Class.

          If this statement is being filed to report the fact that as of the
          date hereof the reporting person has ceased to be the beneficial owner
          of more than five percent of the class of securities, check the
          following [  ].

Item 6.   Ownership of More Than Five Percent on Behalf of Another Person.

          Not Applicable.

Item 7.   Identification and Classification of the Subsidiary Which Acquired
          the Security Being Reported on by the Parent Holding Company.

          Citigroup PE is the general partner of Citigroup Employee Master Fund.
          CAI is the sole member of Citigroup PE. CII is the sole member of CAI.
          Citigroup is the sole stockholder of CII.

Item 8.   Identification and Classification of Members of the Group.

          See Exhibit 2.

Item 9.   Notice of Dissolution of Group.

          Not Applicable.



                                       Page 9
                                      of 10 Pages




Item 10.  Certification.

          Not Applicable.

SIGNATURE.

          After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.

Dated: January 30, 2015


                      CITIGROUP CAPITAL PARTNERS II EMPLOYEE MASTER FUND, L.P. 
                      By: Citigroup Private Equity LP.
                      its general partner

                      By: /s/ Matt Coeny
                         --------------------------------------------
                         Name:   Matt Coeny
                         Title:  Authorized Signatory



                      CITIGROUP PRIVATE EQUITY LP


                      By: /s/ Matt Coeny
                         --------------------------------------------
                         Name:   Matt Coeny
                         Title:  Authorized Signatory



                      CITIGROUP ALTERNATIVE INVESTMENTS LLC


                      By: /s/ Craig Barrack
                         --------------------------------------------
                         Name:   Craig Barrack
                         Title:  Secretary



                      CITIGROUP INVESTMENTS INC.


                      By: /s/ Craig Barrack
                         --------------------------------------------
                         Name:   Craig Barrack
                         Title:  Secretary



                      CITIGROUP INC


                      By: /s/ Ali L. Karshan
                         --------------------------------------------
                         Name:   Ali L. Karshan
                         Title:  Assistant Secretary


                                  Page 10
                                of 10 Pages




                          EXHIBIT INDEX TO SCHEDULE 13G
                          -----------------------------



EXHIBIT 1
---------

Agreement among, Citigroup Employee Master Fund, Citigroup PE, CAI, CII and 
Citigroup as to joint filing of Schedule 13G


EXHIBIT 2
---------

Item 8 Information

EXHIBIT 1
                                    ---------

                  AGREEMENT AS TO JOINT FILING OF SCHEDULE 13G
                  --------------------------------------------

Each of the undersigned hereby affirms that it is individually eligible to use
Schedule 13G, and agrees that this Schedule 13G is filed on its behalf.

Dated: January 30, 2015



                      CITIGROUP CAPITAL PARTNERS II EMPLOYEE MASTER FUND, L.P. 
                      By: Citigroup Private Equity LP.
                      its general partner

                      By: /s/ Matt Coeny
                         --------------------------------------------
                         Name:   Matt Coeny
                         Title:  Authorized Signatory

                      
                      
                      CITIGROUP PRIVATE EQUITY LP


                      By: /s/ Matt Coeny
                         --------------------------------------------
                         Name:   Matt Coeny
                         Title:  Authorized Signatory



                      CITIGROUP ALTERNATIVE INVESTMENTS LLC


                      By: /s/ Craig Barrack
                         --------------------------------------------
                         Name:   Craig Barrack
                         Title:  Secretary



                      CITIGROUP INVESTMENTS INC.


                      By: /s/ Craig Barrack
                         --------------------------------------------
                         Name:   Craig Barrack
                         Title:  Secretary



                      CITIGROUP INC


                      By: /s/ Ali L. Karshan
                         --------------------------------------------
                         Name:   Ali L. Karshan
                         Title:  Assistant Secretary


EXHIBIT 2
                                    ---------


                               ITEM 8 INFORMATION

Citigroup Capital Partners II Employee Master Fund, L.P. ("Citigroup Employee
Master Fund") is a party to a Shareholders Agreement, dated as of October 7,
2009, by and among Education Management Corporation (the "Company"), Citigroup
Employee Master Fund, funds associated with The Goldman Sachs Group, Inc., funds
associated with Providence Equity Partners, funds associated with Leeds Equity
Partners, funds associated with AlpInvest Partners N.V. and funds associated
with Fisher Lynch Co-Investment Partnership, L.P., Ontario Teachers' Pension
Plan Board and General Electric Pension Trust (the "Shareholders Agreement" and
all such shareholders, collectively, the "Shareholder Agreement Parties").

The Shareholders Agreement provides that certain of the funds associated with
Providence Equity Partners and certain of the funds associated with The Goldman
Sachs Group, Inc. will each have the right to designate up to two of the
Company's directors and certain of the funds associated with Leeds Equity
Partners will have the right to designate one of the Company's directors.
Subject to certain exceptions, the Shareholders Agreement requires all
Shareholder Agreement Parties to vote their shares of the Company's common
stock, par value $0.01 per share ("Common Stock") for directors that are
designated in accordance with the provisions of the Shareholders Agreement. The
Shareholders Agreement also contains certain provisions regarding transfer
restrictions, drag-along rights and tag-along rights with respect to the shares
of Common Stock owned by the Shareholder Agreement Parties.

As of October 1, 2014, private equity funds affiliated with Providence Equity
Partners, Goldman Sachs Capital Partners and Leeds Equity Partners owned, in the
aggregate, approximately 83.4% of the voting interests of the outstanding
capital stock on a fully diluted basis.

The share ownership reported for Citigroup Employee Master Fund does not include
any shares of Common Stock owned by the other Shareholder Agreement Parties,
except to the extent disclosed in this Schedule 13G. Citigroup Employee Master
Fund disclaims beneficial ownership of any shares of Common Stock owned by the
other Shareholder Agreement Parties, except to the extent disclosed in this
Schedule 13G.





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