Identifying entailment relations between predicates is an important part of applied semantic inference. In this article we propose a global inference algorithm that learns such entailment rules. First, we define a graph structure over predicates that represents entailment relations as directed edges. Then, we use a global transitivity constraint on the graph to learn the optimal set of edges, formulating the optimization problem as an Integer Linear Program. The algorithm is applied in a setting where, given a target concept, the algorithm learns on the fly all entailment rules between predicates that co-occur with this concept. Results show that our global algorithm improves performance over baseline algorithms by more than 10%.