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Khomfie Manalo

KKR to invest in PHINMA to improve PH education


[L-R] PHINMA Education Country Head - Philippines Christopher A. Tan; PHINMA Corporation Chairman and CEO Ramon R. del Rosario Jr.; PHINMA Education President and CEO Dr. Chito B. Salazar; and AB Capital & Investment Corporation Executive Chairman Antonio Periquet. AB Capital was appointed as the Financial Advisor of PHINMA Education for this transaction.


Global investment firm KKR and private higher education group PHINMA Education Holdings, Inc. have signed an investment agreement. PHINMA Corporation will remain the majority shareholder in PHINMA Education.


PHINMA Education, a powerhouse in the education sector, was founded in 2004 with a mission to provide quality, affordable tertiary education to underserved youth. It has since grown to become one of the largest private higher education groups in Southeast Asia, serving approximately 150,000 students across its expanding network of colleges and universities, including nine in the Philippines and one in Indonesia.


KKR is investing in PHINMA Education from its Global Impact Fund II, which targets companies whose core business contributes meaningfully towards one or more of the United Nations Sustainable Development Goals (SDGs). PHINMA Education's mission directly contributes toward SDG 4 (Quality Education).


George Aitken, Managing Director and Head of Global Impact for Asia Pacific at KKR, expressed confidence in the investment, stating, "PHINMA Education's mission of delivering quality, affordable education to underserved communities aligns strongly with our Global Impact strategy. We are excited to leverage KKR's extensive experience in education investments to support the management team's vision to scale the company and establish it as a leading education platform across Southeast Asia." 


Ramon R. del Rosario, Jr., chairman and chief executive officer of PHINMA Corporation, said, "When PHINMA first entered the education business two decades ago, we wanted to help improve the lives of young Filipinos in need and their families. Our commitment to this mission remains steadfast to this day. This collaboration between PHINMA Education and KKR, a like-minded strategic partner, puts us in a better position to serve and uplift the Philippines and Southeast Asia youth."


Dr. Chito B. Salazar, President, and Chief Executive Officer of PHINMA Education, highlighted the potential of KKR's investment, stating, "While our network has grown significantly over time, there are still countless prospective students to reach, existing students to support, and opportunities to make college education more accessible to those who need it most. We are fortunate to have an investor of KKR's caliber,  whose investment will bolster our ability to expand our systems, enter new markets, and empower our students to shape the future they aspire to."


PHINMA Education marks the latest education and workforce development investment by KKR Global Impact, in addition to EQuest Education, an education group in Vietnam with offerings covering K-12, edtech, and vocational training; Education Perfect, a leading learning, assessment, and analytics platform in Australia and New Zealand; Graduation Alliance, which works with students of all ages through partnerships with educators, government agencies, community leaders, and employers to provide versatile pathways to graduation and employment in the United States; Lightcast, a provider of labor market analytics software that delivers real-time data and planning tools to educators in the United States; and Master Distancia, a leading vocational education provider in Spain, Portugal and Italy.


The transaction is expected to close in the third quarter of 2024, subject to customary regulatory approvals, including that of the Philippine Competition Commission.

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