Private equity firm Excelsior Capital Vietnam Partners (ECVP) has made an investment in Vietnam-based education group Khoi Nguyen Investment and Education Development (KNE).
KNE marks Excelsior’s second deal after it backed health and beauty retail chain Hasaki Investment Corporation in June this year. The debut Vietnam fund of Excelsior Capital Asia has a target of $150 million and it has raised about $80 million by March this year.
Set up in 2010, KNE operates four K-12 schools in Ho Chi Minh City, Vietnam, including Canadian International School, Bilingual Canadian International School, Albert-Einstein School, and Canadian Vietnam Kindergarten.
The company serves over 3,000 students across these four schools, according to a statement. The fresh funding will help the firm expand to northern Vietnam by setting up a bilingual boarding school with a student capacity of 2,000.
KNE also operates its own laboratory and e-learning unit, a bottled-water and food supply unit, logistics-maintenance-security unit, which ensure self-sustainable servicing even amid COVID-19 lockdowns.
“We believe this investment will enable the KNE founders, Excelsior and all other involved parties to achieve multiple goals including enhancing education opportunity, promoting social and development curriculums and providing a solid investment,” said Chinh Hoang, managing partner at ECVP.
The PE fund added that KNE’s commitments to gender diversity, women leadership and other sustainable development goals had driven its investment decision in the business.
The private education sector in Vietnam has seen momentum in platform play as well as deal traction. Most recently, global PE powerhouse KKR is said to have invested $100 million in EQuest Education.
Meanwhile, BHL Education is understood to seek about $20 million in new funding round, following a 2019 investment by Singapore-based Heritas Capital. In January, English learning app ELSA bagged a $15 million Series B round co-led by Vietnam Investments Group and Susquehanna Investment Group.
Since then, a number of edtech startup such as Educa, Marathon and Edmicro have raised capital from Southeast Asian and Chinese investors.