Hillhouse Capital and Morgan Stanley have reportedly led an RMB800-million ($115 million) Series C funding round in Chinese professional training firm Golden Education.
Yonghua Capital and Vision Knight Capital were also said to have participated in the investment.
The news first appeared on Chinese newswire 36Kr. Hillhouse Capital did not comment, while a request for confirmation sent to Morgan Stanley had not elicited a response at publishing time.
The media report said the financing will help Golden Education deepen its current offerings, while increasing investment in cutting-edge technology such as AI, big data and cloud computing, to bring better learning experience and tailored services to its learners.
Established in 2006, Golden Education provides training services for financial professionals such as accountants, financial managers, finance department staffs and financial officers. It also provides courses in ACCA, CFA, CPA and other global financial professional qualifications.
It had previously raised a $35 million Series A investment in 2014 followed by a Series B round a year later.
The company has more than 40 branches and over 20 campuses across China, serving 50,000 corporate customers including the likes of GE, Coca-Cola and other Fortune 500 companies, as well as 3 million individual users, according to the report.
Private equity firm Hillhouse Capital invests across the equity spectrum, from seed investments to buyouts. It has backed Chinese business majors like Baidu, JD.com, Didi Chuxing and Tencent, and international unicorns including Airnbnb, Grab and Traveloka.
The firm recently raised a $10.6-billion Asia fund in the largest-ever capital raise in the region.
Morgan Stanley’s private equity practice in Asia covers a wide range of sectors, from consumer products, industrial products, to financial services, healthcare and telecom and technology. Companies based in China and Korea have received a significant percentage of the total capital that the firm has invested since 1993.
Its China education portfolioincludese Sino-Canada Education, Noah Education and Coinage International – a provider of similar services to Golden Education.