Navis Capital invests in Vietnamese private education platform

Ho Chi Minh city, Vietnam. Photo: Pixabay

Kuala Lumpur-headquartered private equity firm Navis Capital Partners has completed an investment in Vietnamese private education plaform Thanh Thanh Cong Education (TTCE) JSC, it said in an announcement on May 30.

No financial details of the deal were disclosed.

Founded in late 2008, TTCE is the private school arm of Thanh Thang Cong Group, a Vietnam-based sugar producer which has businesses in the energy, real estate, agriculture and the hospitality sectors.

TTCE currently owns and operates 17 schools and English training centres in Vietnam. It has also identified and secured land for an additional four schools which will be opened in the next two years.

Coupled with the limited number of seats in top public schools and the high prices of premium international schools, private schools offering national and bilingual education programmes are becoming an increasingly popular choice among the middle class.

Navis Capital and its partners will continue to grow the TTCE platform by opening new schools in underserved areas and expanding services in both new and existing schools.

“Vietnam is experiencing strong growth across all sectors of its economy and is rapidly building its infrastructure to sustain and expand that growth. Further developing its educational base and diversifying educational opportunities to reach more of its citizens is a stated goal of the government. We look forward to further developing the platform, expanding the curriculum and creating even more opportunities for our students in the coming years,” said Navis Capital senior partner David Ireland.

Navis Capital was advised by KPMG and Hogan Lovells for the deal.

Last May, the PE firm invested an undisclosed amount into Ho Chi Minh City-based jeans supplier Saitex Holdings.

Navis Capital is currently on the road to raise $1.75 billion for its eighth and largest vehicle, Navis VIII. The vehicle has a hard cap of $1.9 billion and has achieved its first close at $1 billion two months ago.

The fund will cut cheques between $50 million and $150 million, which is its sweet spot, and is also likely to make smaller investments — in the $25-50 million range — to bridge a funding gap it sees as largely unaddressed by other investors in the region.

Founded in 1998 by former Boston Consulting Group executives Richard Foyston, Nicholas Bloy and Rodney Muse, Navis focuses on buyouts, recapitalisations and financial restructuring across Asia, especially in Southeast Asia, Australia and Hong Kong.

The firm currently manages about $5 billion in public and private equity capital and has made about 80 control investments in the region.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.