KKR agrees to invest in Philippine higher education group PHINMA Education

KKR and PHINMA Education Holdings, a Philippine higher education group, announced on May 22, 2024, that they had signed definitive agreements under which funds managed by the investment firm would invest in the company, with existing shareholder Kaizenvest also taking part. The size of the investment was not disclosed. PHINMA Corporation, the Filipino conglomerate behind the business, was to remain the majority shareholder.

KKR was making the investment from its Global Impact Fund II, and the release described the deal as the firm's first Global Impact investment in the Philippines. The transaction was expected to close in the third quarter of 2024, subject to approval by the Philippine Competition Commission. The companies said the capital would support management's plan to scale the group, drawing on KKR's experience with education companies in other markets.

Founded in 2004, PHINMA Education served around 150,000 students at the time of the announcement through nine colleges and universities in the Philippines and one in Indonesia. Its stated aim was to offer affordable tertiary education to underserved young people, with professional and vocational training geared toward employment. KKR's earlier Global Impact education investments named in the release included EQuest Education in Vietnam and Education Perfect in Australia and New Zealand.