HANOI – EQuest Education Group, one of Vietnam’s leading educational service providers, has announced that KKR, an American investment company, has invested in the group to support EQuest’s expansion and to advance its mission to provide students in Vietnam with affordable access to world-class education.
Before the deal, whose value remained undisclosed, through its private equity business, KKR had also invested in two leading Vietnamese businesses, Vinhomes, the country’s largest real estate developer, and Masan MEATLife (formerly known as Masan Nutri-Science), an animal feed producer.
EQuest operates a diversified portfolio across the educational sector, focusing on four core segments, K-12 bilingual schools, tertiary and vocational institutions, English enrichment courses and digital learning solutions.
Its K-12 portfolio serves more than 9,000 students in its eight campuses, meeting the growing demand for an affordable bilingual curriculum with strong efficacy. EQuest has more than 110,000 students enrolled across its segments each year, positioning it as one of the largest private educational services providers in Vietnam.
KKR is one of the world’s leading global investment firms, with US$367 billion of assets under management as of March 31, 2021.
The investment was made through the KKR Global Impact Fund and marked the fund’s fourth investment globally in the educational and workforce development space. The fund is focused on generating risk-adjusted returns by investing in companies that contribute toward the United Nations’ Sustainable Development Goals.
Nguyen Quoc Toan, co-founder and CEO of EQuest, said, “With the support of KKR and its sector expertise, we are confident we will be able to advance our mission to provide quality learning for Vietnam’s millions of students and contribute to the development of a skilled workforce that will support the country’s long-term growth aspirations.”
“KKR aims to leverage our operational experience, global network and education expertise to strengthen EQuest’s market-leading position and further build on its ed-tech solutions. We look forward to working together with EQuest’s management team to advance the company’s mission and expand the reach of its impact across Vietnam,” said Chee-Wei Wong, head of KKR Global Impact for Asia.
Ashish Shastry, co-head of Asia Private Equity and Head of Southeast Asia at KKR, said, “Investing in Vietnam and supporting the growth of the country’s businesses and industries is a key part of KKR’s strategy in Asia. As Vietnam continues to elevate on the world’s economic stage, access to affordable, high-quality education solutions plays an important role in meeting the nation’s objectives.”
EQuest and KKR also announced that Annabelle Vultee, former China Chief Operating Officer of EF Education First, had joined EQuest’s board of directors.
By Van Ly