TPG is reportedly evaluating strategic options for its portfolio company XCL Education, a leading K-12 education platform in Southeast Asia, with a potential sale under consideration, according to a report by Bloomberg citing sources familiar with the matter.
The global alternative asset manager has engaged financial advisers to explore a transaction that could value the Singapore-headquartered business at up to $1.5bn.
Initial expressions of interest have emerged from both strategic operators in the education sector and private equity firms. However, deliberations are said to be at an early stage, and TPG may ultimately opt to retain the asset.
XCL Education operates 17 campuses across the region, serving approximately 21,000 students. Its portfolio includes institutions such as XCL World Academy in Singapore, the American School of Bangkok, and the Vietnam Australia International School. The company is backed by TPG and Singaporean sovereign wealth fund Temasek Holdings.
In May, Bloomberg reported that XCL secured a $400m private credit facility to refinance existing debt. The financing round was led by Apollo Global Management, with participation from other lenders including Partners Group, Deutsche Bank, and Nomura.
TPG declined to comment on the potential sale.
