XCL Education, a portfolio company of global private equity firm TPG, has raised $400m in a private credit facility to refinance existing debt led by Apollo Global Management, with additional participation from Partners Group, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that Deutsche Bank and Nomura Holdings also participated in the financing, which carries a five-year tenor and provides XCL with a more flexible capital structure as it continues to expand its portfolio of international schools across Asia.
Singapore-based XCL Education operates a network of premium international schools, including XCL World Academy, Sri KDU, and Vietnam Australia International School. The firm is one of Southeast Asia’s largest private K-12 education providers.
None of the involved parties—including TPG, Apollo, Partners Group, Deutsche Bank, Nomura, or XCL Education—commented on the transaction.
The deal adds to a growing list of private credit-backed transactions in the education space. In 2023, HPS Investment Partners, KKR, and Nomura provided a SGD265m unitranche facility to The Learning Lab, while BlackRock issued a $143m loan to Canadian International School prior to its refinancing.
