UK-based Intermediate Capital Group has exited its investment in Singapore-based PSB Academy, selling the private education provider to Sun Venture, a local investment company, according to a company statement.
The global alternative asset manager said in a statement that its Asia-Pacific corporate team realised the investment following a holding period of about seven years, marking the end of a partnership that began in 2018. Financial terms of the transaction were not disclosed.
DealStreetAsia previously reported on the sale process, which was advised by Rippledot Capital, last year.
Founded in 1964, PSB Academy has grown into one of Singapore’s largest private higher education institutions, catering to a globally diverse student population and partnering with overseas universities to deliver industry-focused degree programs. Under ICG’s ownership, the school expanded its campus footprint and academic offerings, reinforcing its position as the city-state’s largest independent scaled higher education platform.
ICG Managing Director and Head of Southeast Asia, Milo Lin, said PSB more than tripled its international student base during ICG’s stewardship, crediting demand for career-oriented education and the execution of the management team led by Executive Chairman Viva Sinniah and Chief Executive Officer Derrick Chang.
Sinniah said the new ownership marks “an exciting new chapter” for PSB, adding that the school will continue to focus on delivering relevant, high-quality education to an international student community while expanding its footprint across the region.
ICG, which manages more than $70 billion globally, said it is currently deploying capital from its $1.1 billion Asia-Pacific Fund IV, which closed in 2022. Recent investments from the fund include SuperChoice, Alfa Medicus, and Cura Day Hospitals, as it continues to focus on healthcare and services-led businesses in the region.
