Navis Capital Partners has closed its new continuation vehicle at $230 million to partially exit its Southeast Asian K-12 school portfolio while securing follow-on capital to remain invested in the platform.
Dubbed Navis Next Generation Fund, the vehicle “enables Navis Asia Fund VIII to crystallise attractive returns on the portion of the portfolio sold while retaining very meaningful exposure to the future upside of the assets”, the firm said in a statement.
The announcement has confirmed DealStreetAsia’s February report that the transaction was led by secondary investor TPG NewQuest and advised by Campbell Lutyens.
The fund was oversubscribed, with participation from “a diverse syndicate” of investors, the Malaysia-based private equity firm added.
“We are pleased to have completed this transaction, which enables the distribution of liquidity to our existing LPs while securing fresh capital to drive the next stage of growth for these exceptional businesses,” said Nick Bloy, co-founder and managing partner at Navis Capital Partners.
TPG NewQuest is also an investor in Navis’s first continuation vehicle, which closed at $450 million in 2021.
The K-12 schools in Navis’s portfolio currently include Vietnam-based IGC Group that Navis acquired in 2019, Thailand-based Ambassador Education (acquired in 2022), and CIA First International School in Cambodia (acquired in 2020).
DealStreetAsia learnt that Navis had initially planned to include several healthcare and education assets in its second continuation fund. However, Navis might have decided to split the sectors.
The PE firm’s healthcare investments include Hanoi French Hospital in Vietnam; S-Spine and Nerve Hospital in Thailand; Aurelius Healthcare in Malaysia; and the most recently added Orienda International Hospital and Orchid Koh Pich Hospital in Cambodia.
Navis is raising its ninth flagship buyout fund, targeting a corpus of $1 billion. The firm is also aiming to raise $350 million for its inaugural debt fund. It currently manages over $5 billion in private equity and private credit capital.
Last month, Navis scored an exit from Everrise, selling the Malaysian supermarket chain to Grab. Last year, it exited education firm SEGi to the business’ management.
