PHINMA Education Holdings, Inc., the private higher education unit of PHINMA Corporation, reported the completion of the initial investment of leading global investment firm KKR.
According to PHINMA, The transaction, first announced in May 2024, has closed following the completion of the customary regulatory approvals.
“We have already started working together in several areas,” said PHINMA Education President and CEO Dr. Chito B. Salazar. Areas of collaboration include efforts for digital transformation and ESG.
He added that “We are leveraging KKR’s global experience and networks to help us improve our completion rates, refine growth strategies, and reach more underserved students.”
KKR Country Chief-Philippines Happy A. Tan, said that, “In the months since we began this process, KKR has shared their resources and expertise with us to make headway on what matters most – making lives better through education.”
Last May, KKR and PHINMA Education signed definitive agreements under which funds managed by KKR committed to invest in PHINMA Education, with participation from existing shareholder Kaizenvest. PHINMA remains the majority shareholder in PHINMA Education after the transaction.
Established in 2004, PHINMA Education is one of the largest private higher education groups in Southeast Asia, serving around 150,000 students through its fast-growing network of colleges and universities, including nine in the Philippines and one in Indonesia.
KKR invested in PHINMA Education from its Global Impact Fund II, which targets companies whose core business contributes meaningfully towards one or more of the United Nations Sustainable Development Goals (SDGs). PHINMA Education’s mission directly contributes toward SDG 4 (Quality Education).
“PHINMA Education’s mission of delivering quality, affordable education to underserved communities aligns strongly with our Global Impact strategy,” said KKR Managing Director and Head of Global Impact for Asia Pacific George Aitken.
He added that, “We will look to leverage KKR’s deep experience investing in education companies globally to support the management team’s vision to scale the company and become a leading education platform across Southeast Asia.”
PHINMA Corporation Chairman and CEO Ramon R. del Rosario, Jr. said that, “This collaboration between PHINMA Education and KKR, a like-minded strategic partner, puts us in a better position to serve and uplift the youth of the Philippines and Southeast Asia.”
Salazar noted that, “While our network has grown significantly over time, there continues to be so many more prospective students to reach, existing students to help keep in school and so much more to do to make college education more accessible to those who need it most.”
“We are fortunate, therefore, to have an investor of KKR’s quality to help us make the lives of the underserved youth in Southeast Asia better. Their investment will support our ability to scale our systems, enter new markets, and empower our students to achieve the future they want and deserve,” he said.