• TPG weighs $1.5B sale of Southeast Asia’s XCL Education, backed by Temasek.
• XCL operates 17 campuses, including schools in Singapore, Thailand, and Vietnam, serving 21,000 students.
• Recently secured $400M private credit loan led by Apollo Global Management for debt refinancing.
TPG Inc. is reportedly considering the sale of its stake in XCL Education, a leading K-12 school operator in Southeast Asia, according to people familiar with the matter. The private equity firm is working with financial advisers on the possible transaction, which has drawn early interest from both strategic education groups and private equity players.
Sources indicated that a potential deal could value Singapore-based XCL Education at up to $1.5 billion, though discussions remain at a preliminary stage. TPG may still choose to hold on to the asset, and declined to comment on the process.
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XCL Education operates 17 campuses across the region, serving approximately 21,000 students. Its portfolio includes well-known institutions such as XCL World Academy in Singapore, the American School of Bangkok, and Vietnam Australia International School. The company is backed by both TPG and Temasek Holdings, Singapore’s state investment firm.
Earlier this year, Bloomberg reported that XCL raised $400 million in private credit to refinance existing debt. The funding was largely provided by Apollo Global Management, with contributions from Partners Group, Deutsche Bank, and Nomura Holdings.
If the sale proceeds, it would mark one of the region’s most notable education sector transactions in recent years.
