EQuest raises $120 million

The raising was through a combination of debt from a creditor, and equity from its existing investor KKR’s Global Impact Fund.

The proceeds will be utilised for the investment in the Canadian International School (CIS) System in Ho Chi Minh City, and to expand its College and University system, particularly the Broward College Vietnam campuses in Hanoi, Hue, and Ho Chi Minh City.

With a proud 12-year history, the CIS System stands as the largest international K-12 school system in Ho Chi Minh City. CIS offers a comprehensive curriculum that includes the International Baccalaureate, Advanced Placement, and Canadian curriculum, along with world-class sport programmes. This investment will be utilised to enhance facilities, hire world-class sport coaches, and attract the best teachers to the CIS system.

Tham My Linh, managing director of the CIS system said, “This substantial investment will position CIS as the most financially robust international school system in Vietnam, ensuring long-term financial stability without compromising on the highest educational standards. This will instil strong confidence in parents seeking a holistic international education for their children.”

Broward College, a member of the Florida College System, has been ranked multiple times as one of the top 10 public colleges in the US by the prestigious Aspen Institute. EQuest has been offering fully-accredited associate’s degrees under the brand Broward Vietnam for more than 10 years.

The new investment will be used to open multiple Broward Vietnam campuses to offer the four-year US bachelor’s degree programmes in Hanoi, Hue, and Ho Chi Minh city. Students will be able to complete the entire US bachelor’s degree in Vietnam at an affordable price of $7,000 per year without the expense of travelling overseas.

“This significant investment reinforces our commitment to provide a world-class education at an affordable cost. Now a significantly more number of Vietnamese families and students can experience a true US university education right here in Vietnam,” said David Armstrong, senior vice president of EQuest.

EQuest Education Group also announced the appointment of Dam Bich Thuy, founding President of Fulbright University Vietnam, as an independent board member, effective May 15, 2023.

Dam Bich Thuy is appointed as an independent board member of EQuest Education Group, effective May 15, 2023.

Dam Bich Thuy has held numerous senior management positions in finance, banking, and education. Before her presidency at Fulbright University Vietnam, Dam used to be the first Vietnamese CEO of ANZ Bank in Vietnam, representative of the National Australia Bank in Vietnam, and general director of Vietnam International Bank. She holds a Master of Business Administration from Wharton Business School, University of Pennsylvania, USA, on a Fulbright scholarship.

Besides serving in her role as an independent Board member, Dam will bring her many years of experience in building high equality higher education institutions.

“I am honored to be part of this pioneering organisation and contribute to its mission of delivering high-quality education in Vietnam. I look forward to collaborating with the board and leveraging my experience to drive positive change in the education sector,” said Dam.

EQuest acquires controlling stake in Khoi Nguyen Education KKR-backed EQuest Education Group has acquired a controlling stake in Khoi Nguyen Education Group (KNE), the owner of four international schools in Ho Chi Minh City. A strategic cooperation agreement was signed under which EQuest became the key shareholder and joined the Board of Directors of KNE on December 2.

Partnerships blossoming in education Education remains one of the most attractive sectors for dealmaking in Vietnam.