TPG’s portfolio company XCL Education has secured a $400m private credit facility to refinance existing debt, with Apollo Global Management leading the deal and Partners Group also participating.

Deutsche Bank and Nomura contributed to the five-year financing package, which aims to enhance XCL’s capital structure and support its regional expansion across Asia.

Headquartered in Singapore, XCL Education is one of Southeast Asia’s largest private K-12 education groups. It operates a portfolio of premium international schools, including XCL World Academy, Sri KDU, and Vietnam Australia International School.

The transaction highlights growing appetite among private credit providers for education-linked investments. In 2023, HPS Investment Partners, KKR, and Nomura extended a SGD265m unitranche facility to The Learning Lab, while BlackRock issued a $143m loan to Canadian International School before its refinancing.

Source: Bloomberg

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