Global private equity firms including Warburg Pincus and KKR are weighing bids for XCL Education, a Southeast Asian school operator backed by TPG, according to sources cited by Bloomberg.

Other alternative asset managers considering offers include Blackstone and EQT. A transaction could value Singapore-based XCL at up to $1.5bn.

The sale process is ongoing, with a decision on a buyer unlikely before next year. Other bidders may still emerge, sources said.

XCL operates K-12 school campuses across Southeast Asia, including XCL World Academy in Singapore, the American School of Bangkok’s Sukhumvit campus, and Vietnam Australia International School. Temasek is also among the company’s shareholders.

Private equity interest in Asian education assets has accelerated. Excluding China, education dealmaking in Asia Pacific reached $6.4bn last year, up 25% from 2023, according to LEK Consulting.

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