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Carlyle Group moves further into private education in China

By Diao Ying (China Daily)
Updated: 2008-11-28 14:33

Carlyle, the global private equity firm, today tapped into China's education industry by investing $50 million in a private education group here.

This is the investor's second investment in China's education sector. "We are attracted to the resilient nature of the sector, which has the proven potential to grow even in a challenging economic climate," says Wayne Tsou, head of Carlyle Asia Growth Partners Group (CAGP).

The move reflects that China, with its steady economic growth, remains appealing to foreign investors especially as the economy gets worse elsewhere. Carlyle Asia Growth Partners Group (CAGP) has invested US$200 million of equity capital in existing portfolio companies and three new companies in 2008 so far.

"Despite the global market turmoil, CAGP remains committed to forging durable partnerships in China," said Tsou.

The investment goes to Hao Yue Education Group, a private school based in Beijing. It is to support the local school to expand its campus and acquire other private vocational schools. It will also support launching some short-term training programs, the company said.

The business model of Hao Yue puts career training and development at the core of its service proposition. It has two campuses in Beijing and enrolls over 30,000 students.

"Our partnership with The Carlyle Group represents the next big step in expanding our business. We now have a stable, long-term source of capital that will allow us to fully realize our firm’s potential," says Zhou Jiting, chairman of Hao Yue.