EQuest raises $120 mln, appoints new board member

Vietnam’s EQuest Education Group announced Friday its successful raising of $120 million through a combination of debt from creditors and equity from KKR, a global private equity giant that already invested $100 million in EQuest.

The U.S. heavyweight announced its first investment of $100 million in Ho Chi Minh City-based EQuest on May 31, 2021. Together with that equity investment, Annabelle Vultee joined the Vietnamese firm’s board of directors at the time. Prior to that, she had been the China chief operating officer of EF Education First.

Now, EQuest said it had appointed Dam Bich Thuy, founding president of Fulbright University Vietnam, as an independent board member. She left Fulbright at the end of March.

Before her presidency at the U.S.-backed university, she created and built up ANZ Bank’s franchise in Vietnam, Cambodia, and Laos; serving as Representative of the National Australia Bank (NAB) in Vietnam, and CEO of Vietnam International Bank, or VIB.

EQuest said the latest proceeds will be utilized for the investment in the Canadian International School (CISS) System in HCMC, to expand its college and university operations, particularly Broward College Vietnam campuses in Hanoi, Hue, and HCMC.

With a 12-year history, the CISS stands as the largest international K-12 school system in HCMC. CISS offers a comprehensive curriculum that includes the International Baccalaureate (IB), Advanced Placement (AP), and Canadian curriculum, along with world-class sports programs. This investment will be utilized to enhance facilities, hire world-class sports coaches, and attract the best teachers to the CISS system.

"This substantial investment will position CISS as the most financially robust international school system in Vietnam, ensuring long-term financial stability without compromising on the highest educational standards,” said Tham My Linh, managing director of the CISS system.

Broward College, a member of the Florida College System, has been ranked multiple times as one of the top 10 public colleges in the U.S. 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 new Broward Vietnam campuses to offer 4-year U.S. bachelor’s degree programs in Hanoi, Hue, and HCMC.

Students will be able to complete the entire U.S. bachelor’s degree in Vietnam at $7,000 per year without the expense of traveling overseas.

A major competitor against EQuest is Nguyen Hoang Group (NHG), another educational services provider. NHG is also headquartered in HCMC like EQuest.

On May 11, Shinhan Bank Vietnam of South Korean financial group Shinhan signed a strategic partnership agreement with NHG to launch a tuition fee sponsorship program with a zero interest rate for parents whose children are studying within the NHG school and university system.

Shinhan Bank will also provide NHG with credit financing for infrastructure construction and teaching equipment at its school and university network.

HSBC Vietnam signed a deal in August 2022 to provide NHG with a $75-million financing package from HSBC’s Female Entrepreneur Fund. The group was the first Vietnamese client of the HSBC global fund.