KUALA LUMPUR (April 21): Navis Capital Partners has completed a partial sale of its Southeast Asian affordable K-12 education assets from Navis Asia Fund VIII, and raised US$230 million (RM1.01 billion) to support the platform’s growth. 

“The transaction enables Navis Asia Fund VIII to crystallise attractive returns on the portion of the portfolio sold, while retaining very meaningful exposure to the future upside of the assets,” it said in a statement.

TPG NewQuest, the Asia-focused secondary private equity arm of TPG, led the transaction with support from "a diverse range of high-quality investors". The newly structured fund was also oversubscribed.

“We are pleased to have completed this transaction, which enables the distribution of liquidity to our existing LPs (limited partnerships) while securing fresh capital to drive the next stage of growth for these exceptional businesses,” Navis Capital Partners co-founder and managing partner Nick Bloy said.

TPG NewQuest managing partner Darren Massara said the collaboration aims to support growth potential across Asia.

“Together with Navis, we are excited to be able to provide a comprehensive solution around a set of locally important and economically resilient growth assets for the region," Massara said.

Meanwhile, Campbell Lutyens acted as an exclusive financial adviser to Navis on the transaction.