Kaizenvest III injects P825M into PHINMA Education

PHINMA CORP.’S education unit PHINMA Education Holdings, Inc. secured an P825-million investment from Rise Edu Pte. Ltd., an investment vehicle managed by education-focused private equity fund Kaizenvest III.

The investment, received on Aug. 13, is part of an investment agreement signed by PHINMA Education, Kaizenvest III, and Phoenix Investments II Pte. Ltd. in May last year, PHINMA Corp. said in a regulatory filing on Thursday.

The primary transaction under the agreement involved the issuance of P4.5 billion worth of newly issued shares by PHINMA Education.

As part of the agreement’s secondary transaction, KKR-managed funds will purchase all PHINMA Education shares formerly owned by the Asian Development Bank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., and Kaizen Private Equity II Pte. Ltd., which had invested in the company in 2019.

PHINMA Education now holds 75% of the total investment after the P825-million remittance from Kaizenvest III and the P2.52 billion received from KKR in October last year.

Phoenix Investments is an investment vehicle of funds managed by KKR, while Rise Edu Pte. Ltd. is an investment vehicle of funds managed by Kaizenvest, an education-focused private equity fund targeting emerging markets in South and Southeast Asia.

PHINMA Education, a 63.93%-owned subsidiary of PHINMA Corp., holds investments in the education sector. The company previously said it is eyeing expansion into Vietnam by 2027.

PHINMA Corp. shares dropped by 3.84% or 68 centavos to P17.02 apiece on Thursday. — Revin Mikhael D. Ochave