Private Equity Deals & Transactions

Baring, Altas sign $750m deal

The private equity pair has invested in St. George’s University, Grenada

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Baring Private Equity Asia and Canadian private equity firm Altas Partners have invested a “substantial” amount in St. George’s University, Grenada, according to a statement.

Sources familiar with the transaction put the deal value at $750 million. The university and its management team remain the largest shareholder.

“We partnered with the school as a means of increasing student resources and improving its international capabilities. The opportunity here is very much in line with our investment strategy,” Scott Werry, principal, Altas Partners tells Private Equity International.  This is Altas' second investment. 

Founded as an independent School of Medicine in 1976, St. George’s is an international institution dedicated to developing medical physicians and improving health standards globally. Its professors, students, and graduates are from 140 countries, and the School of Medicine’s clinical training programme has affiliations with more than 70 teaching hospitals and clinical centres, principally located in the US and United Kingdom.

“This is a premier school that is undeniably filling a need in the US healthcare system,” Werry added.

Baring, one of Asia’s largest private equity firms, intends to expand St. George’s reach across the Asia Pacific region.

Jean Eric Salata, chief executive and founding partner of Baring, said, “As an international investment advisor, we are excited at the prospect of expanding SGU’s capabilities. Given the more than one million medical school applicants across Asia every year, we look forward to leveraging our education sector capabilities throughout the Asia region to build upon the leadership position SGU has established over many years.”

Baring continues to make investments globally, leveraging its network in Asia to expand Western institutions into the region.

Last month, the firm bought a stake in UK-based retailer Cath Kidston from majority shareholder TA Associates for an undisclosed amount, hoping to develop its presences in the Asia Pacific region.

Baring, which advises funds of over $5 billion, is also in the midst of raising a $3 billion fund – its fifth and largest vehicle since inception – expecting to make a final close before year-end, Private Equity International reported earlier.