Brookfield Asset Management Leads Major Investment in GEMS Education Group, Expanding Private Education Services Globally

A major investment agreement was announced on Tuesday by an alliance led by Brookfield Asset Management Limited, which includes Gulf Islamic Investment Company, Marathon Asset Management Company, and the State Oil Fund of Azerbaijan (SOFAZ). The agreement was signed with the Varkey Investment Group, which includes GEMS Education under its umbrella. The deal is expected to be completed during the third quarter of 2024, subject to certain conditions being met by all parties involved.

GEMS Education has a rich history dating back to 1959 when it was founded by a family of teachers in Dubai. Over the years, it has grown to become the largest provider of private education services globally, catering to over 140,000 students from kindergarten to grade 12. This transaction will see existing minority shareholders such as Khazanah National Berhad and funds managed by CVC Capital Partners exit their positions in the company.

Sunny Varkey, founder of GEMS Education Group, emphasized the company’s operational focus and long-term strategic view while highlighting the quality of education services and infrastructure provided in the UAE. Dino Varkey, CEO of GEMS Education Group, stated their commitment to providing high-quality education and strong growth prospects.

Jad Al-Lun, Managing Partner and Regional Head of Middle East at Brookfield Group described this investment as a significant milestone that reflects their dedication to investing in the region and seizing opportunities for growth. Dave Santani, Managing Director of Brookfield Private Investments emphasized how this deal presents a perfect opportunity to leverage their local presence, operational experience and global ecosystem to support GEMS Education’s expansion with strategic capital solutions.