Intermediate Capital Group invests in PSB Academy

PSB Academy (PSB), Singapore's leading private education institution, has announced the transfer of its shareholding to the Intermediate Capital Group (ICG) from Baring Private Equity Asia.

Minister in the Prime Minister's office Chan Chun Sing officiated the launch of PSB Academy's $15 million campus in 2017

ICG's investment in PSB will bolster the academy's momentum of catering to the rising demands of Asia's under-served higher education needs, with plans to further enrich its student experience, graduate employment outcome and quality of academic and skills-based programmes in Singapore and the region.

This investment builds on PSB's strong track record as a leader in Singapore's private education sector. Students at the academy reported satisfaction rates of over 80 per cent, while nearly nine in 10 PSB students gained employment within six months of completing their studies.

In 2017, Minister in the Prime Minister's Office Chan Chun Sing officiated the opening of PSB's $15 million campus that spans more than 100,000 square feet in Marina Square. New satellite campuses were added to PSB's regional presence in Yangon and Jakarta in the same year.

Since 2016, PSB registered a double-digit percentage growth in its student population and was conferred six industry awards in recognition of its exemplary corporate reputation, student centricity and performance.

PSB is on track to launch another multi-million-dollar campus in Singapore this year. PSB's new campus will feature advanced engineering, life and sport sciences laboratories and facilities, with a firm focus on preparing talents for the region's growth sectors in STEM (Sciences, Technology, Engineering and Mathematics).

Derrick Chang, chief executive officer of PSB Academy, said: "PSB has enjoyed a resounding trajectory under BPEA's ownership and we are today in a strong position to take the academy into its next phase of growth. We are delighted to welcome a new owner in ICG, who remains committed to our vision of preparing workers and fresh school leavers to thrive in the new economy. Together, we look forward to elevate the excellent learning and graduate employment outcomes for our students and to grow our student community."

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