As students across the world return to school, we are reminded that education is one of the most powerful levers for change. Beyond preparing young people for the workforce, it fuels economic growth, raises incomes, improves health, and reinforces civic institutions.
This article highlights the range of educational investments that Sarona Asset Management is making through the Sarona Global Growth Markets (SSGM) portfolio in emerging markets. From universities in the Middle East to schools in West Africa and language training in Vietnam, these investments now reach more than 74,000 students—nearly half of them women—illustrating how impact funds can deliver solid financial returns alongside lasting social impact.
The Case for Investing in Education
Public education systems in much of the developing world are struggling to keep up with rapid demographic growth and rising expectations. Classrooms are overcrowded, budgets are thin, and resources are stretched. Many developing nations do not allocate sufficient resources to education. UNESCO estimates that achieving SDG 4 [source] (Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all), in low-income countries will require annual investments to rise from US $149 billion in 2012 to $504 billion by 2030, a gap difficult to bridge without major reforms or increased funding. [source]
For impact investors such as Sarona Asset Management, this is a call to action. Private investors are stepping in to fill the gaps, and with the support of impact capital, they are able to expand access, raise quality, and deliver measurable social outcomes alongside financial returns.
As incomes rise and families seek higher-quality options, private education has become one of the fastest-growing sectors in emerging markets. [source/source]
Today, nearly 100 million children worldwide attend private primary schools, the vast majority in low- and middle-income countries. That represents about 19% of all primary students in these regions: 38% in South Asia, 19% in Latin America, and 14% in sub-Saharan Africa. In many of the largest cities across Africa, Asia and Latin America, more than half of children in primary school are in private institutions (World Bank, 2021 [source]).
The demand for education is resilient and growing: educated people earn more, and evidence shows that private schools in emerging markets often achieve better teacher attendance and stronger student performance than under-resourced public schools. [source]
Investment in education thrives where four conditions converge: young and expanding populations, rising of middle class and household incomes, limited state capacity, and demand for English-medium or internationally recognised instruction. These dynamics are accelerating across Africa and Asia, creating opportunities for investors to achieve strong returns while addressing an urgent social need. [source]
A diverse footprint
Sarona SGGM’s education portfolio reaches over 74,000 students—nearly half of them women—in Egypt, Morocco, Peru, Nigeria, Ghana, and Vietnam.
Ghana: Expanding Access to Quality Private Education
In Ghana, many parents turn to private schools as public education quality declines, especially in cities like Accra where private preschools are seen as stronger options. [Heyneman, S. P., J. M. B. Stern, and T. M. Smith. 2011. “The Search for Effective EFA Policies: The Role of Private Schools for Low-Income Children.” USAID and The Mitchell Group, Washington, DC.] The International Community School (ICS), founded in 2000 by Dr. Charles and Mrs. Matilda Yeboah, has since become one of the country’s leading K–12 institutions.
With campuses in Kumasi and Accra, ICS serves more than 2,000 students under a British curriculum known for academic rigor, extracurricular depth, and values of tolerance and understanding.
In 2017, ICS partnered with AfricInvest to meet rising demand. The collaboration modernized classrooms, expanded labs and libraries, and opened a new Accra campus, boosting enrollment and access to high-quality education. AfricInvest’s backing also supported international accreditation, further raising the school’s profile across Ghana and West Africa.
Today, ICS is recognized not only for its academics but also for its commitment to gender equality, with women holding 65% of management positions. Its membership in Round Square connects it to a global network of schools focused on experiential learning and service. ICS graduates now attend top universities worldwide, from MIT and Brown in the United States to Stirling in the United Kingdom, underscoring its reputation for excellence and holistic student development.
UPM: A Leader in Higher Education and Healthcare training in Africa
Among the most notable players is Université Privée de Marrakech (UPM), founded in 2005. UPM has grown into Morocco’s largest state-recognized private university, offering more than 60 programs across management, engineering, and health sciences. With campuses in Marrakech, Casablanca, and Dakar, the institution now serves over 8,000 students annually. UPM’s expansion into Senegal and its acquisition of SCIMD, a private medical school in Dakar, underscore its commitment to delivering top-tier education in French-speaking Africa. Partnerships with global institutions such as the University of Virginia and the Universitat de Barcelona further enhance the quality of education offered, fostering international collaboration, and enhancing the employability of its graduates. In line with its focus on health sciences, UPM acquired L’Hôpital Privée de Marrakech and launched new programs in Dentistry and Pharmacy for 2023/2024 academic year. The university is building Africa’s healthcare talent pipeline by training the next generation of doctors, nurses, and health professionals.
Its impact extends well beyond the classroom. Of UPM’s 538 staff, 309 are women—representing 57% of the workforce—and women hold 86% of management positions, aligning strongly with the 2X Challenge on gender equality. UPM is part of the Mediterrania Capital portfolio.
Vietnam: Yola Expanding Access to Global Opportunities
In Vietnam, English proficiency is often the key that unlocks international opportunities. Since its founding, Yola has set out to make that key more accessible. What began as a women-founded initiative has grown into one of the country’s most trusted education providers, helping students as young as five build confidence in English while preparing older learners for the world’s most competitive academic tests, from TOEFL and IELTS to SAT and GMAT.
At the heart of Yola’s model is a personalised approach. Every student follows a learning path tailored to their abilities and ambitions. Progress is tracked closely, ensuring that each learner understands both their strengths and where they need to improve. This feedback loop allows students not only to study but to grow with purpose.
With 16 training centres across Ho Chi Minh City and Binh Duong, Yola now supports more than 7,500 learners every year. Its digital platform, Yola Smart Learning, is expanding this reach nationwide, blending offline and online courses. The results speak for themselves. Yola students have earned over $15 million in scholarships and admission to more than 100 top universities across the United States, the United Kingdom, and Australia. Beyond individual success, Yola is widening access to quality education in Vietnam, contributing directly to SDG 4: Quality Education.
Since Mekong Capitals’ investment in 2016, Yola has scaled its impact dramatically. It is showing how private education, when delivered with quality and affordability in mind, can open doors for the next generation and connect local talent to global opportunities.
Together, these stories show that education supported by impact investing and private equity funds continues to play an important role in advancing inclusive growth. Through our SGGM portfolio, Sarona Asset Management demonstrates how impact funds can deliver financial returns alongside social outcomes.
