Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

FMO has committed USD 15 mln to Kaizen Private Equity Fund II, a Fund focused on the education sector of emerging South and South East Asia, targeting a size of USD 125 mln. The Fund will invest in education, defined as core education (e.g. K-12 schooling), parallel education (e.g. preschool, test preparation), and enabling (e.g. technologies, books, Edtech, transportation and student housing), in India, the Philippines, Vietnam, Thailand and the rest of S/SE Asia. Kaizen is the only specialized education fund manager in developing Asia.

What is our funding objective?

The Fund will invest in equity and equity linked securities (e.g. convertible debt instruments) in growth and early-growth companies. Investments are sourced through Kaizen’s network (regionally and globally) or through the education activities that are attended/organized by Kaizen.

Why do we fund this investment?

FMO has invested in Kaizen Private Equity Fund II, as according to the World Bank, quality education is one of the strongest drivers of economic growth in developing countries. Education represents a major solution to reduce inequality among society members, and empower women’s’ positions, since it provides increased chances of getting a better job, increased individual earnings and financial independence. Additionally, better education means improved health, since people are better prepared to prevent diseases and use health services efficiently. Finally, education increases people’s cognition, which eventually leads to higher awareness regarding human rights and freedoms.

What is the Environmental and Social categorization rationale?

The E&S category is B for Kaizen Private Equity FUnd II, in line with the risk profile of the prospective investments in the education sector. Kaizen therefore mainly focuses on health and safety issues, non-discrimination in personnel and hiring practices and good working conditions. The Fund’s ESG policy commits to the IFC Performance standards and country-specific laws.

Sub investments


This data is updated annually so some investments might no longer be in FMO’s portfolio, while some newer investments may not yet be shown.

Name Country Region Sector
Blue Planet Environmental Solutions Pte Ltd ASIA ASIA Diverse Sectors
MindX Global 2 Pte. Ltd Viet Nam ASIA Diverse Sectors
Infrastructure, Manufacturing and Services
Effective date
Total FMO financing
USD 15.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)