SINGAPORE - Private education institute PSB Academy on Tuesday (Jan 23) said it is now owned by London-listed Intermediate Capital Group (ICG), with its shareholding transferred from Baring Private Equity Asia. ICG's investment value in PSB was undisclosed.

In a media statement, Jin Tan, managing director and head of South-east Asia for ICG, said: "Education is a focus industry sector for ICG and PSB represents the second education related investment for ICG in the Asia-Pacific region.

"PSB will serve as an attractive platform for additional acquisitions in education in collaboration with the PSB management team who have demonstrated a strong track record of business growth."

Since 2016, PSB has registered a double-digit percentage growth in its student population, and would soon launch another multimillion-dollar campus in Singapore this year.

PSB's new campus will focus on growth sectors in STEM (Sciences, Technology, Engineering and Mathematics).