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Private equity firm

Actis is considering the sale of an Indonesian private education company in a deal that could be worth around $100 million, according to people familiar with the matter.

Actis is working with an adviser to gauge potential buyers interest in the Singapore Intercultural School Group, said the people, who asked not to be identified as the information is private. The sale of SIS Group could launch as early as the end of March, the people added.

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The buyout firm acquired the asset when it took over funds formerly managed by Abraaj Group, one of the people said. 

Discussions are at early stage and Actis could decide not to proceed with a sale, the people said. Representatives for Actis and SIS Group didnt immediately respond to requests for comment.

Southeast Asias private education assets have been in high demand as private equity and other investors try to tap into the regions growing middle class. 

Established in 1996 by Jaspal Sidhu, SIS Group schools teach the Singapore, Cambridge and International Baccalaureate curricula to students from pre-school to junior college, according to its

website. The Group operates seven schools in Indonesia as well as locations in India, Myanmar and South Korea. It plans to add four additional facilities in Indonesia, the website shows.

In 2004 Actis was spun out of British International Investment, the U.K. governments development-finance institution known at the time as CDC Group. Actis has raised about $24 billion since inception, according to its

website. It took over

several of Abraajs vehicles in 2019, after the Middle Eastern firm collapsed amid allegations of misusing investor funds.