Hillhouse’s Real Estate Platform, Rava Partners, Expands Portfolio Of Education-Oriented Assets With First Acquisition In The Middle East

Elevate, a portfolio company backed by Rava Partners in collaboration with Alta Capital, today announced the acquisition of the real estate of Hartland International School (“HIS”) in Dubai from NBK Capital Partners Real Estate Fund advised by Janus Henderson Emerging Markets Private Investments Limited (“JHEMPIL”), valuing the school property at US$100 million. This acquisition marks Rava Partners debut in the GCC region and reflects Elevate’s strategy to scale high-quality educational infrastructure in key global markets.

Hillhouse Investment (“Hillhouse”), together with Rava Partners’ senior management, established the real assets platform Rava Partners in 2020. Alta Capital is the exclusive operating partner for Rava Partners in India, bringing valuable educational expertise which is of strategic relevance to this transaction.

Conveniently located in Mohammed Bin Rashid City, just a 10-minute drive from the Burj Khalifa and the centre of Dubai, HIS is a prestigious K-12 school set on nine acres of freehold land. Founded in 2015, the school provides the UK curriculum to its 2,050+ students and ranks among the top schools in Dubai. The school is under a long-term lease managed by Meraki Education, which oversees four schools across Singapore and Dubai, including HIS.

The deal builds on Elevate’s successful track record of investing in education-oriented infrastructure in India and marks its first commitment to the Gulf Cooperation Council (GCC) region. Established in 2023 by Rava Partners and its Indian operating partner – Alta Capital, Elevate specializes in the development and management of premium K-12 schools and student accommodation facilities. Currently, Elevate owns more than 30 education-oriented assets across India, valued at approximately US$1 billion, that serves more than 90,000 students.

“This acquisition is a strategic milestone for Elevate as they enter the dynamic and growing Middle East market” said Joe Gagnon, Co-Head of Rava Partners. “We see education-focused real assets as a compelling opportunity to capitalize on the GCC region’s growth, driven by strong demographic trends and a robust demand for high-quality educational offerings.”

Sid Gupta, Founder & Managing Partner of Alta Capital added “Hartland International School highlights the exceptional educational infrastructure available in the GCC. With our expertise in this niche real asset category, we are well-positioned to identify and invest in more opportunities like this. Backed by a strong team and deep operating experience, we’re actively expanding our presence in the GCC, to invest in high-growth compelling sectors that align with our long-term, impact-driven real asset approach.”

The seller, NBK Capital Partners Real Estate Fund advised by Janus Henderson Emerging Markets Private Investments, is a leading investor in the region and has played a significant role in developing premium education infrastructure in the GCC.

Yaser Moustafa, Head of Investments at JHEMPIL said: “We are delighted with the successful exit of this asset. We are confident in Elevate’s ability to be a valuable long-term partner to Meraki and local businesses in the Middle East. This transaction reflects the growing interest in education infrastructure and the continued strength of institutional demand for alternative assets, including real estate, in the region.”

Standard Chartered Bank acted as the sole lender to this transaction.