The growth of the international education market and the expansion of global school brands – key trends

As families become more internationally mobile and emerging economies continue to develop, international schools have grown into an important segment of the global education sector. This has created opportunities for established school brands to expand beyond their home markets and develop new campuses in some of the world's fastest-growing regions. We look at trends in the United States, Asia, Middle East and Europe and examine what are the key drivers of expansion, as well as the influence of hybrid education, AI and the importance of language and culture in international school provision.

Expanding provision in international schools

Education is now a multinational enterprise. Private equity firms, sovereign wealth funds and specialist education operators are investing heavily in the development of new schools and education platforms. Large education groups are consolidating the market through acquisitions and partnerships, and schools with strong internationally recognised brands are looking for opportunities in new markets.While many schools were originally family-owned enterprises, in recent years there has been investment from private equity firms for whom education is a long term, cash-generative business.Historically, international schools were primarily set up to serve the children of expatriate families working overseas. Today, however, a large proportion of students attending international schools are local families seeking an internationally recognised curriculum, and a pathway to leading universities around the world, as well as more traditional expat families. Programmes such as the International Baccalaureate (IB) as well as the British and American curriculums are popular among parents who view international schools as offering greater options for students and providing a potential gateway for universities in the UK, Canada, Australia and the United States.

What is driving the growth of international schools?

The number of international schools worldwide has grown steadily, particularly across Asia, the Middle East, and parts of Africa. Locations such as Dubai, Singapore, Bangkok, Ho Chi Minh City, and Shanghai have become major hubs for international education, attracting investment from existing operators of schools groups and institutional investors including private equity funds. At the same time, emerging markets in countries such as Vietnam, India, and Indonesia are witnessing strong demand as the growing middle classes there look for quality schools for their children.“Private equity has been investing in education for the best part of twenty years,” says Ashwin Assomull, partner and founding member of the Global Education Practice at L.E.K.Consulting.“There has been more capital going into this market because as schools expand and you build out your footprint, you need capital. Private equity is a natural source of that capital, because it tends to take a five year view, although many funds have a longer term horizon even than that.”He cites Nord Anglia Education, which has had private equity investment since 2010, and Dukes Education which has funding from KKR. International Schools Partnership (ISP) has backing from CVC, and Inspired Education has backing from Stonepeak, Warburg Pincus, and a number of other private equity funds. GEMS, based in Dubai, has capital from Brookfield Asset Management, having previously had CVC as a stakeholder.“Private equity is very much part of the financial structure for a lot of these school groups,” he says. “The attraction for private equity investors is the very solid, stable returns, low volatility, and good performance even through recessions. If you have got a K-12 school, the child can join in kindergarten and stay all the way through to 12th grade, so you have a lot of revenue visibility, and you have good working capital conditions, since you get paid your fees at the start of the term, three or four months in advance. You pay your rent and your teacher salaries on a monthly basis, and if you have a successful school, you can increase fees in line with inflation or more, which makes it a very attractive investment for private equity.”The global reach of education platforms also appeals to investors because having schools in different geographical regions means the portfolio of assets can be diversified.“It helps to de-risk the portfolio,” he explains. “If your Middle East platform has a downturn in enrolment because the macro situation is not favourable, your Asia portfolio might be performing better. With a globally diversified portfolio you can smooth out any shocks to the system.”

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Related reading

• Key trends in Asian and Middle Eastern markets
• International school openings create more options for families
• Learning in an AI-shaped world

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Opportunities in the Middle East

Rising economic prosperity in developing regions has increased the number of families able to afford international school fees. Governments in some countries, such as Dubai, are also encouraging private sector participation in education to meet growing demand and attract foreign investment. However, with this comes a stipulation that schools must also adhere to the government vision and requirements.“For any school planning to expand outside their home market, it is important to do your research carefully,” says Ashwin Assomull of L.E.K. “It is not just about the country or city, it is about the catchment area that you will be targeting,” he explains. “Make sure that you have selected the right partner. Do thorough due diligence and be very clear to the board of governors how much control you are actually going to exert in the school. An emerging trend is that the investor is part of an established education group and wants to run the school their own way using the British school brand, and the education group that is investing may already have a lot of experience in teaching and learning. That can sometimes be more successful than using a local partner and can help to derisk the project.”L.E.K. has offices in Bahrain, Riyadh, Dubai, and Abu Dhabi, and all the schools are currently fully open. Despite political events over the past few months, the number of live projects has not declined, and Mergers and Acquisition (M&A) activity is continuing, he says. Likewise, there are still greenfield projects going ahead across the Middle East, including Kuwait, Bahrain, UAE and Saudi Arabia.This is part of a larger overall trend where leading international school brands are pursuing ambitious expansion strategies, forming joint ventures, or directly operating new campuses overseas. British independent schools have been successful in exporting their educational models. Public schools such as Harrow, Wellington, Dulwich and others have developed international networks, capitalising on their globally recognised brands.

The challenges of the international education market in the United States

Pam Mundy, of Pam Mundy Associates, a consultancy to many of the world's leading school and education groups, says that each market and each country has different challenges and different opportunities.“There is a misconception that the United States market is too difficult for international or British schools to expand into,” she says. “It is true that legislation is challenging, and that there are some high quality American private schools, both day and boarding, there already.  However, the landscape and demographic is changing. Some schools have had a mixed experience there, so it is important to understand the territory you are going into as well as the education opportunities.”She says it is critical to understand what the American demographic is, state by state, and where families might want a new school, what the legal requirement are, which may also differ according to state.“There are opportunities for British brands, as long as you go in with the understanding that a renowned brand in the home country may or may not mean something in the US, and that a less well known or more obscure school may have an equal opportunity,” she says. There is definitely room for the smaller and the medium-tier brands, too.Another opportunity that schools don’t always make the most of is connections with their own alumni who might be working in the territories that they are expanding into. Depending on the career trajectories of such contacts it is always worth tapping into potential networks, partnerships and investment.“What is more, they understand the market, they talk to each other, and may be parents themselves, and so have an idea of where the market potential is and are aware of emerging markets,” she says.New opportunities have recently been identified in Texas, particularly Houston which is being hotly tipped as a ‘new Silicon Valley’, and Florida, which is driven by those seeking lower financial outlay than that expected in New York.“Tennessee and Georgia, including Atlanta, which is another centre for ‘tech innovation, has attracted a new demographic of families.”She says there are a lot of affluent parents in the US who are looking for alternatives to what is being offered by American private schools,” she adds.“There is a perception, although it does not apply to every school, that there is a certain lack of academic rigor and a lack of innovation in the American curriculum, compared with a qualification like the International Baccalaureate for example. American universities are always going to be popular destination targets, and the likes of MIT and Harvard are desirable for international as well as home students.”Before moving into a new area, it is important to look at market research and data. It is also essential to understand the lived experience of the people who are already domiciled and working there, she says.

The role of Artificial Intelligence (AI) in teaching and learning

Advances in technology and global connectivity are now enabling school groups to maintain consistent educational standards across multiple campuses while sharing expertise, curriculum resources, and leadership talent.Alejandro Delso Segovia, Head of Strategy and Development at SEK Education Group, says AI is also now being integrated into the curriculum both in terms of teaching, and in the wider context.“We know our students are going to be using AI, and not only for coursework, but in their daily life, so we need to teach them how to use it properly and how to think critically,” he explains. “It is about making sure our students can really be prepared for the world they are going to live and work in and helping them be ready to adapt to a world that is going to change very fast.”SEK’s online school, which offers the International Baccalaureate, has had students graduating who are international sports athletes, models, Formula One drivers and footballers, for whom regular school would not be possible.Mark Steed, founder of Steed Education, says online schooling is following the pattern of other disruptive technologies, starting at the margins before moving into the mainstream. He says that while online schools were initially set up for students who were unable to cope with mainstream school, as well as elite athletes and performance artists, the demographic is changing.“It started at the margins but is growing ever faster,” he explains. “That is partly because the margins themselves are getting wider. There are more children with SEND, more children with mental health issues, and it is moving from being outside the mainstream to gradually being acknowledged.” He says it is also popular with students who cannot be in school because they are performing at an elite level in sport or the arts.

International school trends in Europe

Across Europe, families are moving for work, for political reasons, or because they want to experience different opportunities, and as a result the international school landscape is appealing to a very wide range of students.“There is a lot of movement within Europe right now, with international students wanting to come to Europe, and particular Spain, in order to study,” says Alejandro Delso Segovia of SEK. “Madrid has an amazing pool of international communities moving to the city, and we are very lucky to have three schools in Madrid. Barcelona is also popular and we are seeing a big demand for school places right across Spain. Ireland has been a big hub for technological companies lately, so that has been popular too with families moving there.”He says the injection of private equity funding into schools has professionalised the offering, but that it is still important to ensure that students and their families are still at the centre of the school experience.“We are a family-owned business and so our vision is to ensure students are the centre, and to provide academic excellence and quality,” he says.

What are the trends for international education going forward?

Looking ahead, the international education market is expected to continue growing as demand for globally recognised qualifications increases. School brands that successfully combine educational quality, strong governance, and local market understanding are likely to benefit most from this trend. As new campuses open across emerging regions, international schools will continue to play an important role in contributing to the economy of that region.“There are some really interesting new territories where schools are opening up,” says Pam Mundy. She cites expansion into Turkey, Kazakhstan and Uzbekistan as examples, as well as Morocco, Brazil, Chile, Costa Rica and Peru. Meanwhile, Thailand, Vietnam and Japan are leading the way in Asia. Nigeria has recently seen interest, as have other parts of West and East Africa.However, she says that for all new territories, it is important for schools not to head ‘where everyone else is going’, without considering in depth, why that territory is attractive and whether the context, culture and ‘climate’ is an appropriate match and will be supported at governance level.“Any school that is planning to establish a new campus overseas should be doing so with the understanding of taking the quality of the base school to enhance the quality that already exists in the chosen location,” she says. “Some schools carry the misconception that the existing quality of education in many overseas locations is not comparable to British or American schools. That is simply not true – and something that international regulators are quick to note.“We all need to remember and respect the fact that the drive should be to enhance the quality that is already on offer and by doing so, to add the growth and status of the home base,” she says. 

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