May 8, 2025, Dubai – 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.
About Hillhouse – Rava Partners:
Founded in 2005, Hillhouse Investment (“Hillhouse”) is a global alternative investment manager dedicated to partnering with high quality businesses for the long-term. With nearly two decades of experience, Hillhouse has grown to be among the largest alternative asset managers with a range of investment strategies that span public equities, private equity (across buyout, venture capital and growth strategies), private credit and real assets. Hillhouse collaborates with industry-defining enterprises, aiming to establish alignment with sustainable, forward-thinking companies across healthcare, business services, consumer, and industrial sectors. The firm manages capital on behalf of leading institutional clients worldwide, including university endowments, foundations, and sovereign wealth funds across the Americas, Europe, Asia and the Middle East. For more information, visit www.hillhouseinvestment.com.
Rava Partners invests in real assets, partnering with quality business leaders to build the physical infrastructure that underpins Asia-Pacific’s new economy. Rava Partners builds real asset platforms in growth sectors of Asia’s economy such as education, logistics / industrial, life sciences / healthcare, multifamily accommodation, digital infrastructure and other specialized asset classes. Rava Partners is the real assets fund established by Hillhouse together with Rava Partners senior management in 2020 as a complement to Hillhouse’s broader private investment platform. Since its launch, Rava Partners has committed more than US$3 billion in 18 real estate companies across the Asia Pacific region. For more information, visit www.ravapartners.com
About Janus Henderson Emerging Markets Private Investments Limited: Janus Henderson Emerging Markets Private Investments Limited (“JHEMPIL”) is the wholly-owned subsidiary of the Janus Henderson Group plc focused on emerging markets private capital. JHEMPIL currently manages and advises investment funds across Private Equity, Private Credit and Real Estate strategies. The investment team at JHEMPIL and its predecessor firm, NBK Capital Partners, has successfully advised on closing 39 investments across a variety of sectors in the MENA region, with 30 exits to date. JHEMPIL is regulated by the ADGM Financial Services Regulatory Authority with Financial Services Permission no. 220149. Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of March 31, 2025, Janus Henderson had approximately US$373 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the New York Stock Exchange (NYSE). For more information, visit www.janushenderson.com