Oakley Capital has invested €85m for a 79 per cent stake in German higher education company Career Partner Group.
The business has been bought from US parent company Apollo Education Group. Career Partner Group chief executive Sven Schütt and his management team will also invest.
Career Partner Group, previously known as Apollo Global Germany, operates mainly under the International University of Applied Sciences Bad Honnef brand. It has more than 13,500 students enrolled in a range of programmes from online degrees to corporate training.
For the year to August the company reported €61.3m of turnover and €10.3m of Ebitda.
Oakley has invested from its third fund, which closed at €800m last month. Bluebay provided a unitranche debt facility for the deal.
Apollo Education Group was acquired by a consortium including buyout giant Apollo Global Management earlier this year.