Jun 2, 2026 – 6.31pmIt’s been more than a decade since Pacific Equity Partners acquired Up Education, the largest privately owned provider of tertiary education in Australia and New Zealand.Now, the local buyout giant is crunching the numbers on a chunky new purchase as its dealmakers turn their attention to scaling the education outfit ahead of a rebooted auction in 2027.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
PEP’s Up Education does the sums on online degree provider Keypath
While terms have not been agreed and a deal is some way from signing, a merger between Up Education and Keypath would create a business making north of $200 million in earnings.
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