Chinese education services provider Minsheng Education Group and financial services firm CICC Capital, a unit of China International Capital Corp., intend to establish a merger and acquisition (M&A) fund.
The vehicle intends to secure 10 billion yuan ($1.5 billion) over four phases to infuse in the private higher education industry.
Minsheng Education Group said that it will have the first priority to buy assets being divested by the M&A fund at the same terms as other potential buyers.
The company has raised a total of $25 million in over 1 funding round.