Education-focused private equity fund manager Kaizen Private Equity and the Asian Development Bank (ADB) have agreed to invest PHP1.6 billion (approximately USD31 million) for a 20 percent stake in Philippines-based education company Phinma Education Holdings. Kaizen will invest through Kaizen Private Equity II. Phinma Education is a subsidiary of Philippines-listed conglomerate Phinma Corporation and operates various higher education institutions in the Philippines. The transaction, which is subject to closing conditions, is expected to be completed by September 2019.