Project Description


Type of Investment: Corporate Carveout
Industry: Education Services
Initial Investment: October 2018
Fund: Allegro Fund III
Investment Status: Current
Contact: Fay Bou
Jeremy Trouncer
Theo Sun


During August 2023, Allegro Fund III rolled its investment into UP Education which is leading an industry consolidation.

Endeavour College was established in 1975 and is Australia’s largest higher education provider in natural therapies including Naturopathy, Nutrition, Acupuncture and Myotherapy. The college currently teaches over 3,500 students across six campuses in Adelaide, Brisbane, Gold Coast, Melbourne, Perth and Sydney.

In October 2018, Allegro acquired Endeavour Learning Group from its UK-based parent company Study Group. Allegro is represented on the board of Endeavour Learning Group by Fay Bou (Director) and Jeremy Trouncer (Director). Endeavour Learning Group was the second investment made in Allegro Fund III.

In July 2023, Allegro entered into a binding agreement with UP Education, a Pacific Equity Partners portfolio company, to acquire Endeavour Learning Group.

In August 2023, Endeavour was merged into the larger UP business.

UP Education is New Zealand’s largest private education provider. It is the rebranded Tertiary Division of ACG following the separation and disposal of the ACG K-12 Schools. UP Education educates ~23,000 students each year, and employs ~1,200+ staff across 50 campuses across New Zealand and Australia.

The transaction provides Endeavour with an opportunity to realise its potential within a larger, diversified education platform and for Allegro Fund III to maintain its exposure to the attractive and growing tertiary education sector.