The Ontario Teachers’ Pension Plan is among the investors contributing more than US$1.6 billion in Series E+ financing to Zuoyebang, a China-based online education start-up.
Other investors in this round include Alibaba Group Holding Ltd., FountainVest Partners (Asia) Ltd., Sequoia Capital China, Softbank Vision Fund and Tiger Management Corp. The funding will be used to develop the company’s live-streaming courses, enhance its after school education technology and strengthen its existing product portfolios, according to a press release.
In another deal, Duo Bank of Canada, a financial services firm supported by the Ontario Teachers’, Stephen Smith and Centerbridge Partners L.P., is completing its purchase of all outstanding shares of Fairstone Financial Holdings Inc.
The acquisition, announced last February, includes Fairstone’s operations, subsidiaries and its approximately 1,400 employees. The Montreal-based lender has more than $3 billion in assets on a consolidated basis, according to a press release.