On June 18, 2024, a consortium led by Brookfield Asset Management announced its investment in Dubai-based GEMS Education. The deal, expected to close in Q3 2024, will see CVC Capital Partners exit its 30% stake acquired in 2019. Other consortium members include Gulf Islamic Investments, Marathon Asset Management, and SOFAZ.

GEMS, founded by the Varkey Group in 1959 as a family business, has grown into a global education provider, educating 140,000 students. The Varkey Group remains a key shareholder and is known for its investments in education and healthcare globally.

GEMS also secured financing from UAE banks to refinance existing debt. A&O Shearman advised GEMS, Latham & Watkins represented the Varkey Group, and Ogier advised Brookfield.