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The private education risk premium

Summary:
At the start of the year, we had a look at the Alpha Plus Group, a lossmaking educational organisation with close ties to some of the biggest players in London property. The company was bought from a private equity firm by clients of Delancy Real Estate Management in 2007. That firm is run by Jamie Ritblat, the son of Sir John Ritblat, former chief executive of British Land.Alpha Plus controls 19 schools, colleges and nurseries, including the prestigious Wetherby School in West London, which counts Princes William and Harry among its alumni.One of the clearest examples of for-profit education in the UK, Alpha has also borrowed nearly £130m in retail bonds -- an approach to financing that has also been used by other organisations with prestige attached to their names, such as by Wasps Rugby

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