The Gulf-incubated GEMS Education, run by second generation entrepreneur, Sunny Varkey, is on the lookout for a long term partner, failing which it will go for an IPO. The $ 6 billion valued GEMS, is the largest non-Government operator of private kindergarten-to-grade-12 schools in the world, teaching 140,000 students from 175 countries. Morgan Stanley and Goldman Sachs have been given the mandate to find a long term partner for GEMS by mid-2023. The hunt for a partner follows private equity firm CVC’s decision to exit its over 30% stake in the world’s largest private school operator. According to informed sources, ADQ (Abu Dhabi Developmental Holding Co) and real estate developer Alder have shown interest in GEMS. Sunny Varkey, who started in the healthcare business, later moved to run GEMS started by his parents. Varkey in a recent interview stated that he has no plans to relinquish majority stake in the company. In fact, he stated that he would prefer long term partners like sovereign wealth funds, infrastructure funds or even pension funds. And if the current exercise to find a long term partner fails, then the group will have no option but to go in for an IPO.