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Triple Point has provided a senior debt facility to support Pelican Capital's investment in education technology platform Steplab, a UK-based business serving more than 2,900 schools in Britain and overseas.
The financing is intended to help Steplab expand through organic growth and selective acquisitions. The company provides instructional coaching and professional development tools for schools, with a focus on structured coaching for teachers and school leaders.
Steplab has built its business around helping schools manage professional development internally rather than relying on external consultants. Its platform is designed to give schools greater visibility and consistency across teaching and leadership teams while supporting evidence-based coaching.
The transaction adds to Triple Point's activity in private credit for sponsor-backed and growth-focused businesses. It extends an existing relationship with Pelican Capital following earlier deals involving Atech and Capacitas.
Pelican Capital focuses on lower mid-market investments in B2B technology and tech-enabled services. Its backing of Steplab fits that approach, adding an education software company with a recurring revenue model to its portfolio.
"Steplab is a high-quality business with a clear purpose, helping improve teaching and professional development across schools at scale. It also has the robust financial qualities we look for, including strong recurring revenues, excellent retention and a product deeply embedded in its customers' workflows," said Dominic Reason, Head of SME Debt Finance, Private Credit at Triple Point.
"James Lowe led the transaction for Triple Point, working closely with Pelican Capital and the Steplab management team to deliver a financing solution that supports the next phase of growth. We're pleased to continue building our relationship with Pelican and congratulate everyone involved in delivering a great outcome."
The deal highlights the qualities lenders and buyout investors continue to favour in software and technology-enabled service businesses: predictable income, customer retention and products embedded in day-to-day operations. In education, those factors can carry particular weight because schools often face tight budgets and closer scrutiny of spending decisions.
Growth plans
Steplab's customer base suggests it has already reached notable scale in a specialist part of the schools market. Instructional coaching platforms have drawn investor interest as school groups and academy trusts seek more consistent approaches to teacher development and performance support.
The company's model is designed to embed coaching processes within schools rather than treat training as a one-off event. That can make software providers more attractive acquisition targets for private equity firms if they can demonstrate recurring subscription income and the potential to sell to larger groups of schools.
"Steplab has developed a highly differentiated platform with a compelling value proposition for schools and academy trusts. The business is well-positioned to continue scaling in the UK and internationally, supported by strong fundamentals and a clear growth strategy," said Troy Harris-Speid, Partner at Pelican Capital.
"In transactions like this, certainty of funding and a clear understanding of recurring revenue businesses are essential. Triple Point brought both, alongside a pragmatic and collaborative approach. We're pleased to be working with them again."
The transaction also underlines how private equity buyers continue to pair equity investments with tailored debt structures in the lower mid-market, where lenders often compete by offering more bespoke arrangements than larger syndicated debt providers.
Private credit focus
Private credit managers have sought to expand their role in deals involving founder-led and sponsor-backed companies, particularly where businesses have steady revenues but may sit outside the scope of mainstream bank lending. Technology and software businesses remain core targets because their revenue profiles offer lenders a clearer view of cash generation.
Triple Point manages about £2.5 billion across private credit and other investment areas, including clean heat, energy transition, social housing and ventures. The Steplab deal reflects the firm's continued push into financing specialist growth businesses in sectors where recurring income is central.
For Steplab, Pelican Capital's backing and Triple Point's debt support provide capital for expansion while leaving the management team in place. The investment supports the existing leadership as the business moves into its next stage of growth.