(PEHub) Singapore sovereign wealth fund GIC said on Friday it has acquired an 18.5% stake in Brazilian education services company Abril Educacao.

GIC did not say how much it paid for the stake in Abril, a leading player in Brazil’s primary and secondary education market. Based on Abril’s latest closing share price, the stake is worth about $265 million.

Funds managed by Brazilian buyout firm Tarpon Investimentos in June also took a significant stake in Abril.

GIC has recently stepped up investments in Latin America, recently buying a stake in Brazilian online sports goods retailer Netshoes. It also opened an office in Brazil earlier this year.