2U has obtained growth capital and refinanced its existing credit facilities

As higher education and workforce development continue to shift toward flexible, online models, access to capital has become a key differentiator for platforms positioned to scale globally. Global demand for online education continues to grow, with the market projected to reach over $200B in the coming years and increasing adoption across both universities and enterprise learners. 2U’s recent refinancing reflects both a broader reset in the edtech sector and renewed focus on sustainable growth and long-term value creation.

2U

2U is a higher education company that partners with the world’s top universities and corporations  to build education programs that accelerate careers and transform lives. Through more than 250 institutional and enterprise partnerships, 2U develops and delivers over 5,300 online programs, reaching more than 100 million people worldwide through edX, 2U’s global learning platform. From executive education and professional credentialing to master’s degree programs and free, open courses, 2U aligns education with workforce needs, enabling professionals to advance without pausing their careers. 

The Deal

Lincoln International served as exclusive financial advisor to 2U in connection with a growth recapitalization and refinancing of the company’s existing credit facilities. The transaction included the arrangement of committed debt financing and the contribution of growth capital by 2U’s owners in support of the company’s long-term strategy and continued investment in its business. Lincoln worked closely with 2U’s management team throughout the process, leveraging its deep expertise in the education technology sector and broad reach in the private capital markets to deliver a tailored capital solution aligned with the company’s strategic objectives. The transaction meaningfully improves 2U’s capital structure, extends the maturity of its credit facilities, and provides the financial flexibility to continue executing on its long-range plan.

With a global learner network of over 100 million and more than 5,300 programs through edX, 2U is uniquely positioned at the intersection of higher education and workforce reskilling. The additional flexibility from this transaction enables continued investment in scalable, career-aligned programs that meet growing demand for upskilling in an AI-driven economy.

Our Perspective

Alex Stevenson, Managing Director at Lincoln International who led the transaction, commented, “Lincoln was pleased to serve as financial advisor to 2U on this growth recapitalization and refinancing. The company has made meaningful operational progress — deepening its partnerships, expanding learner access, and strengthening its market position. This transaction reflects the confidence of 2U’s owners in the long-term value of the business and gives the management team the financial foundation to keep executing on its mission.”

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