His GEMS Education, the world's largest operator of K–12 schools with 89 worldwide, offered shares to its teachers in a bid to deter rivals from poaching them. The private education firm, which counts the Blackstone Group among its investors, borrowed $250 million in April to fund expansion in its Middle East stronghold. Varkey is well connected: former U.S. president Bill Clinton was honorary chairman of nonprofit arm Varkey Foundation until 2015 and reportedly received $5.6 million in consultancy fees from GEMS.