TPG to take on Abraaj healthcare fund

Healthcare fundThe $1 billion healthcare fund that was at the centre of the collapse of the Gulf Cooperation Council (GCC) region’s biggest buyout firm has finally found a home after US private equity firm TPG agreed a deal to take over the management of Abraaj’s Growth Markets Health Fund. The first step taken by TPG, which has $104 billion of assets under management, has been to rename it the Evercare Health Fund. No financial details of the deal have been disclosed, but the appointment of TPG has been welcomed by the fund’s advisory committee, who stated that its new managers remain committed to the fund’s original mandate to invest in healthcare assets in emerging markets. Over half of the fund has been invested in clinics and hospitals in south Asia and Africa and the fund had been managed in the interim by restructuring advisers, AlixPartners. In mid-2018 Abraaj found itself at the centre of an investor dispute when several key investors, including the Bill and Melinda Gates Foundation, queried the spending of the fund. The dispute led to the unravelling of the Abraaj Group and the prosecution of its founder, Arif Naqvi, and leading executives over allegations of fraud. Naqvi, who denies the charges, is currently under house arrest in the UK and is awaiting potential extradition to the US having failed to pay the $20 million bail bond, the largest of its kind ever ordered in the UK. ©2019 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Jan 04, 2019

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...


ROUNDTABLE: Hooked to the global caravan

Jan 04, 2019

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.