Dubai – Mubasher: The US private equity firm, TPG, is in talks to have the management rights of Abraaj Group’s $1 billion healthcare fund.
TPG is planning to combine Abraaj’s health care assets with its Rise Fund to achieve positive social and environmental impact, in addition to the expected high returns, Bloomberg News reported late on Monday.
Abraaj’s fund was mandated to provide economical quality healthcare services to lower-income patients in sub-Saharan Africa and South Asia.
“We have a long history of investing in forward-thinking health-care solutions around the world, including in emerging markets," co-founder and CEO of The Rise Fund Bill McGlashan commented.
On Monday, informed sources told Reuters that Actis Capital, a multi-asset emerging market investor, was selected as a preferred bidder for the management rights of Abraaj’s Africa funds.
Meanwhile, Canada’s Brookfield Asset Management is set to manage Abraaj’s Turkey Fund, while the US Colony Capital will take over the Emirati collapsed private equity company’s Latin America fund, the sources added.
Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.
