DUBAI (Reuters) – U.S. personal fairness agency TPG stated on Thursday it has signed a definitive settlement to takeover the management of a healthcare fund, beforehand managed by collapsed personal fairness agency Abraaj.
The fund will probably be renamed Evercare Health Fund, it stated in a press release.
Abraaj, as soon as the Middle East and North Africa’s largest buyout fund, had a row with buyers together with the Bill & Melinda Gates Foundation and the International Finance Corp over the use of cash in a $1 billion healthcare fund.
The row led to months of monetary turmoil on the Dubai-based agency which filed for provisional liquidation final yr.
Last month Abraaj’s founder Arif Naqvi was arrested in Britain and is awaiting potential extradition to the United States the place he faces expenses of defrauding buyers. He has maintained his innocence.
TPG stated the healthcare fund will proceed with its essential mission of offering reasonably priced and high-quality healthcare throughout Africa and South Asia.
The buyers embrace Bill & Melinda Gates Foundation, the Overseas Private Investment Corp, IFC, CDC Group, Proparco, Philips and Medtronic, it stated.
Liquidators for Abraaj, which at its peak managed $13.6 billion in belongings, try to attain offers for some of the personal fairness funds managed by the collapsed agency.
Colony Capital Inc has agreed to purchase Abraaj’s personal fairness enterprise in Latin America, whereas Actis is the front-runner for the $1 billion Abraaj Private Equity Fund IV, nevertheless it nonetheless wants to persuade buyers within the fund to vote for the deal.
(Makes clear fund can be renamed, somewhat than turn out to be a brand new fund)
Reporting by Saeed Azhar; Editing by Alexandra Hudson