TPG in talks to take over Abraaj’s $1bn healthcare fund

Pedro Gonçalves
TPG in talks to take over Abraaj’s $1bn healthcare fund

TPG, a San Francisco and Fort Worth, Texas-based private equity investment firm, is discussing taking over management of Abraaj Group’s $1bn healthcare fund, according to a Bloomberg report.

The firm is exploring combining the healthcare fund with The Rise Fund, which aims to achieve market returns while also making a positive social and environmental impact.

The healthcare fund aims to help provide affordable, high-quality healthcare to low and middle-income residents in Sub Saharan Africa and South Asia, through investors, including the Bill & Melinda Gates Foundation and the World Bank, according to the report.

“We have a long history of investing in forward-thinking healthcare solutions around the world, including in emerging markets,” Bill McGlashan, co-founder and chief executive of The Rise Fund, told Bloomberg.

He said combining Abraaj Group’s healthcare fund and The Rise Fund would build “on our shared commitment to accessible, affordable, quality healthcare and evidence-based, measurable impact.”

In July, TPG, Humana and Welsh, Carson, Anderson & Stowe completed the acquisition of Louisville, Ky.-based Kindred Healthcare.

Abraaj was once one of the most influential emerging market investors until its dramatic collapse this year and court-appointed liquidators are trying to settle debt owed.

TPG said in the statement that the parties involved expect the transition to take place during the fourth quarter of this year, subject to approvals.