Khawar Mann, the CEO of the $1bn healthcare fund previously managed by Dubai-based private equity firm Abraaj, has resigned "to pursue new opportunities", according to a memo sent to employees, Reuters reported.
The news comes after TPG Capital announced last week it would purchase the vehicle and use it to make investments alongside its $2bn Rise Fund. Andrew Currie is set to lead the fund in an interim role.
"A search is underway for Khawar's replacement and you will of course be informed as soon as this key role is confirmed," it said.
A search is underway for Khawar’s replacement and you will of course be informed as soon as this key role is confirmed"
Once the Middle East and North Africa's largest buyout fund, Abraaj collapsed last year in the world's biggest private-equity insolvency case in the aftermath of a row with investors, including the Gates Foundation, over the same healthcare fund.
Investors, which also include the Overseas Private Investment Corp, IFC, CDC Group, Proparco, Philips and Medtronic, had alleged mismanagement of money in the fund and commissioned an audit to investigate Abraaj.
Abraaj filed for provisional liquidation in June in the Cayman Islands shortly after and three of its senior executives have since been arrested in the US and UK.
Top-up scheme for next six months