DUBAI, United Arab Emirates--(BUSINESS WIRE)--Investors in the Abraaj Growth Markets Health Fund (“AGHF” or “the Fund”) have today underlined their strong commitment to AGHF by announcing the appointment of global consulting firm, AlixPartners, to oversee the separation of AGHF from the Abraaj Group to ensure the long term success of the Fund in delivering accessible, affordable and quality healthcare in developing countries.
AGHF is a US$1 billion investment fund with a mandate to provide affordable, high-quality healthcare to under-served low and middle-income patients throughout Sub-Saharan Africa and South Asia, with performance measured by both financial returns and development impact metrics. The Fund is now in the process of separating from the Abraaj Group to ensure continuity and build a stable platform for the future.
The recently announced appointment of provisional liquidators over Abraaj Holdings and Abraaj Investment Management Limited (“AIML”), the investment manager of the Fund, does not impact the day to day operations of the Fund’s portfolio. AlixPartners is now working alongside the Fund’s senior operational team and the provisional liquidators of AIML and supporting the search for a permanent replacement investment manager to manage the Fund and continue its vital work.
Simon Appell from AlixPartners commented:
“The Abraaj Growth Markets Health Fund is helping to deliver accessible, affordable and quality care for low and middle-income people in 10 of the largest cities in Sub Saharan Africa and South Asia, and we want to see that continue. We’re working with the Fund’s investors, its senior operational team and the provisional liquidators as part of ongoing discussions with several potential replacement managers for the Fund who will continue to support its investee businesses.
“We are delighted that investors continue to support and finance the Fund as it goes through this transition and thank management, portfolio company founders, and advisors for their assistance and support of the Fund’s mission.”
Investors in the Fund include the Bill & Melinda Gates Foundation, CDC Group plc, International Finance Corporation, Medtronic, OPIC, Philips, and Proparco.
About Abraaj Growth Markets Health Fund
The Abraaj Growth Markets Health Fund believes in the power of private capital to bring solutions to some of the world’s most pressing challenges. Delivering accessible, affordable and quality care is the centrepiece of our healthcare strategy. The Fund is measured by both financial returns and impact metrics and is firmly targeted at Sustainable Development Goal 3, to bring healthy lives to the communities it serves.
Partnering with NGOs, industry and governments our aim is to transform healthcare delivery systems for low and middle-income segments of the population in 10 of the largest cities in Sub Saharan Africa and South Asia.
To date the Fund has ownership interests in 26 hospitals, 17 clinics and 32 diagnostics centres in India, Pakistan and Kenya and is in the process of entering the market in Nigeria.