Investors pick firm to oversee separation of Abraaj health fund
Investors in the Abraaj Growth Markets Health Fund (AGHF) on Sunday announced the appointment of global consulting firm AlixPartners to oversee the separation of AGHF from the Abraaj Group to ensure the fund's long-term success in delivering accessible, affordable and quality healthcare in developing countries.
The AGHF is a $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, said a Press statement issued on Sunday.
AlixPartners is now working with 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.
"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," said Simon Appell from AlixPartners.
"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," Appell said.
Investors in the fund include the Bill & Melinda Gates Foundation, CDC Group plc, International Finance Corporation, Medtronic, OPIC, Philips and Proparco.
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