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Aug, 03 2018

TPG, KKR emerge as contenders for Abraaj’s healthcare fund

The two firms are about to start due diligence, as they have complete reach to the healthcare fund’s virtual data room, with offers expected in the next few weeks.

Two leading investor firms, Buyout firms TPG and KKR & Co have turned as the vying firms to run Dubai-based private equity firm Abraaj’s troubled $1 billion healthcare fund, three sources familiar with the matter said.

The two firms are about to start due diligence, as they have complete reach to the healthcare fund’s virtual data room, with offers expected in the next few weeks, two of the three sources said.

The two of the sources said, they have emerged as frontrunners from an initial list of six bidders, , adding that some had been told investors wanted a potential manager with a large balance sheet and the ability to handle multiple regulators.

TPG is trying to do the deal through its Rise Fund, its $2 billion impact investment vehicle which counts Irish rock star Bono among its founders, said one of the sources.

The sources wished anonymity because details of the sale process are not public.

Abraaj’s healthcare fund became disputed since investors such as the Bill & Melinda Gates Foundation and International Finance Corp (IFC) started to put Abraaj on trial for how itused some of its money.

This triggered months of turmoil at the Middle East and North Africa’s biggest buyout fund, which halted its fundraising activities and shook up its management as it tackled ensuing debt repayment problems.

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