INSUBCONTINENT EXCLUSIVE:
Abraaj Healthcare fund have sacked Abraaj fund managers and appointed TPG as the general partner or GP- the manager of the fund
which lost the race for Fortis Healthcare in May, will now own a sizable hospital chain with ownership in Manipal Hospitals and Motherhood
Hospitals, and is in advanced stage of negotiations to buy Delhi-based Medanta Hospitals.
A TPG spokesperson declined to offer comment in an
emailed response, while the appointed liquidators to Abraaj did not reply to a mailed questionnaire.
Abraaj Group, founded by a Pakistani
businessman Arif Naqvi with headquarters in Dubai, has deployed about $1 billion in 27 healthcare firms across growth markets of Africa,
Asia, Latin America, the Middle East and Turkey.
Its investment in Care Hospitals was one of the contentious deals at the centre of the
ongoing investigation and liquidation of the Dubai-based group, accused by its LPs of misappropriation and mismanagement of funds
LPs, or limited partners, in industry parlance, are the investors in such private equity funds.
These multinational investors rally behind a
GP or fund manager to manage funds on their behalf and invest with them for a guaranteed return over 10-12 years of a typical fund cycle.
In
emerging markets, and especially South East Asian markets, will be taken over by TPG and Care Hospitals is one of the key assets of the
later smaller stakes owned by partner doctors in the company
The CARE Hospitals Group is a multispecialty healthcare provider, with 14 hospitals serving six cities across five states of India.
