TPG, a San Francisco and Fort Worth, Texas-based private equity investment firm, is discussing taking over management of Abraaj Group's $1 billion healthcare fund, according to a Bloomberg report.
Under the arrangement, the healthcare fund would potentially combine with The Rise Fund, which is led by TPG. The healthcare fund aims to help provide affordable, high-quality healthcare to low and middle-income residents in Sub Saharan Africa and South Asia, through investors, including the Bill & Melinda Gates Foundation and the World Bank, according to the report. The Rise Fund aims to make a social and environmental impact while achieving competitive financial returns.
"We have a long history of investing in forward-thinking healthcare solutions around the world, including in emerging markets," Bill McGlashan, co-founder and CEO of The Rise Fund, told Bloomberg.
He said combining Abraaj Group's healthcare fund and The Rise Fund would build "on our shared commitment to accessible, affordable, quality healthcare and evidence-based, measurable impact."
In July, TPG, Humana and Welsh, Carson, Anderson & Stowe completed the acquisition of Louisville, Ky.-based Kindred Healthcare.
Abraaj has appointed liquidators as it restructures its debt.
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