TPG to take over management of Abraaj fund

TPG has agreed to take over management of the $1 billion Abraaj Growth Markets Health Fund from defunct private equity firm Abraaj Group, spokesman Frank Thomas said in an email.

The fund will be renamed The Evercare Health Fund and will be managed by TPG Growth, TPG's middle-market and growth equity business that manages the TPG Rise Fund, according to a news release. As part of the transaction, TPG and The Rise Fund will support the health fund's existing portfolio and commit to invest in future fund opportunities in the health-care sector across Africa and South Asia.

"After an extensive search for a new manager, we're pleased to announce that TPG will take over control of the assets of the Abraaj Growth Markets Health Fund," said the members of the Limited Partner Advisory Committee in a written statement. "The LPAC investors remain deeply committed to the fund and its mission and look forward to working with the new managers to support businesses that can improve the health and well-being of underserved people across Africa and Asia."

Limited partners in the fund include the $50.7 billion Bill & Melinda Gates Foundation; Overseas Private Investment Corp.; International Finance Corp.; CDC Group; Proparco, a subsidiary of Agence Francaise de Developpement; Koninklijke Philips; and Medtronic.