Debevoise & Plimpton LLP has advised TPG in its definitive agreement to take over management of the existing assets of the Abraaj Group’s $1 billion Global Healthcare Fund. The fund will be named the Evercare Health Fund and will be managed by TPG Growth, the middle market and growth equity investment platform of TPG that also manages The Rise Fund, a global impact investing fund.
Together with existing investors, which include leading development finance institutions such as the Bill & Melinda Gates Foundation, the Overseas Private Investment Corporation, the International Finance Corporation, CDC and Proparco, TPG will continue the critical mission of providing affordable, high-quality healthcare across Africa and South Asia.
As part of the transaction, TPG, as general partner, and The Rise Fund will support the fund’s existing portfolio and commit to invest in future fund opportunities.
The Evercare Health Fund’s investments are integrated under a common operating platform known as Evercare, which will continue to be managed by a central executive leadership team based in Dubai. The Evercare platform is comprised of operating hospitals, diagnostic centers and other facilities in India, Kenya, Nigeria and Pakistan, as well as new facilities and projects in development in these markets. The Evercare Health Fund, alongside TPG and The Rise Fund, will support existing assets and make new investments to support the growth of the Evercare platform.
TPG is a leading global alternative asset firm founded in 1992 with more than $104 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul and Singapore.
The Rise Fund is a global investment fund, managed by TPG Growth, and is committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns.
The Debevoise team that advised TPG on the transaction was led by Geoffrey P. Burgess, and included partner Andrew L. Bab, international counsel Philipp von Holst, and associates David M. Becker and David P. Iozzi. Fund advice was provided by partner Geoffrey Kittredge, international counsel Matthew Dickman and Delphine Jaugey, and associate Muhammed Ibrahim Khan. Tax advice was provided by partner Rafael Kariyev, and associates Samuel M. Duncan and Veronika Polakova. Finance advice was provided by counsel Armando Rivera Jacobo. Additional support was provided by partners Jonathan F. Lewis and My Chi To, and associate Christopher Garrett.
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