This archive report was first published on 28 July 2019.
On July 28, 2019, the Competition Authority of Kenya (CAK) cleared a US private equity fund, TPG, to take over Avenue, Nairobi Women's, Metropolitan, and Ladnan hospitals from the troubled Abraaj Group.
The takeover, which will be overseen by the Bill & Melinda Gates Foundation and US pension funds, marks the end of speculation over the fate of the four private hospitals based in Nairobi with 10 satellite hospitals and 18 clinics across Kenya, totaling 700 beds.
TPG, which will be renamed Evercare Health Fund, will oversee the hospital's operations on behalf of the investors, who provided financing exclusively for healthcare investments through Abraaj Growth Markets Health Fund LP (AGHF).
"The proposed investment by TPG in assets held by Abraaj Growth Markets Health Fund LP and Abraaj Growth Markets Health Fund (B) L.P has been authorised," said CAK director general Wang'ombe Kariuki.
The deal was overseen by US consulting firm AlixPartners, which represented the US investors in the ongoing liquidation of the Dubai-based Abraaj Holdings.
The investors said this ensures the long-term survival of the Kenyan investments, which are part of healthcare properties in Kenya, Nigeria, and Pakistan bought using part of the AGHF's Sh103 billion ($1 billion) kitty.
