Professional Services
Professional Services Firm
Full Credential Description
The Abraaj Healthcare Fund faced a critical situation in early 2018 when it was on the brink of collapse due to allegations of fund misuse by senior management, leading to reputational damage and defaults on loans. This crisis prompted creditors to petition for the appointment of Provisional Liquidators for certain Abraaj group companies, including the fund manager. The fund, which had significant investments in healthcare across Sub-Saharan Africa and South Asia, was at risk of losing its ability to provide affordable healthcare to millions of low-income patients.
In response to this crisis, we was engaged to conduct a QuickStrike® review of the fund. This comprehensive assessment evaluated the fund's governance, financial performance, cash flow position, and funding requirements. we deployed experts to operational sites in multiple countries, including Dubai, Kenya, India, Pakistan, and Nigeria, to gather critical insights during a short review period. Following this assessment, we developed a stabilization strategy that included overseeing the finance function and senior management, as well as implementing a new governance and control structure.
By July 2018, we was appointed as the interim manager of the fund through a unique Cayman Court-sanctioned protocol agreement. They facilitated a transition to a new permanent manager, TPG Growth, in June 2019, after managing a complex due diligence process and extensive negotiations. This transition was crucial in ensuring the fund could continue its mission of providing high-quality healthcare to over two million patients annually and maintaining 10,000 jobs within the healthcare system.
The successful stabilization of the Abraaj Healthcare Fund not only protected the value of the fund but also restored investor confidence after a prolonged period of uncertainty. This case highlights the importance of rapid assessment and stabilization in crisis situations, demonstrating how strategic intervention can safeguard vital healthcare services for underserved populations.