Abraaj denies wrongdoing, hires auditor
February 6, 2018
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The Abraaj Group has released a statement refuting complaints it misused a $1 billion healthcare fund aimed at investing in developing countries. Calling media reports that appeared Friday "inaccurate and misleading," the Dubai-based investor has hired KPMG to "verify all receipts and payments" for the Abraaj Growth Markets Health Fund after four LPs, including the Bill & Melinda Gates Foundation and the World Bank, inquired about why $200 million had not been spent, per The New York Times. The news comes after Abraaj had already repaid $140 million to upset investors in December, per The Wall Street Journal.
Aimed at building hospitals and clinics in South Asia and sub-Saharan Africa, the AGHF has deployed about half its capital, again per the NYT, claiming that the rest of the funds have gone unspent due to "unforeseen political and regulatory developments" and noting that capital deployment for the AGHF is less predictable than a typical PE fund. Meanwhile, the quartet of LPs has reportedly requested that Ankura Consulting Group audit the vehicle to find out why more capital has yet to be deployed.
PitchBook users can view Abraaj Group's investments in Africa and Asia.
Aimed at building hospitals and clinics in South Asia and sub-Saharan Africa, the AGHF has deployed about half its capital, again per the NYT, claiming that the rest of the funds have gone unspent due to "unforeseen political and regulatory developments" and noting that capital deployment for the AGHF is less predictable than a typical PE fund. Meanwhile, the quartet of LPs has reportedly requested that Ankura Consulting Group audit the vehicle to find out why more capital has yet to be deployed.
PitchBook users can view Abraaj Group's investments in Africa and Asia.
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