US-based consulting firm AlixPartners has been appointed to oversee the separation of the Abraaj Growth Markets Health Fund (AGMHF) from the Abraaj Group.
The $1 billion healthcare investment fund has been a source of dispute between some of its largest investors, including the Bill and Melinda Gates Foundation, and the Dubai-based Abraaj Group about the alleged misuse of investor capital, allegations which the buyout firm continues to deny.
The dispute has led to a crisis of investor confidence, the departure of its founder and an effort to separate the AGHMF from its holding group.
Provisional liquidators over Abraaj Holdings and Abraaj Investment Management, the manager of the fund, were appointed earlier this month. AlixPartners will work alongside the liquidators and the fund’s senior operational team to support the search for a permanent replacement investment manager.
“We’re working with the fund’s investors, its senior operational team and the provisional liquidators as part of ongoing discussions with several potential replacement managers for the Fund who will continue to support its investee businesses,” said AlixPartners managing director Simon Appell.
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