Evercare Health Fund

Nigeria, Pakistan, India, Kenya Health

Evercare is an integrated healthcare delivery platform operating in growth markets across Africa and South Asia, including India, Pakistan, Kenya and Nigeria. It helps communities thrive by improving patient access to clinic and hospital operations, leveraging technology and integration to increase the quality of care. Evercare is building a foundation of continuous quality improvement and standardized care to improve clinical outcomes and patient safety.

Evercare is wholly owned by the Evercare Health Fund, an emerging markets healthcare fund 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.

Our investment

In 2015, CDC invested $50 million into the fund, alongside the Bill and Melinda Gates Foundation, healthcare operators such as Philips and Medtronic, as well as other DFIs, including the African Development Bank, and France’s Proparco. Our investment will provide accessible, affordable and high-quality treatment for non-communicable diseases.

Expected impact

Lack of access to medical resources and inefficient healthcare systems across Africa and Asia continue to deliver poor outcomes for a large number of the population. From Nigeria to Bangladesh, Kenya to Pakistan, low- and middle-income countries trail their richer counterparts on healthcare provision.

Our investment will enable the fund manager to focus on improving care in the fields of non-communicable disease and mother and child health. It will initially operate in 10 cities across Africa and South Asia, including Lagos, Karachi, Accra and Nairobi, which represent a combined catchment area of 250 million people.

The fund will create a network of healthcare facilities – from tertiary hospitals to labs and imaging centres – that can share resources. By connecting facilities and personnel across specialities and geographies, for example through telehealth and doctor exchange programmes, the fund manager aims to improve access to good quality healthcare for people living in underserved areas.

The project will also create or maintain jobs for 7,500 people across its portfolio companies and train over 5,200 health workers.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Rest of the World
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

:
Health
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund manager:
TPG Growth
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
July 2015
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$49.2m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Cayman Islands

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Evercare Hospital Lekki Limited (Admiral)

Evercare Hospital Lekki is a 165-bed purpose-built multispecialty, tertiary-care private hospital in Nigeria.

View investment details

Nigeria Africa, West Africa Health June 2019 Active
Project Rome

A greenfield opportunity to establish a 450-bed tertiary care hospital that will act as a multi-specialty hub hospital within AGHF's Karachi ecosystem.

View investment details

Pakistan South Asia Health June 2019 Active
Quality Care India Limited

Headquartered in Hyderabad, the CARE Hospitals Group is a specialist healthcare provider. The group has facilities across nine cities operating 2,345 beds throughout central, western and south-eastern India, making it India’s fifth largest healthcare provider by number of beds.

View investment details

India South Asia Health June 2019 Active
Evercare Hospital Lahore (Gate Healthcare)

A partnership with a group of 20+ senior consultants in Lahore, Pakistan to establish a 290-bed multispecialty hospital.

View investment details

Pakistan South Asia Health June 2019 Active
Islamabad Diagnostics Centre Private Limited

Founded in 2003, IDC is a leading diagnostics chain in Pakistan which operatesi in 20 centres across Islamabad, Rawalpindi, Wah Cantonment and Hasanabdal. The company has built a successful track record and is known for its latest imaging technologies, broad range of laboratory tests and quick turn-around times and has one of Pakistan’s largest pool of qualified radiologists on its team.

View investment details

Pakistan South Asia Health June 2019 Active
Metropolitan Hospitals Holdings

Metropolitan Hospital Holdings Limited is comprised of two hospitals in Nairobi (Metropolitan and Ladnan) with a capacity of over 130 beds, as well as an outpatient primary care facility.

View investment details

Kenya Africa, East Africa Health June 2019 Active
Nairobi Women’s Hospital (Healthlink)

The Nairobi Women’s Hospital is a 594-bed hospital group with nine facilities across Kenya. For over 17 years, the hospital has grown to be a leader in healthcare in the country, providing comprehensive, high quality, affordable and accessible care to customers of all genders and ages.

View investment details

Kenya Africa, East Africa Health June 2019 Active
Project Sante Nigeria Africa, West Africa Health June 2019 Active
The Avenue Group Limited

A leading diversified health services and managed healthcare plan provider offering general and specialist inpatient and outpatient care as well as medical plans to individuals and corporates in Kenya.

View investment details

Kenya Africa, East Africa Health June 2019 Active
Evercare Hospital Dhaka (STS Holdings)

Evercare Hospital Dhaka is a 425-bed multi-disciplinary super-specialty tertiary care hospital in Bangladesh.

View investment details

India South Asia Health March 2020 Active

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