Law firm Stephenson Harwood Middle East LLP has advised the general partner of the US$1 billion Abraaj Growth Markets Healthcare Fund, and its directors, in relation to the restructuring and transfer of management of the fund.

The fund's assets will form part of a new fund, Evercare Health Fund, which will be managed by U.S. private equity firm TPG – which currently has US$104 billion of funds under its management. The funds will continue to be invested into projects providing healthcare across Africa and South Asia.

Abraaj, once the largest buyout fund in the Middle East and North Africa, filed for provisional liquidation in 2018.

“This was a challenging and intense deal, which drew upon the expertise of colleagues from across the firm,” said Sandeep Dhama, partner, Stephenson Harwood. “We are hopeful that the fund can now continue its ground-breaking work in Africa and Asia.”

The Stephenson Harwood team was led by partner Sandeep Dhama, who was assisted by partner Alex Haynes and associate Victoria Silver, in London, and trainees Salah Malas and Khadija Haider Khan in Dubai.