Emerging and Growth Markets | November 29, 2022

Kenya’s Metro Group buys Evercare’s stake in Nairobi hospitals

Dan Keeler
Guest Author

Dan Keeler

ImpactAlpha, November 29 – The Evercare Health Fund, managed by TPG Rise since the liquidation of the troubled Abraaj Group in 2019, has sold its majority stake in Kenya-based Metropolitan Hospital Holdings to co-investor The Metro Group.

Under Abraaj, the Growth Markets Health Fund had aspired to build vertically integrated networks of health providers to treat low- and middle-income patients in major cities in sub-Saharan Africa and South Asia.

The deal, valued at 1 billion Kenyan shillings ($8.1 million), returns ownership of Metropolitan Hospital Holdings to its original founders, who established it in 1994. The group’s two hospitals have 160 beds and more than 350 staff members. The facilities have served roughly 300,000 mostly low- and middle-income patients since Evercare invested.


Investors in the $1 billion Evercare Health Fund include the Gates Foundation, U.S. International Development Finance Corp.International Finance Corp. and Medtronic (see, “What we know about Abraaj’s $1B health fund — and the mystery of the firm’s finances”). Evercare’s portfolio includes 29 hospitals, 16 clinics, more than 70 diagnostics centers.