TPG Capital Management LP is in talks to take over the management of Abraaj Group Ltd.'s $1 billion healthcare fund, which was created to provide affordable healthcare to people in Africa and Asia, The Wall Street Journal reported.
Executives at the U.S. private equity firm are in talks with investors in Abraaj, including the Bill & Melinda Gates Foundation, according to sources.
United Arab Emirates-based private equity firm Abraaj is not involved in the negotiations.
TPG would potentially manage Abraaj's healthcare fund through The Rise Fund, which would make so-called impact investments that could earn profit while providing social and environmental development in low-income communities.
TPG has more than $82 billion under management.
Abraaj had informed investors in April that it was resigning as manager of its healthcare fund amid a probe into alleged misuse of the fund's money.
Following the investigation, Abraaj called off plans to raise a $6 billion global buyout fund and returned to investors about $3 billion in pledges, the Journal noted.
