Africa Health Fund exceeds target, raises $105.4m

The Africa Health Fund has exceeded its target by raising $105.4 million from a range of private sector and development finance institutional investors, managers of the fund, Aureos Capital Limited said December 12, 2011.

“Aureos Capital Limited (Aureos) has reached a final close of the Africa Health Fund, exceeding its target by raising $105.4 million from a range of private sector and development finance institutional investors,” the firm said in a statement.

The Africa Health Fund was established by Aureos in June 2009 and has the International Finance Corporation (IFC), the African Development Bank (AfDB), DEG, and the Bill & Melinda Gates Foundation as its cornerstone investors.

The objective of the Fund is to help low income Africans gain access to affordable, high quality health services while providing investors with good long-term financial returns.

Sev Vettivetpillai, CEO of Aureos Advisers said in the statement that “The fact that we have exceeded our fund-raising target and attracted a wide range of investors in such a tough climate is testament to the Africa Health Fund’s pioneering purpose.”

At present, Auroes said, the Africa Health Fund is finalising or conducting due diligence on more than 20 potential investments including companies across the health sector, from healthcare providers to support services and medical supply manufacturers. Further new investments will be announced shortly.

The Fund has invested in C&J Medicare Hospital, a leading healthcare provider in Accra, Ghana, which serves private patients including the employees and dependents of over 100 corporate customers as well as individuals attending regular free-of-charge health screening drives.

By Ekow Quandzie