DUBAI, May 14 (Reuters) - The chief executive of a $1 billion healthcare fund previously managed by Dubai-based private equity firm Abraaj has resigned, an internal memo to employees said.
The departure came after U.S. private equity firm TPG took over management of the healthcare fund last week, renaming it Evercare Healthcare Fund.
Khawar Mann will resign as chief executive of Evercare to pursue new opportunities, the memo said, adding that Andrew Currie will assume leadership of day-to-day activities.
“A search is underway for Khawar’s replacement and you will of course be informed as soon as this key role is confirmed,” it said.
Mann could not be reached for comment.
Abraaj had been the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors, including the Gates Foundation, over the $1 billion healthcare fund.
Last month Abraaj founder Arif Naqvi was arrested in Britain and is awaiting potential extradition to the United States, where he faces charges of defrauding investors. Naqvi has maintained his innocence. (Reporting by Saeed Azhar Editing by David Goodman)