IFC proposes investment in TPG-backed Kenyan hospital group

The IFC has disclosed a proposed $11.7 million A-loan to Kenyan hospital group Avenue. The investment will be used to scale up its secondary and tertiary care offering through enhancements to its diagnostic capacity, expansion of its clinic network, the construction of a new hospital wing at Parklands, Nairobi, and refinance its existing short and long-term debt.

Avenue is wholly owned by the Evercare Health Fund, a private equity vehicle managed by Texas Pacific Group (TPG) whose investors include TPG Rise Fund, IFC, BII, DFC, Philips, Medtronic, and the Gates Foundation. Evercare operates an integrated healthcare delivery platform in emerging markets across South Asia and Africa.