The Abraaj Group has announced the sixth investment made by its Abraaj North Africa Fund II (ANAF II) with the acquisition of stakes in two Moroccan oncology companies.
The firms is acquiring a majority stake in Centre de Traitement Al Kindy, the largest private oncology clinic in Casablanca, and Clinique Spécialisée Menara, an oncology and imaging diagnostics centre in Marrakech, it said.
The investment represents the firm’s twenty-seventh in health care globally, and its eighth in North Africa, a spokesperson said. It has deployed almost $1 billion globally in the growth market health care sector since 2003.
ANAF II reached final close in August on $375 million, exceeding its $250 million target. It received commitments from new and returning investors including institutions, pension funds, sovereign wealth funds and development finance institutions. About two thirds of the fund’s capital came from European and North American investors.
Al Kindy and Menara’s collective network has 12 doctors expected to treat more than 10,000 patients this year and will expand with partnerships in domestic and international oncology and diagnostics centres, the firm said.
Ahmed Badreldin, Abraaj partner and region head of Middle East and North Africa, said in a statement that this is a unique opportunity for Abraaj’s global health care experience to focus into a more specialised field.
The firm manages about $9 billion in assets.