Restructuring of Abraaj Growth Markets Health Fund

The Abraaj Growth Markets Health Fund, whose high-profile collapse was the largest in private equity history, was successfully restructured and transitioned to a new manager and investors through the use of an innovative solution that created a novel interim manager role governed by a protocol agreement between the interim manager and the provisional liquidators of other group entities. Patrick Corr and Wayne Beck acted for the Interim Manager in relation to the restructuring of the $1 billion health care fund with interests in multiple jurisdictions, including the Cayman Islands, Dubai, Mauritius and India. This matter is the first time that a Cayman Islands court approved the appointment of an interim manager.