Evercare, which was funded by TPG and took over the operation of hospitals and clinics previously run by a fund controlled by the scandal-plagued Abraaj, aims to extend its footprint in its five major regions by opening more clinics and diagnostic centers, according to its CEO.

The goal is to increase coverage to six million patients by 2025, up from four million now in Kenya, Nigeria, Pakistan, India, and Bangladesh, according to CEO Massimiliano Colella in an interview with Reuters.

“There is still room to enhance services and broaden access in the five countries where we operate. We're talking with TPG about expanding, and we're looking at other options,” Colella added.

Evercare is owned entirely by the Evercare Health Fund, a $1 billion emerging markets healthcare fund managed by TPG's impact investing platform. It now has 30 hospitals, 16 clinics, and 82 diagnostic centers under its control.

TPG took over the administration of the healthcare fund from Abraaj, one of the Middle East and North Africa's largest buyout firms, which failed in 2019 after a disagreement with investors over the usage of money in the healthcare fund.

Evercare has improved governance by changing leadership, investing in finance and information technology, appointing a general counsel, Bart Wilms, and forming compliance and audit committees at its hospitals.

Colella, who formerly worked at Smith & Nephew and Johnson & Johnson, stated, "We ended up replacing more than 70% of the executives throughout the organization. We need individuals who can drive the culture component of this goal, as well as the impact component of the tale... it is more about leadership qualities than operational skills."

Evercare's diagnostic centers, according to Colella, are mostly centered in Pakistan, where their number has nearly quadrupled in the previous 20 months due to the company's success and a solid local partner.

“We saw an opportunity to spend more heavily during COVID,” he explained.