Avenue Group Limited, a leading healthcare provider in Kenya and an Evercare Group company, has secured a $12.7 million loan from the International Finance Corporation (IFC) to expand its healthcare offering and increase its patient reach over the next five years. The investment will enable Avenue to upgrade its existing hospitals and clinics and launch new healthcare facilities to grow its primary, secondary, and tertiary offerings.
Founded in 1976, Avenue has continually improved the quality of its healthcare facilities and the skills of its medical practitioners to meet the health needs of the Kenyan market. The group currently operates three hospitals and 13 clinics, with additional homecare and telehealth services, serving over 430,000 patients annually. Over the last three years, Avenue has upgraded its facilities, strengthened its management team, and expanded its operations while playing a critical role in the country’s response to the COVID-19 pandemic.
The investment from IFC, a member of the World Bank Group, will support Avenue’s expansion strategy, which includes investing in radiology and state-of-the-art operating theatre equipment, increasing the range of specialist services, launching new clinics, and further integrating digital health services. The investment will also enable the group to expand its patient reach and improve the country’s healthcare system, reflecting IFC’s strategy to support private healthcare providers in Africa.
IFC Country Manager for Kenya, Amena Arif, said: “Our investment in Avenue will increase the availability of healthcare at state-of-the-art facilities across Kenya, enabling more people to get the primary and advanced care they need.” She added that IFC’s role in the healthcare sector is to complement government efforts to leverage the private sector to help meet the growing demand for quality healthcare.
Jide Olanrewaju, Business Unit Partner at TPG and its Evercare Health Fund, said: “The enhancements and expansion we’ve undertaken over the past three years have created meaningful growth and momentum, benefitting not only our patients and practitioners but also the broader Kenyan healthcare system. This additional investment will allow us to continue to modernize and improve our facilities, equipment, and services. We are delighted to have IFC join us in our mission to make Avenue Group a model for private healthcare in Kenya.”
Avenue will also benefit from IFC’s advisory services, such as the Excellence in Design for Greater Efficiencies (EDGE) certification program, which will improve the resource efficiency of its facilities.
Evercare Group is an impact-driven company wholly owned by the Evercare Health Fund, a $1 billion emerging markets healthcare fund managed by TPG’s the Rise Fund, one of the largest impact investment funds in the world. Evercare’s integrated health platform comprises 30 hospitals, 13 clinics, 93 diagnostic centres, and 12,000 employees and caregivers across Africa and Southeast Asia, mainly in five countries: India, Pakistan, Bangladesh, Kenya, and Nigeria.
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