Health Policy

Duet Group plans $150m investment in Nigeria’s Health Insurance

The nation’s health sector is expected to see some vibrancy in the near future, as foreign investors continue to show interest in the country’s evolving health management industry. Duet Group, a UK-based alternative asset management company, the latest to show interest in Nigeria has invested in health insurance.
Duet Group recently integrated TLG Capital, a PE firm also based in London, which specialises in African healthcare deals, into its new Africa private equity team.

Following this development, the group’s first dedicated Africa private equity fund, the Duet-TLG Growth Capital Fund, will launch this year, in Nigeria, with a $150m target.
Expatcare is one of the country’s first health maintenance organisations (HMO) networks to be approved under the National Health Insurance Scheme. Despite the company’s somewhat elitist name, it does offer different coverage plans to “meet the needs of all segments of society.” The Duet investment will take a majority stake through a convertible instrument and help Expatcare offer new services and pursue regional expansion.

Nigeria’s National Insurance Commission estimates that just 6 percent of the country’s 150m people have a health insurance policy. Insurance services and private healthcare are quickly becoming favourite private equity targets in Africa thanks to low levels of penetration in major markets.

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