Paul Taylor and the Qatar Investment Authority have parted ways, both parties have confirmed in a statement.
Taylor’s Three Delta fund has been the main investment vehicle for Qatar’s massive sovereign wealth fund for three years. However last year Taylor’s high-profile failure to acquire the UK grocer chain Sainsbury's reportedly caused a rift between the two parties.
QIA has bought out Taylor’s 50 percent stake in all the acquisitions made by Three Delta to date, and the portfolio will pass to their hands. That portfolio comprises more than $6 billion (€3.7 billion) of healthcare assets, including nursing home chains Four Seasons, Care Principles and Senad. It also includes property business NHP, which owns the freeholds of nursing homes.
According to reports, Taylor will now take the emptied Three Delta fund and relaunch it with new investors. Taylor has reportedly invested a portion of his own personal fortune into the fund’s relaunch, and has already garnered commitments from private and institutional investors.
Sources close to the operations said that Taylor has shifted the fund’s focus away from healthcare, which had preoccupied it during the Qatar time, and toward real estate, making it essentially a real estate fund. The new incarnation of the fund has already bought a property in London, the old Royal British Legion Headquarters, which it will develop into luxury apartments.