Dubai-based Abraaj has expanded US investment bank, Houlihan Lokey's role to include advice on the sale of its investment management unit, as the private equity firm prepares to meet creditors over its $1 billion debt.
Abraaj has hired the New York-based bank to help it try to stem the fallout from allegations that it had misused investor money in a $1 billion healthcare fund. According to a report from Reuters the role has been widened to providing general advice, including the sale of Abraaj Investment Management, reported Zaywa.
The Middle East and Africa's biggest private equity fund, which denies any wrongdoing, has been seeking a buyer for the unit as it tries to alleviate pressure from investors and creditors.
Bankers have estimated that Abraaj Investment is worth $500 million, while Abraaj's debt is double that amount.