Thursday 30, August 2018 by Kudakwashe

Actis joins bid Abraaj Group's emerging market funds

 

Kuwait’s Agility, York Capital and Abu Dhabi Financial Group have also shown interest in Abraaj Group.

London-based Actis, has submitted a bid to acquire the bulk of the private equity funds’ business of Dubai-based Abraaj Group, reported Reuters.

Abraaj filed for provisional liquidation in the Cayman Islands in June following months of turmoil related to a row with investors alleging the misuse of their money in a $1 billion healthcare fund.

The private equity firm has denied any wrongdoing.

Colony Capital had initially emerged as the frontrunner for the business, but its offer to buy Abraaj’s fund management business that runs Abraaj’s Latin America, Sub Saharan Africa, North Africa and Turkey funds ran into difficulties after some investors wanted a review of Abraaj’s handling of funds, according to provisional liquidators, PwC.

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