Actis, a London-based emerging market investor, has reportedly bid to buy most of the private equity funds business of troubled Dubai-based Abraaj
Actis, a London-based emerging market investor, has reportedly bid to buy most of the private equity funds’ business of troubled Dubai-based Abraaj.
Sources familiar with the matter were quoted by Reuters as saying that Abraaj received bids this week to manage the funds and is expected to close the deal with the successful bidder by the end of the year.
Actis joins other potential buyers such as Kuwait’s Agility , which has teamed up with New York-based Centerbridge Partners for its bid, York Capital and Abu Dhabi Financial Group, Reuters reported on Friday.
Abraaj filed for provisional liquidation in the Cayman Islands in June related to a row with investors over the use of their money in a $1 billion healthcare fund.
A spokeswoman for Actis declined comment and provisional liquidators for Abraaj did not respond to Reuters for a comment.
Actis, which was founded in 2004, has raised $13 billion since inception and employs over 200 people, including a team of 100 investment professionals, according to its website.
The assets in which Actis is interested do not include Abraaj’s $1 billion healthcare fund.
Abraaj was established in 2002 by Arif Naqvi, who built it into a $13.6 billion emerging market giant.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.