Dubai – Mubasher: Actis Capital, a multi-asset emerging market investor, was selected as a preferred bidder for the management rights of Abraaj’s Africa funds, informed sources told Reuters.
Meanwhile, Canada’s Brookfield Asset Management is set to manage Abraaj’s Turkey Fund, while the US Colony Capital will take over the Emirati collapsed private equity company’s Latin America fund, they added.
“The time available to conclude the sale process is limited, with the several million dollars raised in July from limited partners in the funds by the joint provisional liquidators only enough to run Abraaj’s operations for a few more months,” Reuters reported, citing two sources.
The ailing private equity firm Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.
The international news agency said that the embattled firm’s other business still face an uncertain fate, as negotiations are carried out over one of them, Abraaj Private Equity Fund IV, while the other received no bids.
A hearing will be held mid-November in the Cayman Islands in which joint provisional liquidators may ask for the extension of the period set for the liquidation based on the progress of the unveiled deals, Reuters revealed.
