A SOVEREIGN wealth fund in cash-strapped Dubai could be forced to plough more than £100m of fresh capital into one of its UK investments.
Dubai International Capital (DIC), an investment vehicle controlled by the ruler of the emirate, Sheikh Mohammed Bin Rashid al-Maktoum, has been asked by a consortium of banks to slash the borrowings of Alliance Medical, the medical technology company it bought for £600m in 2007.
DIC has seen an ambitious foray into European private equity quickly turn sour. It was one of the private equity firms hit hardest by the credit crunch and has had to inject fresh capital into many of its investments, which have struggled because of large debts.
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