Abraaj Group Raises $375 Million for North Africa Investments - Bloomberg Business

Abraaj Group Raises $375 Million for North Africa Investments - Bloomberg Business:



"Abraaj Group Ltd., the Dubai-based emerging markets buyout firm, raised $375 million for its North Africa private equity fund as investor appetite for the region gains.



The closing of the new fund brings the amount that Abraaj has raised for African investments to $1.4 billion this year, the company said today in an e-mailed statement. Abraaj raised $990 million for its third sub-Saharan Africa fund in April. The North Africa fund will make investments in mid-market businesses in Algeria, Morocco and Tunisia in industries including health care, education, consumer goods and logistics.



Funds raised in the Middle East and North Africa rose last year to $1.23 billion, the highest level since 2008, according to a report by the MENA Private Equity Association earlier this month. Rising asset values have helped boost buyout activity in the region, with Abraaj last year losing a bidding war for Egyptian snack-maker Bisco Misr to Kellogg Co."



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