Colony and Cerberus vie to buy Abraaj buyout arm:
"Two big US investors have emerged as the lead contenders to acquire the private equity arm of Dubai’s embattled fund group Abraaj, according to people briefed on the matter.
Cerberus Capital Management and Colony Capital are in advanced talks to buy the emerging-markets specialist fund that has been rocked by claims it misused money entrusted to it by investors. Abraaj is confident of closing a deal that could be worth up to $600m in coming weeks, the people said.
A deal would help Abraaj move on from a damaging episode triggered when its healthcare fund was accused by investors of using their money for its own purposes, rather than for investments in emerging-markets health businesses. Abraaj, which returned the funds with interest after delays in the investments, said it had followed agreed-upon procedures."
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