Colony Capital Agrees to Buy Some of Abraaj's Key Funds - Bloomberg

Colony Capital Agrees to Buy Some of Abraaj's Key Funds - Bloomberg:

"Colony Capital Inc. agreed to buy some of Abraaj Group’s key funds and oversee others as the Dubai-based private-equity firm attempts a court-supervised restructuring amid allegations of misused funds.

The U.S. asset manager reached an initial agreement to acquire Abraaj’s Latin American, sub-Saharan African, North African and Turkey fund-management businesses, as well as its limited-partnership interests in the underlying funds, Abraaj said in an emailed statement. Staff in eight offices will be transferred as part of the pact.

Abraaj, once one of the developing world’s most influential investors, this week said a court in Cayman Islands appointed provisional liquidators for its holdings and investment management units. The move comes less than five months after some of its investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of money in Abraaj’s healthcare fund."



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