Cerberus and Colony Are Making New Offers for Abraaj Funds - Bloomberg

Cerberus and Colony Are Making New Offers for Abraaj Funds - Bloomberg:

Cerberus Capital Management LP and Colony Capital Inc. made new offers to buy Abraaj Group assets as the embattled Dubai-based private equity firm works on a court-supervised restructuring, according to people familiar with the matter.

Cerberus made a bid for all of Abraaj’s funds, but hasn’t offered to buy the limited-partnership stakes in the underlying funds, the people said, asking not to be identified as the information is private. Cerberus was engaged in talks with Abraaj to acquire its funds before Colony reached a principle agreement last month.

Colony, which in June agreed to buy some of Abraaj’s funds and oversee others, made a revised offer for some of the funds, as well as its limited-partnership interests in the underlying funds, the people said. The offers are being reviewed by provisional liquidators Deloitte and PricewaterhouseCoopers and any agreement needs investor approval, the people said.