Hedge Fund York Capital Joins Race for Abraaj Assets - Bloomberg

Hedge Fund York Capital Joins Race for Abraaj Assets - Bloomberg:

Another American bidder is joining the race for the rights to manage a network of emerging-market funds up for grabs in the liquidation of Dubai-based private equity firm Abraaj Group.

New York-based hedge fund York Capital Management, run by Jamie Dinan, is said to have placed a $45 million offer for Abraaj’s asset-management platform, which will give the winner easy access to more than a dozen developing countries across the world where the collapsing company has offices.

The network offers "a relatively cheap entry for a U.S. or European firm to gain quick access to a large number of emerging markets, and will also pay for some of the costs borne by the near collapse of Abraaj," said Richard Segal, a senior analyst at Manulife Asset Management Ltd. in London.