Abraaj’s fund management rights to be transferred to investors | Financial Times

Abraaj’s fund management rights to be transferred to investors | Financial Times:

Abraaj’s fund management rights are set to be broken up and transferred to investors including UK-based Actis, signalling an end for the group’s stewardship over its emerging markets funds.

Provisional liquidators have granted exclusivity to Actis for Abraaj’s Africa funds, citing the emerging market investor’s “level of on the ground diligence undertaken, flexibility in their approach and immediate working capital support,” according to an email sent by liquidators to Abraaj staff on Sunday.

The liquidators are also working to hand over the Latin American fund to Colony Capital of the US, saying the transaction has the “lowest execution risk,” and are pushing for the Turkish fund to move to Canada-based Brookfield Asset Management “once terms are agreed,” the email said.