#Abraaj Credit Fund Said to Be Taken Over by Kuwait's NBK Capital - Bloomberg

Abraaj Credit Fund Said to Be Taken Over by Kuwait's NBK Capital - Bloomberg:

Liquidators of the collapsed private equity fund Abraaj Group are close to completing the transfer of its credit fund to another investment manager as they seek to wind down the company, according to people familiar with the matter.

NBK Capital Partners, the private equity arm of Kuwait’s biggest bank, will make a nominal payment and could take over management of the Abraaj Global Credit Fund as soon as January, the people said, asking not to be identified as the information is private. No Abraaj staff will be transferred as part of the deal, one of the people said.

Abraaj raised about $260 million for the fund and had made three investments before it collapsed after allegations of misusing investor money, the people said. NBK Capital Partners plans to use the deal as a way to build relationships with new investors ahead of raising a new fund, one of the people said.