#Abraaj Takes a Step Closer to Selling Two of Its Funds to Actis - Bloomberg

Abraaj Takes a Step Closer to Selling Two of Its Funds to Actis - Bloomberg:

Actis received investor approval to take over two funds managed by the collapsed Abraaj Group, clearing a major hurdle for the emerging-market investor to complete a deal, according to people familiar with the matter.

London-based Actis last week got the 75% of investor support required to take over the $1.6 billion Abraaj Private Equity Fund IV and the $990 million Africa Fund III, said the people, asking not to be identified because the matter is private. A final deal hasn’t been agreed and may take at least a few more weeks to complete, they said.

Until last year, Dubai-based Abraaj was the Middle East’s biggest private equity fund and one of the world’s most influential emerging-market investors, with investments across Africa, Asia, Latin America and Turkey. At its peak, it managed $14 billion of assets, but was forced to file for insolvency last year after being accused of misusing investor funds. Six executives now face racketeering and securities-fraud charges in the U.S.