Arif Naqvi, Founder of Abraaj Group/Reuters
Tuesday 06, November 2018 BY KUDAKWASHE MUZORIWA
Abraaj was a $13.6 billion emerging market specialist with more than 200 investments.
Investors in one of Abraaj's Middle East and North Africa funds have hired New York-based Duff & Phelps in a bid to recover money owed by the embattled private equity company.
The fund is one of several were court-appointed liquidators Deloitte and PwC have yet to pick preferred bidders for management rights.
Duff & Phelps will seek to trace an estimated $33 million owed by Abraaj relating to the Infrastructure and Growth Capital Fund and to ensure a suitable manager is brought in to oversee it, the fund's net asset value was estimated at around $700 million.
Additionally, another advisory firm, Alvarez & Marsal has already been hired by investors in Abraaj Private Equity Fund IV to help recover an estimated $130 million owed by Abraaj relating to that fund, the fund's net asset value was also estimated at around $700 to $800 million, reported Reuters.