Arif Naqvi, Founder of Abraaj Group/Reuters
Abraaj was a $13.6 billion emerging market specialist with more than 200 investments.
Tuesday 06, November 2018 BY KUDAKWASHE MUZORIWA
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.