Bloomberg/Luke MacGregor

Asset management Business

Actis pushes for investor vote on Abraaj fund takeover

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Abraaj was the largest buyout fund in the MENA until it collapsed last year after fallout from a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.

Sunday 03, February 2019 BY KUDAKWASHE MUZORIWA

British private equity firm Actis seeks to stimulate an investor vote from next week on its proposed takeover of one of Abraaj's biggest funds, seeking indemnity from potential legal claims against the Dubai buyout group.

The move by Actis to take control of Abraaj Private Equity Fund IV had hit a stumbling block as the British firm sought legal protection from any claims surrounding allegations of missing money.

Actis is said to have secured support of the largest limited partners for provision of indemnity against any legal claims and that the issue is surmountable because it would be manager of the fund rather than general partner, reported Reuters.

TAGS : Abraaj Global Credit Fund IV, Actis, Gates Foundation

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