Asset management

ADFG offers revised bid for Abraaj's Middle East funds

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Sunday 16, September 2018 BY KUDAKWASHE MUZORIWA

Abu Dhabi Financial Group (ADFG) has submitted a revised bid to acquire the management rights for the Middle East funds of Abraaj Group, reported Reuters.

The Abu Dhabi-based investment’s new offer includes up to $6 million for the audit and litigation financing as well as a $10 million credit facility to fund the operations.

ADFG is seeking a dedicated budget to conduct a full forensic audit and a litigation budget. The firm is among bidders seeking to buy the bulk of Abraaj’s private equity funds.

The $10 million is in addition to $10 million earmarked separately for the fund manager’s liabilities.

Abraaj has 10 Middle East funds involving some 200 investors from across the globe.

Abraaj filed for provisional liquidation in the Cayman Islands in June after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund.

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