Actis to take on two Abraaj funds

AcquisitionThe carving up of beleaguered buy-out firm Abraaj continues following the news that UK private equity firm Actis has acquired the management rights to two of its funds. Acits has reportedly been looking to take over the two funds since January. “We are pleased that investors have entrusted us with the stewardship of their portfolio and our focus is now on delivering on our plan to drive value on their behalf,” said Actis' chief investment officer, Andrew Newington. The two funds included in the transaction – Abraaj Private Equity Fund (Apef) IV and Abraaj Africa Fund III – have $1.6 billion in assets invested in 14 portfolio companies. Actis sees the transaction as a means of bolstering its presence in Africa and the Middle East, said Newington. The Africa fund is focused on investments in Sub-Saharan Africa while the Apef was originally formed to invest in greenfield projects and other growth capital opportunities across Mena, South Asia and the Levant region. The Acits acquisition follows a deal made in May for US private equity group TPG to take over the €1 billion healthcare fund that was at the centre of the collapse of Abraaj following a dispute with its major investors over how the fund’s capital was spent. On of TPG’s first steps was to rename the fund as the Evercare Health Fund. It remains to be seen if Acits will do similar with its newly acquired funds. ©2019 funds global mena

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