Kuwaiti firm bids for Abraaj funds

Agility, a Kuwait-based logistics firm, has joined the race to acquire the investment management business of beleaguered buy-out firm Abraaj Group.

According to Reuters, Agility submitted an “acquisition offer” in a letter dated June 19 after previously submitting an expression of interest to acquire “all or some of the general partners of the funds” under Abraaj Investment Management Limited (AIML) back in May.

Dubai-based Abraaj Group was formerly the largest private equity firm in the Mena region but has been devastated by the fallout from an investor dispute concerning the management of a $1 billion healthcare fund.

Abraaj filed for provisional liquidation in the Cayman Islands and has been looking for a buyer for the AIML unit to repay creditors and secure remaining funds. Two previous bidders, Cerberus Capital and Colony Capital, each pulled out due to a lack of investor support, leaving another US-based firm, York Capital Management, alongside Abu Dhabi Financial Group and Agility as the remaining bidders.

Neither Agility or the provisional liquidators, PwC and Deloitte, have confirmed the bids, however the Cayman Islands judge presiding over the liquidation proceedings has voiced concern over the lack of a sale and called for more progress by the time of the next hearing on August 17.

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