Abraaj Group, the Dubai-based buyout firm, has found a buyer for its Latin American private equity business.
US-based Colony Capital has agreed a deal with Abraaj Holdings and Abraaj Investment Management Limited’s joint provisional liquidators PricewaterhouseCoopers (PwC) and Deloitte.
The financials of the deal were not disclosed but it is expected to close in the first quarter of 2019.
The senior management of Abraaj’s LatAm business will be retained and will lead the newly-owned business alongside Colony Capital executives.
Colony Capital had previously expressed an interest in buying the fund management business that ran the Abraaj private equity funds in Latin America, Sub Saharan Africa, North Africa and Turkey but were rebuffed due to resistance from Abraaj investors.
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