This archive report was first published on 18 July 2019.
Actis, a global emerging markets investment firm, has taken over the management of two funds previously run by Abraaj, a Dubai-based private equity firm that collapsed in 2018 amid allegations of abuse of investor funds.
The two funds, Abraaj Private Equity Fund IV (APEF IV) and Abraaj Africa Fund III (AAF III), have a combined value of $12 billion and investments in 14 portfolio companies across sub-Saharan Africa.
Actis, which has a presence in Asia, Africa, and Latin America, has added investment professionals to its offices in Nairobi, Johannesburg, Lagos, Singapore, and London, bringing its combined private equity team to 40 people.
According to Actis, it was invited to step in to help provide a solution that would be acceptable to both the limited partners of the two funds and the liquidators of the Abraaj estate.
“We are pleased to have arrived at the best solution for investors and for our markets after a long, complex process,” said Torbjorn Caesar, senior partner at Actis.
Actis now has $12 billion under management and over 250 people across 16 offices, with extensive investments in the real estate sector in Kenya, including a recent partnership with Indian firm Shapoorji Pallonji Real Estate to develop a Sh12 billion housing project.
