This archive report was first published on 20 September 2019.
Published on September 20, 2019, Actis, a global emerging markets investment firm, has written to the Comesa Competition Commission to affirm its intentions to take over the assets of collapsed Dubai-based PE Fund Abraaj Group.
Actis assumed management rights on Abraaj Private Equity Fund IV (APEF IV) and Abraaj Africa Fund III (AAF III) in July. The transaction includes 14 portfolio companies, including stakes in Kenyan restaurant chain Java and Brookside Dairy.
Abraaj collapsed in 2018 amid allegations of abuse of investor funds, leading to the firm defaulting a $100 million loan.
The Comesa Competition Commission will assess the effects of the transaction on competition within the COMESA markets.
Actis has a growing portfolio of investments across Asia, Africa, and Latin America, with US$12 billion in assets under management.
Other firms have taken over from Abraaj, including the transfer of management of the $1 billion healthcare fund to US buyout firm TPG and the sale of Abraaj's Latin America fund to Colony Capital.
