UK-based emerging market investor Actis has become the latest bidder for the funds of beleaguered buyout firm Abraaj.
Abraaj is reported to have received four bids for its emerging market funds – from Actis, Abu Dhabi Financial Group, US-based investment firm York Capital and Kuwait logistics firm Agility.
Previous bidder Cerberus Capital Management pulled out in July after failing to receive enough shareholder support for its bid.
Abraaj has been forced to look for buyers for its emerging markets funds after falling out with investors in its $1 billion healthcare fund over allegations of mismanagement.
The disputed healthcare fund is not included in the aforementioned bids. Two US-based private equity firms, TPG and KKR & Co are reported to be the most likely buyers of the healthcare fund.
Abraaj is expected to close the various deals for its funds before the end of the year.
©2018 funds global mena