Waha Capital abandons planned PE fund

Cancel_buttonAbu Dhabi-based private equity group Waha Capital has abandoned plans to launch a $300 million private equity fund. The proposed fund launch was publicised at the end of 2017 but there has been little mention of it lately, including at a May presentation to investors. According to a source reported by Reuters, Waha Capital had signed up a number of investors but have abandoned the fund strategy and will instead focus on a deal-by-deal approach. The source added that a challenging environment in which to raise money has been made worse by the recent controversy at Abraaj, the region’s biggest buyout firm which is currently in a dispute with investors over its running of its $1 billion healthcare fund. Waha Capital’s decision to shelve the PE fund follows a major management reshuffle in March which included the election of a new board, the appointment of a new chairman and a new chief executive as well as the departure of the chief operating officer and head of private equity. ©2018 funds global mena

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