Actis, has submitted a bid to acquire the bulk of the private equity funds’ business of Dubai-based Abraaj Group, reported Reuters.
Sources familiar with the matter were quoted by Reuters as saying that Abraaj received bids this week to manage the funds and is expected to close the deal with the successful bidder by the end of the year.
Actis joins other potential buyers such as Kuwait’s Agility , which has teamed up with New York-based Centerbridge Partners for its bid, York Capital and Abu Dhabi Financial Group, Reuters reported on Friday.
Abraaj filed for provisional liquidation in the Cayman Islands in June following months of turmoil related to a row with investors alleging the misuse of their money in a $1bn healthcare fund.
The private equity firm has denied any wrongdoing.
Colony Capital had initially emerged as the frontrunner for the business, but its offer to buy Abraaj’s fund management business that runs Abraaj’s Latin America, Sub Saharan Africa, North Africa and Turkey funds ran into difficulties after some investors wanted a review of Abraaj’s handling of funds, according to provisional liquidators, PwC.
Actis, which was founded in 2004, has raised $13 billion since inception and employs over 200 people, including a team of 100 investment professionals, according to its website.
The assets in which Actis is interested do not include Abraaj’s $1bn healthcare fund.