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Equity fund raised in Middle East
KARACHI: Abraaj Capital, the largest private equity firm in the Middle East, North Africa and South Asia region announced today the final closing of its $500 million second Buyout Fund (ABOF II), the largest fund ever to be raised in the Middle East, says a press release. With the closure of the new fund, Abraaj has $1 billion of assets under management. "The reputation and track record of Abraaj Capital has allowed us to raise and close ABOF II in record time" said Arif Naqvi, Executive Vice Chairman and CEO of Abraaj Capital. "We are very positive about the future economic prospects of the region and over the next few years we will be using this fund to act as a catalyst for growth in the Middle East and return superior risk adjusted returns to our shareholders as we have done for the last 4 years." "The size of this fund is a landmark in terms of the history of the private equity industry in the Middle East," said Sheikh Abdulrahman Al Turki, Chairman of Abraaj Capital adding, "ABOF II shares the same investment approach and strategy as its earlier sibling ABOF I. We invest opportunistically and are not sector specific. We identify deals before we seek to raise the funds and will honour our commitment to investors by declining demand in excess of $500 million," he said. Source: The News (20 Dec. 2005) |