Emerging markets investor and British private equity giant Actis has acquired two funds that were formerly managed by Abraaj.
The takeover came on the back of two-year negotiations.
The new deal enables Actis to manage 14 companies run by the two funds, one of which has a portfolio valued at $1.6 billion focused on investment in Africa and the MENA region, South Asia and the Levant, especially in green projects, privatisation, growth capital opportunities and buyouts.
The other fund's portfolio is valued at $990 million allocated to invest in sub-Saharan Africa.
According to a statement issued by Actis, this takeover further bolsters Actis’ footprint in growth markets and follows the addition and integration of Standard Chartered’s Principal Finance Real Estate business in Asia in 2018.
“We are pleased that investors have entrusted us with the stewardship of their portfolio and our focus is now on delivering on our plan to drive value on their behalf,” Actis’ chief investment officer Andrew Newington said.
Actis now has $12 billion under management and more than 250 staff in 16 offices.
Abraaj, which managed about $14 billion through its funds, was forced into liquidation in June 2018 in the wake of fraud charges.
Actis LLP is a global emerging markets investment firm focused on the private equity, energy, infrastructure, and real estate asset classes. It has a growing portfolio of investments across Asia, Africa and Latin America, and manages funds worth $7.6 billion.