Actis takes over two funds from defunct Dubai firm Abraaj

London-based private equity firm, Actis, announced on Monday that it had assumed management rights of two funds previously run by Abraaj. The two are Abraaj Private Equity Fund IV (APEF IV), a global buyout fund, and Abraaj Africa Fund III (AAF III), a fund for investment in sub-Saharan Africa.

Dubai-based Abraaj collapsed last year amid a storm over abuse of investor funds. Actis, on the other hand, is a global emerging markets investment firm with a presence in Asia, Africa and Latin America. “The transaction, which includes investments in 14 portfolio companies across the two funds, further strengthens Actis’ existing market position and team in Africa and the Middle East,” the firm said in a statement.