Abu Dhabi Financial Group submits revised bid for Abraaj’s funds

16/09/2018 Argaam

 

Abu Dhabi-based alternative investment firm Abu Dhabi Financial Group (ADFG) has offered a revised bid to acquire the management rights of the embattled private equity firm Abraaj Group’s Middle East funds, Reuters reported on Saturday.

 

Abraaj has 10 Middle East funds involving some 200 investors from across the world.

 

The new bid by ADFG, which is among more than a dozen bidders seeking to buy the bulk of Abraaj’s private equity funds, includes up to $6 million for the audit and litigation financing as well as a $10 million credit facility to fund the operations of the Middle East funds, the Reuters report said citing a letter by ADFG to investors in Abraaj Funds.

 

“Such a dedicated budget is crucial not only to seek damages from previous management but also to ensure recoverability of funds for investors in the Middle East funds,” ADFG said in the letter.

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