The firm is currently reorganising its structure, following Founder Arif Naqvi ceding control of the fund management business, and has plans to introduce new internal controls.

According to a report by Arabian Business, Abraaj would swap places with an interim manager and then with a permanent replacement, citing to the Financial Times, with options discussed including turning the fund into a company or a self-governing fund. However, the company has not releases a statement on the matter.

Earlier this month Dubai-based Abraaj hired investment bank Houlihan Lokey Inc for assistance in negotiations with investors, and last week the firm held talks last week with some of the investors concerned with the matter.

Abraaj, which in February conducted an internal review and concluded that money in its health fund had been properly accounted for and returned capital in a new global fund and has temporarily suspended fresh investments. “Abraaj has voluntarily released investors from their commitments in Abraaj Private Equity Fund VI, and no longer intends to proceed with this Fund in its current form. In light of our ongoing re-organisation, we believe this is a prudent step and is aligned with our longstanding commitment to investors. Abraaj will restart fundraising discussions with investors once the re-organization and strategic review are complete,” the company formerly said in a statement.

 

  

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