DUBAI, (Reuters) - Abraaj group, the Middle East and North Africa's biggest private equity firm, is seeking buyers for its investment management business and other assets as it tries to safeguard its funds and repay creditors.
Buyout firms TPG and KKR & Co have emerged as leading contenders to run the Dubai-based private equity firm's troubled $1 billion healthcare fund, three sources familiar with the matter said. [nL4N1UT2KD}
Below are Abraaj's main assets:
Assets under management : above $10 bln (at its peak it managed $13.6 bln)
Total money deployed: $8.1 bln
Major deployment of funds
Latin America: $343 mln
Sub-Saharan Africa: $1.2 bln
Middle East & North Africa: $3.9 bln
Turkey & Central Asia: $1.17 bln
Asia: $1.5 bln
Major Funds
Abraaj Global Healthcare Fund: $1 bln
Abraaj Turkey Fund: $526 mln
Abraaj North Africa Fund II: $375 mln
Abraaj Sub-Saharan Africa Fund III: $990 mln
Abraaj Southeast Fund II: $250 mln
Abraaj Private Equity Fund IV: $1.6 bln
Abraaj Infrastructure and Growth Fund: $2 bln
Abraaj Holdings
It owns Abraaj Investment Management Ltd, which manages the private equity fund business, as well as stakes in limited partnerships in 12 funds.
Known assets of the company Estimate of realisable value.
LIST OF PE FUNDS ($ mln)
AAF III 75.1
ANAF II 42.6
ATF 1 52.0
HLA Vehicle 5.9
APEF IV 106.4
ASEAF II 18.4
APF I 3.6
IGCF 221.2
AGMHF 41.3
ASA LP 10.0
Kantara 9.4
LP stakes in total 645.8
Other assets
Entertainer 21.6
* K-Electric 330.9
Wamda 8.9
Bakery 1.3
Spinneys 56.0
Total secured debt: $572.4 million
Total unsecured debt: $501.4 million
Source - Abraaj's provisional liquidators PwC's report, dated July 11, 2018.
* Abraaj agreed to sell K-Electric to Shanghai Electric Power Co for $1.77 bln in 2016. The deal has been delayed due to regulatory issues.
Sources: Abraaj website, PwC report, press statements and Pitchbook.
(Reporting by Saeed Azhar and Tom Arnold; Editing by Jan Harvey)
© Reuters News 2018
