Abraaj Eyes Transformative New Fund

Abraaj Eyes Transformative New Fund

It’s been seven years since The Abraaj Group raised more than a billion dollars for a new fund. In the meantime, the Dubai-based private equity firm has focused on smaller regional vehicles, raising a few hundred million at a time to invest in North Africa, Southeast Asia or Turkey.

But that’s all about to change. Abraaj is planning to raise somewhere between $5 billion and $8 billion by the end of this year, according to a Bloomberg report, although the fund is still in its early stages and that target might change. If Abraaj does reach that $8 billion upper limit, it would double the size of what was previously the firm’s largest pool of capital: Abraaj Private Equity Fund III, which closed on $4 billion in 2008.

Founded in 2002 by Arif Naqvi, Abraaj invests primarily in what are commonly considered emerging markets (a moniker Naqvi himself rejects), with a major presence in Africa and Asia. The firm has raised more than $2 billion in fresh funding since the start of 2013 that it has spread across a range of different funds. So this sort of concentration of capital in a single vehicle seems to mark a shift in the firm’s strategy—or at least a tweak to it.

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