Abraaj Closes on $375M North African PE Fund, Brings Total For Region to $1.4B

Aug 24 2015 | 8:27am ET

Private equity firm Abraaj Group has raised $375 million for its North Africa private equity fund.

When combined with the $990 million Abraaj Africa Fund III, which closed in April and is aimed at sub-Saharan buyout opportunities, Abraaj has raised $1.4 billion for African investments. The amount sets a record for capital raised in a single year for the region.

The company’s North Africa fund is aimed at opportunities in Algeria, Egypt, Morocco and Tunisia. It will look for majority or minority stakes in mid-market companies in the health care, education, consumer goods and logistics sectors. 

Abraaj has reportedly made six investments out of the new North Africa fund, including a hospital group that it plans to roll out across the region.

“The successful closing of our second generation North Africa fund demonstrates the continued optimism and belief of our investors in the economic growth and development of this dynamic region,” Arif Naqvi, founder and CEO of Abraaj, said in a statement.

The decision to split the funds’ capital between north and south gives investors a choice of markets, according to Mustafa Abdul Wadood, a partner at Abraaj. “If they want to look at Africa as one continent, or they want to see it as separate markets, they can,” he said to Gulf News.

Headquartered in Dubai, Abraaj Group is one of the largest private equity investors in global growth markets. It manages approximately $9 billion in assets and has more than 25 offices in Africa, Asia, Latin America, the Middle East and Turkey. It has invested around $3 billion in Sub-Saharan Africa alone, across 67 investments in nine sectors and has achieved 30 full and partial exits, according to the company.

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