Abraaj tries to sell private equity business as Gates-led investigation continues

Talks with at least one group fell through

New York Weekend Edition /
Apr.April 29, 2018 09:00 AM

From left: Bill and Melinda Gates, Abraaj Group founder and CEO Arif M. Naqvi. (Credit from left: Kjetil Ree, Max Pixel, World Economic Forum)

The embattled Abraaj Group is trying to sell off its investment business and have approached at least two potential buyers without success so far.

The move comes while Abraaj is being investigated at the insistence of four investors who are questioning whether their money was misused in connection with a $1 billion healthcare fund. The concerned investors include the Bill & Melinda Gates Foundation and the World Bank’s International Finance Corporation. Abraaj is now undergoing forensic audits by two different firms to trace their money.

According to Reuters, the Dubai-based group was in talks to buy sell part of its business to state-backed investor Mubadala, which is based in Abu Dhabi, however the discussions did not move forward. The Wall Street Journal reported Abraaj was also pursuing Abu Dhabi Financial Group in March.

Before the dispute with the famed investors, Abraaj had $13.6 billion under management. Following the investors’ launch of an investigation, the firm returned $3 billion to investors and put a $6 billion fund on hold, according to Reuters. [Reuters]Erin Hudson


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Signature Bank president and chief executive officer Joseph DePaolo (iStock)
“It’s a good time to make loans:” Multifamily lender smashes earnings record
“It’s a good time to make loans:” Multifamily lender smashes earnings record
Brian Kingston, managing partner & CEO, Brookfield's Real Estate Group and Brookfield Property Partners, in front of Two Blue Slip in Greenpoint (Brookfield Property Partners, Two Blue Slip, iStock)
Brookfield scores $330M refi at Greenpoint Landing
Brookfield scores $330M refi at Greenpoint Landing
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
1009-1011 South Congress Avenue and Turnbridge's Andrew Joblon (Music Lane ATX, LinkedIn)
Exclusive: Turnbridge Equities closes $500M Texas recap deal
Exclusive: Turnbridge Equities closes $500M Texas recap deal
Madison Realty Capital raises $2B for latest debt fund
Madison Realty Capital raises $2B for latest debt fund
Madison Realty Capital raises $2B for latest debt fund
NYC hotel property taxes skyrocketed to 30% of revenue: report
NYC hotel property taxes skyrocketed to 30% of revenue: report
NYC hotel property taxes skyrocketed to 30% of revenue: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...