Actis Pushes for Investor Vote on Abraaj Fund Takeover

British private equity firm Actis plans to instigate an investor vote from next week on its proposed takeover of one of Abraaj’s biggest funds, seeking indemnity from potential legal claims against the Dubai buyout group, said a source close to Actis. Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed last year after fallout from a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund, Reuters reported. A move by Actis to take control of Abraaj Private Equity Fund IV had hit a stumbling block as the British firm sought legal protection from any claims surrounding allegations of missing money, three sources close to the matter said earlier. Actis, which has about $7.8 billion invested globally, has been in talks since at least October to reach the required threshold of 75 percent of investor support for its bid for the fund, originally valued at $1.6 billion. Read more