Private equity firm Actis has written to the Comesa Competition Commission (CCC) to affirm its intentions to take over the assets of collapsed Dubai based PE Fund Abraaj Group.
Actis in July assumed the management rights on Abraaj Private Equity Fund IV (APEF IV), a global buyout fund, and Abraaj Africa Fund III (AAF III), a fund for investment in sub-Saharan Africa. The transaction includes 14 portfolio companies which include stakes in Kenyan restaurant chain Java and Brookside Dairy. Abraaj collapsed in 2018 amid a storm over abuse of investor funds which led to the firm defaulting a $100 Million loan.
The Comesa Competition Commission says it will have to gauge the effects the transaction on competition within the COMESA markets.
Earlier this year, the Competition Authority of Kenya (CAK) approved the acquisition of indirect control of Java’s owner, Abraaj Holdings by Actis.
Other deals which have seen firms take over from Abraaj include the transfer of management of the $1 billion healthcare fund to US buyout fund TPG and the sale of Abraaj’s Latin America fund to Colony Capital.
Actis is a global emerging markets investment firm focused on private equity, energy, infrastructure, and real estate asset classes. It has a growing portfolio of investments across Asia, Africa, and Latin America and US$12 billion in assets under management.