DUBAI – Thursday, June 21, 2018- on Thursday, the companies announced, “Dubai-based Abraaj Group agreed to sell its Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business to U.S. investment management firm Colony Capital Inc.”

The agreement submitted after months of turmoil at Abraaj in the wake of its dispute with four of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over the use of their money in a $1 billion healthcare fund.

the companies said, “Colony Capital has also agreed to oversee, on an interim basis, other Abraaj group funds that are not being acquired so that the group and all its stakeholders have a “comprehensive global solution in place”,

Sources had also reported Reuters earlier U.S. buyout firm TPG was in talks with investors in Abraaj’s healthcare fund to take over management of the assets of the $1 billion fund.

A part of Abu Dhabi Financial Group earlier this week made a conditional offer to purchase Abraaj’s management interest in all of its limited partnerships for $50 million,

According to a document seen by Reuters, “Since Abraaj’s row with some investors became public early this year, it split its investment management business and holding company, while its founder Arif Naqvi stepped aside from the day-to-day running of its private equity fund unit and the firm halted its investment activities”

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