Abraaj CFO leaves firm

Abraaj confirmed with Unquote that Ashish Dave is no longer with the firm.

Two other senior executives could also be preparing to leave the firm, according to media reports.

Ahmed Badreldin, partner and head of the MENA region, is still with the company, Abraaj said, adding that Mustafa Abdel-Wadood, Wahid Hamid and Sev Vettivetpillai are continuing their full-time roles as members of the global investment committee.

With a wider reorganisation of Abraaj's fund management unit underway, staff cuts could be an inevitable consequence. At the time of writing, the team page on the Abraaj website had still not been updated after being taken down over a week earlier.

The group's reorganisation follows a dispute with investors earlier in the year that put the firm in the spotlight over claims of delays in receiving fund returns.

Earlier this month, Abraaj said in a statement that it no longer intends to proceed with its latest vehicle, Abraaj Private Equity Fund VI, in its current form. The private equity firm had launched its fund VI in the first half of 2017, targeting $6bn.

In February this year, the firm announced it had suspended deployment activities of its private equity funds and founder Arif Naqvi stepped down from his role of CEO.

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