Colony to acquire four Abraaj funds

The deal will comprise Abraaj's stakes in these funds along with staff in eight offices, which will be transferred to Colony. The transaction is expected to close on 1 July, Abraaj and Colony said in a statement.

Colony also agreed to temporarily oversee other Abraaj funds that it is not acquiring, in a bid to help resolve the investor's troubled relations with other stakeholders.

Last week, Abraaj announced it was entering a court-supervised restructuring, following a statement issued earlier in June in which the private equity group said it was negotiating a standstill agreement with secured creditors for debt reportedly north of $1bn.

Abraaj held a final close in July 2016 on $526m for its private equity vehicle Abraaj Turkey Fund I, exceeding its $500m target, according to Unquote Data.

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• Topics
• GPs
• CEE
• Turkey
• Abraaj Capital