Abraaj Investment Management Limited
Emirates Tower Offices
Dubai,
Website:
abraaj.com
Firm Size
- Assets Under Management (AUM):$5.3 Billion
- Number of Funds:9
- Employees:
- Firm Type:Private Equity
- Focus Areas:
Services
Healthcare
Energy
Description
Abraaj Investment Management Limited was a Dubai-based private equity firm founded in 2002. It specialized in investments across various sectors including healthcare, real estate, energy, and financial services, with a focus on emerging markets in Africa, Asia, Latin America, and Turkey.
The company grew rapidly and became one of the largest private equity firms in the Middle East, managing around $14 billion in assets at its peak. It attracted investments from prominent international investors and institutions and gained a reputation for its expertise in emerging markets.
However, Abraaj faced significant financial and legal challenges in recent years. In 2018, the firm filed for provisional liquidation following allegations of financial mismanagement and misuse of funds. It was found that Abraaj had commingled investor funds and used some of them for purposes other than intended.
The fallout from these allegations had wide-ranging impacts, including lawsuits from investors, a significant loss of investor confidence, and ultimately the dissolution of Abraaj Investment Management Limited. Its founder, Arif Naqvi, and other key executives faced legal consequences, including criminal charges and fines.
The case of Abraaj Investment Management Limited serves as a cautionary tale for the private equity industry, highlighting the importance of transparency, ethical conduct, and robust governance in managing investor funds.