The British private equity fund Actis, has been selected to buy back Abraaj Group’s investment fund, that was put into receivership following disagreement over its "abusive" use of funds entrusted to it by investors like Bill & Melinda Gates Foundation and the International Finance Corporation, Reuters, citing sources close to the case, reported on September 24.

The same source reveals that the Canadian Brookfield Asset Management is also about to buy the Turkish fund Abraaj while the fund dedicated to Latin America will be sold to the American capital investment giant Colony Capital.

There are ongoing negotiations for Abraaj Private Equity Fund IV but the group’s remaining assets have not received a buying offer yet.  

Since 2014 when Actis was established, it has raised $13 billion. It employs 200 workers and operates on high growth markets in Africa, Asia, and Latin America.

Founded by the Pakistani Arif Naqvi, Abraaj Group was a real empire with $13.6 billion worth of assets under management and more than 200 investments. Earlier this year, four of its investors were accused of having used a $1 billion fund to be dedicated to the health sector, for other purposes.

The case led to the resignation of many Abraaj Group’s managers and in June 2018, the Cayman Islands high court nominated provisional liquidators.