Abraaj’s $990m Africa fund had more demand

Dubai: The Abraaj Group, an emerging-market private equity investor, had “substantially higher” demand for its third sub-Saharan Africa fund than the $990 million (Dh3.63 billion) actually raised, partner Mustafa Abdul Wadood said. The demand reflects the “opportunity in the subcontinent specifically, but also our ability to invest in sub-Saharan Africa,” Abdul Wadood said by telephone from Dubai on Tuesday. The firm had targeted to raise about $800 million, he said.

The Abraaj Africa Fund III will mainly invest in mid-market companies including in consumer industries, resources and infrastructure in Nigeria, Ghana, Ivory Coast, South Africa and Kenya, Abraaj said on Monday.