NBK Capital to take over Abraaj fund

Liquidators

of the collapsed private equity fund Abraaj Group are close to completing the transfer of its credit fund to another investment manager as they seek to wind down the company, according to sources.

NBK Capital Partners, the private equity arm of Kuwait’s biggest bank, could take over Abraaj Global Credit Fund’s management as soon as January. Abraaj raised about $260 million (Dh955 million) for the fund before it collapsed after allegations of misusing investor money. (Bloomberg)