Actis has assumed the management rights on Abraaj Private Equity Fund IV (APEF IV), a global buyout fund, and Abraaj Africa Fund III (AAF III), a fund for investment in Sub-Saharan Africa.

Actis was invited to step in to help provide a solution that would be acceptable to both the Limited Partners of the two funds and the liquidators of the Abraaj estate.

Andrew Newington, Actis’ CIO, who led the process, commented: “When a number of investors asked us to step in to be part of a solution in mid-2018, we sought to respond constructively. A dedicated team from the Actis platform put forward a comprehensive and flexible proposal.”

“We are pleased that investors have entrusted us with the stewardship of their portfolio and our focus is now on delivering on our plan to drive value on their behalf.”

The transaction, which includes investments in 14 portfolio companies across the two funds, further strengthens Actis’ existing market position and team in Africa and the Middle East.

The combined private equity team is now 40 strong, having added investment professionals to the Nairobi, Johannesburg, Lagos offices in addition to Singapore and London and a new office in Dubai to the network.

Actis now has $12bn under management and over 250 people across 16 offices.

Torbjorn Caesar, Senior Partner at Actis, said: “We are pleased to have arrived at the best solution for investors and for our markets after a long, complex process. Going forward, we look forward to drawing on our 70-year heritage in Africa and across the growth markets, and fulfilling both our fiduciary duties to our new and existing investors and our responsibilities to the countries, cities and communities in which we operate.”