18-Apr-18, Private Equity News
Dubai-based private-equity firm Abraaj Group has told investors it is ready to step down as the manager of a USD1 bn healthcare fund amid an investigation into whether it misused some of the fund's money.
%20The%20Abraaj%20Group.jpg "Abraaj prepared to step down as manager of growth markets healthcare fund (c) The Abraaj Group")
Image: The Abraaj Group
Investors held a meeting to discuss the future of the fund after an audit concluded that money was moved out of the fund. Sums as large as USD300 mn may have been transferred. Some investors in the fund consider the movement of money to be a breach of contract.