Private equity firm Abraaj raises almost $1B African fund

Arif Naqvi, Founder & CEO, Abraaj

The Abraaj Group, a Dubai-based private equity company managing about $9 billion across emerging markets, raised $990 million for its third Sub-saharan Africa fund as it seeks to benefit from the region’s economic growth.

About 64 percent of the capital committed to the Abraaj Africa Fund III came from Europe and North America, with institutional investors, pension funds and sovereign wealth funds pledging 76 percent, the firm said Monday in an e-mailed statement.

The fund will focus on mid-market companies including in consumer goods, services and finance in the core countries of Nigeria, Ghana, Ivory Coast, South Africa and Kenya.

Read more: Buyout Firm Abraaj Raises Almost $1 Billion African Fund – Bloomberg Business.