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Abraaj infrastructure and growth capital fund holds second closing on $1.7bn17/10/2007. Source: AltAssets. 
 Abraaj Capital, a private equity firm specialising in investment in the Middle East, North Africa and South Asia region, has announced the second closing of its Infrastructure and Growth Capital Fund, with financial commitments of $1.7bn. A first closing was held on $500m at the end of last year. The fund is expected to reach a final closing on up to $2bn before the end of 2007.
The firm has already made five investments from IGCF during 2007, including a strategic pre-IPO stake in low cost regional airline Air Arabia, the buy-out of integrated nitrogen fertiliser producer Egyptian Fertilizers Company and the acquisition of a strategic stake in Acibadem, a Turkish healthcare operator.
Using its own corporate resources, Abraaj and its co-investors have already made investments totalling over $1.4bn, of which the IGCF component comes to approximately $800m. As a result, almost 40 per cent of IGCF was invested before the second closing.
Abraaj CEO Arif Naqvi said, 'The transactions in which we have invested are exceptional, representing companies that are market leaders in their respective sectors, which should enable us to comfortably surpass our benchmark returns. Indeed, we expect the fund to be fully invested within a two-year time frame, a record that will greatly benefit the investors who have participated in this fund.'
'The transactions in which we have invested are exceptional, representing companies that are market leaders in their respective sectors, which should enable us to comfortably surpass our benchmark returns. Indeed, we expect the fund to be fully invested within a two-year time frame, a record that will greatly benefit the investors who have participated in this fund,' Navqi added.
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