Abraaj Capital buys Amundis private equity business in North Africa.

By bne IntelliNews August 29, 2011
Dubai-based private equity and alternative asset management firm Abraaj Capital has bought the North African private equity platform of France's Amundi, the company said in a statement. As part of the deal, Abraaj will take over the management of USD 161mn SGAM Al Kantara Fund and Amundi's stake in the Kantara Fund. It will also acquire Amundis offices in Morocco, Tunisia and Algeria. The acquisition is in line with Abraaj efforts to strengthen its presence in the MENA region. No financial details of the deal were disclosed. Since its formation in 2002, Abraaj has raised over USD 7bn and distributed around USD 3bn to investors. Its assets under management at the end of 2010 stood at USD 6.2bn. Asset manager Amundi is jointly owned by Societe Generale and Credit Agricole.

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