August 24, 2015 / 5:25 AM / 4 years ago

Private equity firm Abraaj closes second North Africa fund at $375 mln

DUBAI, Aug 24 (Reuters) - Emerging market-focused private equity firm Abraaj Group has closed its second North Africa-focused fund at $375 million, it said in a statement on Monday.

The fund will target “well-managed, mid-market businesses in the core geographies of Algeria, Egypt, Morocco and Tunisia that have demonstrated robust growth and the ability to become regional leaders in their field”, Abraaj said.

The fund will focus on sectors which are “likely to benefit from an expanding middle class”, such as healthcare, education and consumer goods, and seek both majority and minority stakes in companies.

Among the backers of the fund, 63 percent of the capital came from European and North American investors, with global institutional investors, pension funds, sovereign wealth funds and development finance institutions participating in the fund-raising, the statement added. (Reporting by David French; Editing by Andrew Torchia)

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