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Abraaj Says Unused Capital in Health Fund Returned to Investors

  • Some capital not used because of political, regulatory reasons
  • Buyout firm hired KPMG to verify receipts, payments to fund
Updated on

Dubai-based buyout firm Abraaj Group said unused capital from its health fund was returned to investors, dismissing media reports that said money had disappeared as “inaccurate and misleading.”

“All capital that was drawn from the Abraaj Growth Markets Health Fund was for approved fund investments,” Abraaj said in an emailed statement on Sunday. “Some capital was not used as quickly as anticipated due to unforeseen political and regulatory developments” in several markets, it said. Investors were told about these delays “through quarterly general partner reports and other investor communications.”