Investors in Abraaj's near $1b Africa Fund seek new manager

Pedestrians walk along a roadway back-dropped by commercial and residential buildings in the Sandton district of Johannesburg, South Africa, on Thursday, June 22, 2017. Photographer: Waldo Swiegers/Bloomberg

A group of investors in Abraaj Group’s near-$1 billion sub-Saharan Africa fund are seeking a new manager, potentially complicating a broader sale process for the embattled firm’s asset management unit, according to people familiar with the matter.

Investors in the $990 million Abraaj Africa Fund III want to replace the Dubai-based company and have reached out to potential investors including Carlyle Group LP and London-based private equity investor Actis LLP, the people said, asking not to be identified as the matter is private. Deliberations are at an early stage and it’s unclear whether any of the buyout firms are interested, the people said.

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