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UAE private equity firm Abraaj handing back investors' capital

Abraaj Group Ltd is releasing commitments made to a new $6 billion fund that is being suspended following a disagreement with four of its investors in a $1 billion healthcare fund over the use of their money, the firm told Reuters.

The United Arab Emirates-based private equity firm halted fundraising for Abraaj Private Equity Fund VI at the end of February. The Washington State Investment Board and the Teachers' Retirement System of Louisiana withdrew a total of $300 million committed to the new fund, the newswire reported March 7.

Since problems with the investors started earlier this year, Abraaj has stopped new investment activities and adopted an independent review of its corporate structure, concentrating on governance and control functions, the newswire noted. In addition, the firm is undergoing an overhaul of the business after CEO Arif Naqvi stepped aside from leading the fund management business.