UAE-based Al Waha Capital PJSC has abandoned plans to raise $300 million in a private equity fund, Reuters reported June 11, citing sources familiar with the matter.
"It was difficult to raise money, generally in the last two years and Abraaj has made it more difficult," a source reportedly said. Abraaj, also based in the UAE, has faced allegations that it misused funds.
Waha had flagged its plans to raise a PE fund in 2017, and some investors had signed up. But the private equity firm halted its strategy, and will focus on investment on a deal-by-deal basis, a source told the newswire.
