Private equity group Abraaj closes London office as cost-cutting continues
Dubai-headquartered private equity giant Abraaj is closing its London office as part of cost-cutting measures ahead of the sale of its fund management unit.
Liquidator PwC confirmed the closure of the company's Mayfair base and said it is part of normal money saving activities during an insolvency process.
Read more: TGI Friday’s private equity owner Electra ends buyout talks
The beleaguered group, which has an additional 19 offices across the globe, filed for provisional liquidation in the Cayman Islands on 18 June and brought in administrators from PwC to restructure the company.
Liquidators are seeking to sell off assets to raise money for creditors and staff after the firm collapsed following complaints from investors.
In August last year it was hit by complaint from investors, including the Bill & Melinda Gates Foundation, that it had misused money in a $1bn healthcare fund. Abraaj denies any wrongdoing.
Creditors hired accountants to investigate the fund and in March this year Abraaj paused new investments and began downsizing and cutting jobs.
The firm was founded by Pakistani businessman Arif Naqvi in 2002 and became a specialist in emerging markets, peaking at round $14bn of assets under management last year.
Announcing the restructuring in June Naqvi said: "The process of court supervised restructuring will take a few months.
"I will continue to support this orderly process and help ensure the best possible outcomes for all the stakeholders.
"The past four months have been humbling, exhausting and testing for us all but when I reflect on the past 16 years, I am proud of the positive impact that Abraaj has had on the markets and communities it serves."
Read more: CEE private equity investment hits record high