Dubai-based private equity firm Abraaj Group has told investors it is ready to step down as the manager of a $1bn healthcare fund amid an investigation into whether it misused some of the fund's money, people familiar with the matter told FN's sister publication Private Equity News.
The fund's backers — which include the Bill and Melinda Gates Foundation and the World Bank's International Finance Corp unit — met on April 4 to discuss the future of the fund, two of the people said.
