M&A WATCH- Limited partners in Abraaj funds have reportedly voted in favor of giving Actis the right to manage the defunct PE firm’s sub-Saharan Africa and Asia funds, unidentified sources tell Al Mal. The vote is not the final step in handing over the funds, which remains contingent on a few pending procedures, the sources say. The story makes no mention of Abraaj’s North African funds. The sub-Saharan Africa fund reportedly has USD 700 mn in assets under management, USD 400 mn of which are uninvested, while the Asia fund has around USD 200, according to the sources.

Actis had reportedly made a USD 1 offer last September to acquire “the bulk” of Abraaj’s emerging market funds. Actis was up against Abu Dhabi Financial Group, as well as a consortium formed by Kuwait’s Agility and New York-based Centerbridge Partners. Actis’ current North African investments include LSE-traded, Cairo-headquartered consumer healthcare multinational IDH. Former portfolio companies include snackfoods giant Edita, fast-food chain Mo’men, and halawa maker Rashidi El Mizan.