Dubai private equity firm Abraaj raised $1.3 billion to invest in Africa

Dubai private equity firm Abraaj has raised more than $1.3 billion for two funds investing in Africa, the largest amount amassed for direct deals across the continent - FT is reporting.

One fund focusing on Sub-Saharan Africa will be about $1 billion, while the second North African fund will be more than $300 million, the source said. The firm has already invested more than $2.6 billion in Africa over the past two decades through 80 investments in the continent.

Abraaj Group is listed in the Middle East Investors Directory with the code OR01.

More details follows