NBK Capital acquired Abraaj Global Credit Fund.

Liquidators of the collapsed private equity fund Abraaj Group are close to completing the transfer of its credit fund to another investment manager. NBK Capital Partners, the private equity arm of Kuwait’s biggest bank, will make a nominal payment and could take over management of the Abraaj Global Credit Fund as soon as January. Abraaj raised about $260m for the fund and had made three investments before it collapsed after allegations of misusing investor money. NBK Capital Partners plans to use the deal as a way to build relationships with new investors ahead of raising a new fund.