Abraaj Group's senior partner Stefanel leaves firm - sources

By Reuters

Nov 24, 2013 03:54 AM EST

Matteo Stefanel, a senior partner at emerging markets-focused private equity firm Abraaj Group, has left the company, two banking and industry sources aware of the matter said.

Stefanel had joined Dubai-based Abraaj in 2008 and was head of special situations group, managed accounts and real estate at the firm, which has about $7.5 billion in assets under management. He was also responsible for a number of the firm's partner companies.

Abraaj, founded in 2002 by Group Chief Executive Arif Naqvi, declined to comment, saying it was not the firm's policy to discuss personnel changes. Stefanel could not be reached for comment. The sources spoke on condition of anonymity as the matter is not public.

The firm, whose investments span the Middle East, Africa and Asia, has a portfolio ranging from budget carrier Air Arabia to supermarket chain Spinneys and education group GEMS.

Abraaj has been focusing on investments in Africa recently and bought a majority stake in Ghana Home Loans, the leading provider of residential mortgages in the west African state.

In June, Abraaj acquired west Africa dairy firm Fan Milk International. 

Abraaj has also teamed up with TPG Capital to bid for a majority stake in Saudi Arabian fast-food chain Kudu.

Prior to joining Abraaj, Stefanel was the chief executive officer at Athens-based Investment Bank of Greece and also worked as a managing director at Deutsche Bank, responsible for the bank's financial institutions business in Italy. 

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