Dubai – Mubasher: Agility Public Warehousing has reportedly bid for a stake in the investment management business of Abraaj Capital.

According to a letter seen by Reuters, Agility has expressed its interest in May for the acquisition of “all or some of the General Partners of the funds” under the embattled UAE private equity company.

Later in June, the Kuwaiti company affirmed its earlier desire, Reuters reported.

“Agility had bid $180 million to acquire certain fund interests and management rights for [Abraaj Investment Management Limited] AIML,” familiar sources told the international news agency.

Earlier in July, York Capital Management presented an offer to acquire Abraaj Group’s asset management business in a consideration of $45 million.

A group of parties submitted their bids to buy the Emirati private equity firm including a unit of Abu Dhabi Financial Group and Colony Capital.

Abraaj, once one of the developing world’s influential investors, has been facing allegations of money misuse in its $1 billion healthcare fund. In June, the Dubai-based investment firm filed for bankruptcy. It is reportedly undergoing a mega-restructuring plan.

A host of companies, particularly those listed in the UAE, have disclosed their exposure to Abraaj as per a circular issued by the Securities and Commodities Authority (SCA). Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and Commercial Bank of Dubai (CBD).

Analysts previously told Mubasher that companies’ disclosures of the level of their exposure to Abraaj would boost investor confidence in the markets.