US-based investment manager Colony Capital has wrapped up the acquisition of the Latin America private equity platform of UAE-based private equity firm Abraaj Group.

The acquired entity has been operating in Latin America since 2006.

The business oversees more than $700m across 22 investments.

The companies did not reveal how much the acquisition has fetched.

The deal was first announced in January this year.

The purchased unit will now operate under the name Colony Latam Partners.

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It will remain under the leadership of Miguel Olea, Hector Martinez, Gerardo Mendoza and Eduardo Cortina- part of Abraaj Latin America management.

Olea noted: “Latin America is becoming a preferred investment destination, given the potential unleashed by the growth of the middle class, the urbanisation landscape and two decades of political stability.

“The Colony Latam team has been investing in this region since 2006, targeting the mid-cap companies that will benefit from growth capital to scale up their presence locally, and eventually, globally.

“The new venture combines a strong global platform and a local team with a solid track record to take on these interesting opportunities.”

Abraaj collapsed last year after charges of money mismanagement.

In June 2018, the company announced plans to offload its Latin America, Sub Saharan Africa, North Africa and Turkey funds management operations to Colony Capital.