Abraaj exited CIRA to avoid impact of IPO lockup on IRR

CLARIFICATION- A friend of ours at the Abraaj Group passed on this note after our pickup yesterday of news that the private equity outfit had exited its stake in education play CIRA: “Abraaj invested with the Kalla family in 2014, and after four years and strong performance and growth of CIRA driven primarily by the CEO, Mohamed El Kalla, and the Chairman, Dr. Hassan El Kalla, and their management team, Abraaj exited with a healthy return before any potential IPO so as to avoid IPO-related lockups that would impact the investment IRR.”