Dubai-based private equity firm Abraaj Capital has surpassed the record for the largest infrastructure buyout fund for investments in the Middle East, North Africa and South Asia, and is on track to hit its maximum fundraising target of $2bn (€1.4bn) by the end of the year.

The Middle East buyout group has raised a total of $1.7bn at the second closing of its Infrastructure and Growth Capital Fund. The news came as it revealed plans for a flotation on the Dubai Financial International Exchange next year.