The Dubai-based private equity firm Abraaj Group has told investors and creditors it needs to sell four funds to Colony Capital by July 1 to survive, but some are moving to oppose the deal, people familiar with the matter said.

The Colony deal, announced last week, was billed by Abraaj as a rescue plan, but some investors and creditors have told the firm that it is moving too quickly, that they do not have the deal terms or enough time to properly assess the transaction, and that better offers may be available, the people said.