Case | HBS Case Collection | February 2012 (Revised March 2012)

Abraaj Capital and the Karachi Electric Supply Company

by Josh Lerner, Asim Ijaz Khwaja and Ann Leamon

Abstract

In 2008, the Dubai-based private equity group Abraaj Capital Invested $360 million in Karachi Electric Supply Company, a troubled utility serving Pakistan's largest city. In 2010, the firm has made great strides in turning around the company but the transition is not complete. In fact, completing the task involves significant work in rebuilding the social contract in addition to correcting matters related to company management and electricity supply. Is this the direction for private equity in the future?

Keywords: Energy Generation; Private Equity; Investment; Utilities Industry; Financial Services Industry; Pakistan;

Citation:

Lerner, Josh, Asim Ijaz Khwaja, and Ann Leamon. "Abraaj Capital and the Karachi Electric Supply Company." Harvard Business School Case 812-019, February 2012. (Revised March 2012.)