The Abraaj Group Ltd., a buyout firm focused on emerging markets, is raising a $500 million fund to invest in Turkey, two people with knowledge of the matter said. (For more coverage on Abraaj and M&A in Turkey, see 10 Emerging Markets to Watch - Turkey.)

Abraaj, which has about $7.5 billion in global assets under management, according to its website, plans to reach its fundraising target by the end of the year, the people said, asking not to be identified as the information isn’t public. The private-equity firm is already talking to potential acquisition targets in Turkey, one of the people said.

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