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Sixteen private equity funds are being raised in the region worth a total of $2,200 million, Arif Naqvi, chief executive officer (CEO) of Dubai-based Abraaj Capital, told The 2006 Private Equity International Middle East Forum in Dubai on 20 March. There are 29 private equity firms in the Middle East with close to a total of $6,000 million under management, he said. The average size of funds was $142 million in 2005, up from $85 million the previous year and the yardstick internal rate of return (IRR) of 25-30 per cent a year is double benchmark returns in the US and Europe.