The past 12 months weren’t great for emerging markets—but it’s been far worse for Dubai-based private equity firm Abraaj Group and its founder Arif Naqvi. Bad fortune of being in the wrong place with the wrong people at the wrong time, including a scandal at a key lender, is what did them in. Its fall from being a respected, $14 billion powerhouse in the world of impact investing in private equity to a company offered a buyout of just $1 is in one of the biggest stories in emerging markets this year. At one time, it was the largest private equity firm in the world, attracting the likes of the Gates Foundation…………The past 12 months weren’t great for emerging markets—but it’s been far worse for Dubai-based private equity firm Abraaj Group and its founder Arif Naqvi. Bad fortune of being in the wrong place with the wrong people at the wrong time, including a scandal at a key lender, is what did them in. Its fall from being a respected, $14 billion powerhouse in the world of impact investing in private equity to a company offered a buyout of just $1 is in one of the biggest stories in emerging markets this year. At one time, it was the largest private equity firm in the world, attracti