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Behind the Spectacular Collapse of a Private Equity Titan - Bloomberg

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"Abraaj’s reliance on multiple levels of leverage created a ‘highly unstable’ business model that’s unusual for the private-equity industry, the court-appointed liquidators that are dismantling the firm said in a report dated July 11 and seen by Bloomberg.

After analyzing the documents they could get their hands on—since some went missing—investigators at PricewaterhouseCoopers said Abraaj’s use of loans to cover operating expenses left it ‘sensitive to volatility and potential liquidity crises.’ They are now selling Abraaj assets to pay creditors and investigating allegations of ‘mismanagement, comingling of funds and misappropriation of assets.’"

From "Behind the Spectacular Collapse of a Private Equity Titan - Bloomberg".

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