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This case analyses The Abraaj Group, a private equity firm founded by Arif Naqvi. With headquarters in Dubai, the firm famously grew to become the largest emerging market private equity firm. Its focus was on small and medium enterprise investment and positive social impact in emerging markets. In 2018 however, the firm was discovered to be insolvent, with its executive team conspiring to misappropriate capital from its various funds into company and personal bank accounts. The collapse of the firm was the largest private equity collapse in history. It is experienced from the perspective of an Abraaj investor, Impact Invest, at the point in time when these allegations and rumours began to surface. Most impact investment globally is funded through private equity mechanisms. The case also focusses on corporate governance and decoupling. The complex nature of corporate governance in a private equity firm is illustrated with the additional governance policies, structures and procedures required for impact investing. Both means-ends and policy-practice decoupling are illustrated in the case and can be explored more deeply in class discussion.