Arif Naqvi wooed the likes of Bill Gates, the World Bank and US pension funds with an ambitious pitch: Invest in his emerging markets funds to make money — and help poor people, too.

Now some investors in the funds of Abraaj, the Dubai-based private equity firm he founded, are alleging the company misused some of the nearly $14bn it managed, and a lender is suing for an unpaid debt. Naqvi is trying to keep his firm afloat and defend his reputation.