Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Source: Giphy

Abraaj Capital is one of private equity's most active and influential investors in emerging markets like the Middle East, with $13.6 billion in capital under management and a portfolio of more than 200 companies. It also appears to be falling apart.

Why it matters: Private equity firms promise to help grow businesses via operational expertise. But if a firm doesn't even have its own house in order, how can it credibly make its case to prospective portfolio companies?

Here's the chronological rundown, all from the past two months:

  • Several LPs in a $1 billion Abraaj healthcare fund — including the Bill & Melinda Gates Foundation — felt some called capital had been misappropriated and hired a forensic accountant.
  • Abraaj itself hired KMPG to investigate, and claimed the auditing firm found no evidence of wrongdoing.
  • Abraaj founder and CEO Arif Naqvi said he would separate the firm's fund management business from its holding company (i.e., balance sheet), and step down from the former. No explanation for why he would resign if Abraaj had been absolved of wrongdoing.
  • Abraaj named three managing partners who would remain with the firm in full-time capacities and as members of the global investment committee. At least one had already resigned at the time of that statement, while another is said to be leaving. Also out is the firm's CFO.
  • The "team page" on Abraaj's website has been empty for weeks.
  • Abraaj suspended fundraising for a its latest flagship fund, which already had closed on $3 billion of its $6 billion target. Those early commitments won't be called.
  • The firm canceled its annual Abraaj Week event.
  • Yesterday came reports that Abraaj may seek buyers for all or part of its fund business.
  • A source says that Abraaj continues to work on a reorganization, and that it expects to make final decisions about next steps within the next month.

Bottom line: Limited partners rarely raise a stink over accounting issues but, if they do, it reflects that the general partner's problems likely go a lot deeper than calculations.

Go deeper

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.