Abraaj Group, the emerging-markets private-equity firm under pressure from creditors and investors, said Thursday its Cayman Islands-based holding company filed for liquidation, in what could be one of the industry’s largest-ever failures, The Wall Street Journal reports.

Founded in Dubai in 2002 by Pakistani deal maker Arif Naqvi, Abraaj managed nearly $14bn at its peak earlier this year and was a rising star of the Middle East investment world.