Abraaj Group, the Dubai-based private equity firm under scrutiny for allegedly mismanaging money in a healthcare fund, also used more than $200m of investor money from a $1.6bn buyout fund to help finance its own business, FN's sister publication Private Equity Newsreports.

Abraaj executives including founder Arif Naqvi met Wednesday with investors at a London hotel to discuss the fund, which is intended to buy or invest in companies. Abraaj used some of the money for its own purposes as recently as this year, people familiar with the matter said.