UK quintet tap Middle Eastern wealth

A firm set up by Perry Kurash, who cut his teeth at private property company Topland, has established a corporate finance house with four others to source Middle Eastern capital looking for a home in property.

Property finance expert Perry Kurash and four partners have set Recap as a corporate finance house focussing mainly on raising equity finance for the property industry.

Kurash, formerly in charge of raising debt for London-based private property company Topland Group, will specialise in sourcing equity from the Middle East and the US for transactions throughout the world, according to a statement.

“We are extremely well-connected in the Middle East and have access to the highest net worth individuals, investment banks, sovereign wealth funds and even the royal families.” Kurash said. The former managing director of dd2group now rebranded as Bircroft Group is working with two of his former dd2 team, Martin Griffin and Paul McCutcheon along with Dean Main and Alain Charbit, who were previously transaction managers in Europe for a number of high net worth individuals. Main worked with Kurash at Topland. Prior to dd2, Griffin was at Merrill Lynch where he was treasurer and chartered accountant, and McCutcheon was a fund manager at Fleming Family & Partners. Both have experience of raising equity in the Middle East.

In order to tap wealth in the Middle East, Recap has opened an office in Bahrain, which will be run by Ahmed Salem acting as managing director for the region. He has joined from Mashreq Bank. Two partnerships have been set up in Ireland to provide funding for both developers and investors with Westboro Partners, an accountancy practice in Cork, and corporate financier Magna, founded by Michael O’Hara, formerly of AIB Capital Markets.

A further announcement is due next year revealing a tie-up with a “major US investment fund”, while  “close links” have been established with hedge fund-like investors in both New York and on the West Coast of the US. The intention is to have representation in all the key financing capitals, said Recap.

Kurash said the firm had a lot of mandated business, typically schemes involving up to $300 million (€233 million) of equity. Deals that the team are working on include two $200 million fundraisings in China for UK clients with Chinese partners; a South African infrastructure fund looking for $400 million; a €100m Croatian resort fund; a $400 million Indian infrastructure fund; and a distressed US asset fund looking for $250 million outside the US.