The Abraaj Group
Cork Gully was engaged by one of the larger investor groups in relation to the failed private equity group to represent and pursue the interests of those investors.
The Abraaj Group was originally set up in 2002 by Arif Naqvi to focus on investments in the EMEA region and grew to become a multi-billion dollar fund. However, the fund suffered losses and in 2018 became the subject of an SEC investigation. Since then, other regulators have investigated the fund and several of the fund principals have become the subject of criminal prosecution.
We have been responsible for protecting the investors interests by investigating the historic dealings of the fund, defending the interests of the investors against competing claims, negotiating with third parties and litigating or settling potential claims where necessary, and otherwise taking all action needed on behalf of the partnership or general partner to protect interests of the investor group.
As part of their appointment, Cork Gully in particular undertook a detailed forensic investigation of the fund’s records (such as were still available) to recreate the fund’s activities and defend the investor groups’ capital position, which was under threat of being extinguished by the replacement fund manager. Cork Gully successfully preserved the investors’ existing position and prevented an attempt to force further capital contributions of approximately $120m to underwrite the losses of other parties.
Cork Gully also protected the interests of the investor group from unwarranted claims of substantial management and other fees arising from the activities of the failed fund which they would have otherwise had to pay.
Cork Gully’s team of senior restructuring professionals have extensive experience in the operations of investment funds and how they operate and were thereby able to quickly and efficiently represent and protect investor interests when being challenged from all sides.