Cullaun Capital is backed by leading global credit investment firm, TPG Sixth Street Partners

We will provide much needed funding to accelerate growth across the Irish housing market


Cullaun Capital is backed by leading global credit investment firm, TPG Sixth Street Partners

We will provide much needed funding to accelerate growth across the Irish housing market


Cullaun Capital is backed by leading global credit investment firm, TPG Sixth Street Partners

We will provide much needed funding to accelerate growth across the Irish housing market


We are Cullaun Capital – a newly established provider of development finance across a range of asset classes, across Ireland and across the size spectrum.

We will facilitate and accelerate the building of new homes and helping developers address Ireland’s housing shortage.
We understand that “homes” can mean many different things to different people and to support this we will provide financing for the development of houses and apartments whether for individual sale or institutional purchase across private, social housing and student accommodation types.

Land Purchase
We recognise that it can take time to obtain – or regain – planning permission on land. Cullaun will consider loans secured against zoned land where services are available and bridge this loan into a facility for the development finance phase.

Mixed Use
We also recognise that some developments will require commercial amenities to be delivered, which we will also support. This can be important to developers who might otherwise see the value of the commercial amenities discounted from the value of the overall project.

There has been an absence of office “Grade A” development for some time and build and quality standards have changed considerably. This can cause challenges as the typical employer wants to see evidence of an office being developed before committing to taking a lease. As such, we believe that financing speculative office building can be the right solution in the right circumstances

A growing economy and a thriving tourism industry is driving up the requirement for hotel accommodation across Ireland. We are here to support developers who are focussed on this particular sector.

Changes in distribution systems, increasing urban populations and an increase in on-line trade are putting pressure on the logistics industry. Developers are seeing opportunities to bring increased capacity to existing centres and to create new centres. Cullaun is here to support the right activities in the right location within this sector.


Our Irish-based founders – Stephen J. Bell, Daire McCarthy and Noel Ross – bring a wealth of experience to Cullaun Capital, from commercial lending, funding of both private and social housing, office and mixed-use schemes and also raising debt and equity for developers.

Alongside the Founders, Serge Nyange is Cullaun Capital’s fourth employee and has a broad role supporting the deal pipeline and liaising with potential borrowers and third-party advisers.

They have a combined total of over 60 years in finance and banking, including the enabling of £350m of facilities provided to developers operating in the UK stretched senior residential development market across 2016 and 2017.

The extensive experience of our team, further summarised below, combined with the scale and quality of our funders, puts us in a strong position to support developers who want to deliver new homes to Ireland. Cullaun is backed by TPG Sixth Street Partners, the global credit investment firm with more than $27 billion in assets under management.

01 910 3258

Stephen J. Bell

Founder & Chief Executive

Stephen’s 30-year career has included significant experience in property, commercial lending and full service banking in Ireland, UK and across Europe. An Economics graduate, he spent his early career in retail financial services before taking on the role of Managing Director, EMEA for a US-based Commercial Finance business. After a period exploring the affordable housing market in South Africa and 2-years with the Western European operations of a major UK bank, he moved to Ireland in 2010. Initially working with PwC in its support for Allied Irish Banks, taking on the role of Chief Risk Officer, he was appointed Board Director and Chief Risk Officer for Ulster Bank Group in 2012 where he qualified as a Certified Director.

For the two years prior to establishing Cullaun Capital, he worked at Board level with a newly established property lending business in the UK. While Chair of its Credit Committee, over £350m of facilities were approved with the average loan size increasing to over £10m by the end of 2017. He is also Chair of the Audit & Risk Committee for Homes England, the agency at the heart of the UK government’s commitment to “fix the broken housing market”.

01 910 3257

Daire McCarthy

Founder & Head of Origination

Daire is a chartered surveyor and holds a BComm from UCD and an MSc in Real Estate Investment and Finance from Reading University. He has 18 years’ experience in banking and finance and spent the early part of his career with Bank of Ireland and Investec, before becoming an equity fundraiser for development projects of all sizes; and so has experience of funding residential development projects across the full capital stack.

Immediately prior to co-founding Cullaun Capital, Daire was Head of Structured Finance for a specialised residential development lender in the UK, where he delivered tailored funding solutions for high quality residential developers in the UK. He also previously worked in a finance role within a residential development company.

01 910 3259

Noel Ross

Founder & Head of Portfolio Management

Noel has extensive experience in residential development finance, with various different roles across the sector spanning over 15 years. He previously worked with senior stretched loan providers in Ireland, and more recently in the UK, providing medium sized developers with facilities and service levels that enabled them to grow strongly. He also worked with a UK based developer and understands the difficulties developers face in satisfying the criteria required by both equity providers and all types of debt funders.

He graduated in Economics at UCD and later went on to do a Masters in Business Studies at the Smurfit Business School. Noel is also a Fellow of the Association of Chartered Certified Accountants.

01 910 3262

Serge Nyange


Prior to joining Cullaun, Serge worked in Fixed Income with Bank of America Merrill Lynch as part of the Clients portfolio allocation team. He also worked with Goshawk Aviation, gaining further experience in the aircraft leasing and debt financing.

Serge holds a Masters in Quantitative Finance from UCD Michael Smurfit Graduate Business School, as well as a Bachelor’s degree in Mathematics and Economics from University College Dublin.
He brings his passion of real estate and experience into the Cullaun project.

Please get in touch.

We would be delighted to discuss your development proposals.