Burford Capital Limited $300m post-settlement investment fund close (3539V)
08 April 2019 - 6:30PM
UK Regulatory
TIDMBUR
RNS Number : 3539V
Burford Capital Limited
08 April 2019
8 April 2019
BURFORD CAPITAL CLOSES NEW $300 MILLION POST-SETTLEMENT
INVESTMENT FUND
Burford Capital Limited ("Burford" or "the Company"), the
leading global finance and investment management firm focused on
law, announces the closing of the Burford Alternative Income Fund
LP ("BAIF"), a new private fund focused on post-settlement
investments. BAIF will invest in settled litigation matters,
monetising a claimant's settlement and other associated legal
receivables. The solution serves to meet the needs of law firms
awaiting payment of their fees and clients eager to release cash
from the settlement, who find it attractive to secure financing
against those expected receipts.
A variety of institutional investors made commitments to BAIF in
the aggregate amount of $297.25 million. BAIF's investment period
runs until 4 September 2021, with a multi-year harvest period
thereafter. BAIF will pay management fees of 1.5% of invested
capital, with performance fees of 10% after a 5% preferred return
with a full catch-up. BAIF is the successor to Burford's maiden
post-settlement fund, which was founded in 2014. There is no
investment in BAIF from Burford's balance sheet.
Burford's total assets under management are now $2.7
billion.
Please refer to Burford's most recent annual report for
definitions and disclaimers concerning its private fund
business.
Christopher Bogart, Chief Executive Officer of Burford,
said:
"We are pleased to complete our latest fundraising and to have
an expanded post-settlement offering for our clients. BAIF's
investment strategy helps clients manage the frequent and
significant delays that occur between the point at which parties
agree a settlement and the finalisation of and payment under the
settlement. Furthermore, the solution supports our aim of
fulfilling client needs across the lifespan of a litigation
matter's duration, from inception through to conclusion."
For further information, please contact:
Burford Capital Limited
Elizabeth O'Connell, CFA, Chief Financial Officer +1 212 235 6825
Macquarie Capital (Europe) Limited - NOMAD +44 (0)20 3037
and Joint Broker 2000
Jonny Allison
Nicholas Harland
+44 (0)20 3100
Liberum Capital Limited - Joint Broker 2222
Richard Crawley
Jamie Richards
+44 (0)20 7260
Numis Securities Limited - Joint Broker 1000
Charlie Farquhar
Jonathan Abbott
Montfort Communications Limited - Financial +44 (0)20 3770
Communications 7908
Robert Bailhache - email
About Burford Capital
Burford Capital is the leading global finance and investment
management firm focused on law. Its businesses include litigation
finance and risk management, asset recovery and a wide range of
legal finance and advisory activities. Burford is publicly traded
on the London Stock Exchange, and it works with law firms and
clients around the world from its principal offices in New York,
London, Chicago, Washington, Singapore and Sydney.
For more information about Burford: www.burfordcapital.com
This release does not constitute an offer of any Burford fund.
Burford Capital Investment Management LLC ("BCIM"), which acts as
the fund manager of all Burford funds, is registered as an
investment adviser with the U.S. Securities and Exchange
Commission. The information provided herein is for informational
purposes only. Past performance is not indicative of future
results. The information contained herein is not, and should not be
construed as, an offer to sell or the solicitation of an offer to
buy any securities (including, without limitation, interests or
shares in the funds). Any such offer or solicitation may be made
only by means of a final confidential Private Placement Memorandum
and other offering documents.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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