Litigation funder IMF Bentham has raised a multi-million investment vehicle, its second in recent months, in the latest sign of global growth in third-party funding.
The Australia-based funder said the A$150 million (£88.7m) pot would invest in cases in Australia, Asia, Canada and Europe through two new funds.
Multinational investment office Partners Capital will manage an investment of $90m in one fund, while Singapore-based private investment firm Amitell Capital will manage a $30m pot. IMF will invest the remaining money.
The announcement follows IMF’s launch of a USD$200m investment in February, solely focused on the US market.
Meanwhile, litigation funder Burford Capital has opened a new Singapore office and appointed a former Allen & Overy lawyer to head operations there. Quentin Pak, who will join the firm on 30 October, will be responsible for expanding Burford’s presence in Asia and Australia.
In June, Burford financed its first Singaporean arbitration matter which it claimed is the first Singapore-seated arbitration funded through third-party finance.
Christopher Bogart, chief executive at Burford, said: ‘Burford sees significant potential in the Asia-Pacific market following the passage this year of new laws in the region, including Singapore, that support our business. With the addition of a Singapore office and with Quentin’s on-the-ground leadership and vision, we’re enthusiastic about meeting the increased demand for third-party capital with smart and cost-effective solutions.’
Last month, the Gazette reported that Burford had cut a deal with top 100-firm Shepherd & Wedderburn. The deal provides a pot of cash, around eight-figures, with which Shepherd & Wedderburn can fund a portfolio of cases.
Similar portfolio deals have proved increasingly attractive to US law firms, and Burford said at the time that it hoped to agree more.