(Alliance News) - Burford Capital Ltd said it expanded and extended its funding arrangement with its sovereign wealth fund strategic partner.
The law-focused global finance and asset management firm said the extension was by one year to the end of 2024, to enable the funding arrangement to support commitments incremental to capital provision-direct assets that are currently contracted.
Further, Burford and the unnamed strategic partner agreed to amend their agreement to allow recycling of some profit, in addition to recycling of certain deployed capital, aimed at increasing the total amount of capital that the funding arrangement is able to deploy.
"New commitments to capital provision-direct assets will continue to be made as to an attribution ratio of 75% to Burford's balance sheet and 25% to [the funding arrangement]," Burford capital said.
Burford Capital shares were 2.3% lower at 1,043.00 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News reporter
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Burford Capital (BUR)