Litigation Capital Management Ltd - Sydney-based litigation financing - Completes second close of LCM Global Alternative Returns Fund II at USD273 million of targeted USD300 million. Says a large UK-based pension fund and a European-based pension fund have been admitted as investors into Fund II. Notes that it is "well progressed" with a number of prospective investors who are working towards investing at final close towards the end of 2022.
Chief Executive Patrick Moloney comments: "We are also encouraged by the quality of new investors and their desire to form a relationship with LCM through investing in future funds. The increase in access to third party capital is timely given how the market conditions are increasing the demand for our capital."
Current stock price: 77.49 pence, up 3.9% on Tuesday
12-month change: down 23%
By Sophie Rose; sophierose@alliancenews.com
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Litigation Cap. (LIT)