Litigation Capital Management Ltd - New South Wales, Australia-based provider of dispute financing solutions - Announces first close of a second third-party fund, Fund II. Says the close of Fund II accelerates asset management strategy, managing third-party funds. At first close, Fund II raises USD200 million, leaving a balance of up to USD100 million to be raised in the subsequent months.
With a target of USD300 million, total assets under management expected to reach USD450 million on final close. This supplements the company's balance sheet capital and allows expansion and diversification of portfolio, it notes.
Chief Executive Officer Patrick Moloney says: "Achieving such a significant first close of Fund II is a major milestone and achievement for LCM. We were delighted at the endorsement from all existing investors in our first fund, who are predominantly participating for increased commitments in our second fund, demonstrating both investor commitment and confidence in LCMs attractive investment proposition. The first close of Fund II enables LCM to accelerate its growth strategy and provides us with increased flexibility of capital to allocate into markets which are very conducive to the litigation finance industry."
Current stock price: 123.50 pence
Year-to-date change: up 87%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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