Therium Completes First Close of New £300 Million Fund from Global Institutional Investors
Therium Group Holdings Limited, a leading global provider of litigation finance, today announced that it has completed the first close of its new £300 million fund dedicated to litigation finance. The first close is at £200 million with a further £100 million expected before final close. This will be Therium’s largest fund.
The investors include both Therium’s existing major investor, which is increasing its commitment, and the introduction of selected global institutional investors who have the scale to grow with the firm.
John Byrne, Co-Founder and CEO of Therium Capital Management Limited, said: “We are delighted to announce the first close of our largest fund, which marks a further milestone in Therium’s growth story. The track record of deployment and returns from our past funds has led to a substantial and increasing interest in Therium from a wide range of investors, especially institutional investors, and we continue to see very significant growth potential in litigation funding, globally. We are delighted to work with some of the largest and most sophisticated global investors and we welcome them as our partners in the continued development of the firm and the asset class.”
The new fund follows Therium’s £200 million fund raised in April 2015, which at the time was the largest single investment in the litigation funding sector, as well as several minor fundraises totalling £55 million.
Strong demand for Therium’s litigation finance offerings has meant that Therium deployed the £200 million raise more quickly than expected, allowing the firm to return to investors earlier than originally planned. The previous fund backed high profile cases including the shareholder group claim against Lloyds Banking Group and several former directors for the acquisition of HBOS in 2008; the cartel action for the Road Haulage Association against several truck manufacturers; PCP Capital Partners’ claim against Barclays related to a $3 billion loan to Qatar in 2008; a group claim against Visa and Mastercard relating to interchange fees; the emissions litigation in the UK against Volkswagen for over 45,000 car owners; the claim for iPhone users against Google, Inc. relating to the ‘Safari Workaround’; and most recently Noel Edmonds’ claim against Lloyds Banking Group in relation to the HBOS Reading scandal.
Neil Purslow, Co-Founder and Chief Investment Officer of Therium Capital Management Limited, said: “Demand for litigation funding from Therium since we launched our last major fund has exceeded our expectations and we have transformed the scale of our operations over the past few years in order to meet that demand. Over that period, Therium has enjoyed an unprecedented scale of opportunity in funding single cases in all of our markets. At the same time, we have innovated with portfolio products for law firms and corporates and with the acquisition of claims, judgments and awards. Our new investor base provides the platform that we need to be able to deliver all of these products to our clients, and we are excited to be partnering with them in this rapidly developing space.”
Therium will use the new funds to continue to invest in litigation cases globally across its core sectors of financial services, energy and mining, and technology, media and entertainment, and across all forms of commercial litigation and arbitration. Therium invests in a broad range of complex commercial disputes, from securities and shareholder actions, international arbitration, competition and anti-trust cases, through to intellectual property, insolvency and group and class actions. The new fund is expected to be deployed within two years.
Since April 2015, Therium has expanded its operations significantly, with teams launching in the USA, Spain, Norway and Germany.
Therium was advised on the establishment of its new fund by Haitong Securities, Simmons & Simmons, Ogier and Seward & Kissel LLP.
Since its foundation in 2009, Therium has been at the forefront of the litigation finance industry, pioneering products such as the combined use of insurance tools alongside funding vehicles, and introducing portfolio funding into the UK. Therium has also been at the vanguard of expanding litigation funding internationally: it was the first European funder to launch a full service business in the USA, headquartered in New York, in 2016; it introduced litigation funding to Scandinavia when it opened in Oslo the same year; and the firm was the market’s first UK player to establish a full service business in Germany, in Dusseldorf in March 2017.
Therium is a founder member of the Association of Litigation Funders of England and Wales (ALF), the self-regulatory body regulating the litigation funding industry in England and Wales. Therium is supportive of the ALF and complies with its Code of Conduct.
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