March 10, 2020 / 7:45 AM / a month ago

BRIEF-Litigation Capital Management completes first close of new fund

March 10 (Reuters) - Litigation Capital Management Ltd :

* LCM COMPLETES FIRST CLOSE OF A NEW US$150 MILLION FUND

* THE THIRD PARTY FUND IS CALLED LCM GLOBAL ALTERNATIVE RETURNS FUND

* THE CLOSE OF THIS FUND MARKS LCM’S RETURN TO MANAGING THIRD-PARTY FUNDS

* THE FUND’S CORNERSTONE INVESTORS INCLUDE FIRSTLY THE LARGE ENDOWMENT OF A US UNIVERSITY AND SECONDLY THE ASSET MANAGEMENT DIVISION OF A LARGE GLOBAL INVESTMENT BANK

* THREE FURTHER PARTICIPANTS IN THE FUND INCLUDE: A FURTHER US-BASED UNIVERSITY ENDOWMENT, A SWISS BASED FUND MANAGER SPECIALISING IN INVESTING IN LITIGATION FINANCE AND A SUBSTANTIAL EUROPEAN FAMILY OFFICE WITH SIGNIFICANT INVESTMENT EXPERIENCE IN LITIGATION FINANCE

* THE FUND WILL CO-INVEST WITH INVESTMENTS FROM LCM’S BALANCE SHEET ON A 75:25 BASIS

* LCM’A BALANCE SHEET CONTRIBUTION (25%) WILL BE INVESTED AND ADVANCED ON A MONTHLY BASIS OVER THE TERM OF EACH INVESTMENT, NO UPFRONT CONTRIBUTION WILL BE REQUIRED

* PERFORMANCE FEES WILL BE PAYABLE TO LCM AS FUND MANAGER ON THE BASIS OF A DEAL BY DEAL WATERFALL Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below