Omni Bridgeway Announces Partial Completion of Funds 2&3 Investment

Litigation Capital Management (LCM) has released its full year audited results for the year ended 30 June 2024.

Highlights

• Net realised gains of A$32.2m (FY23: A$51.5m), with concluded case investments generating a 2.4x multiple of cash invested (MOIC)
• Total income of A$44.7m (FY23: A$67.7m)
• Profit after tax for the period of A$12.7m (FY23: A$31.5m)
• Dividend of 1.25p (FY23: 2.25p)
• Net assets of A$188.9m (FY23: A$183.5m) with cases conservatively valued at 1.9x cash invested
• Book value per share of 94.4 pence (FY23: 90.3 pence)
• Total new commitments of A$279m added in the period (FY23: A$176m)
• Fund I which comprises US$150m of external capital is fully committed and Fund II which comprises US$291m of external capital is 58% committed
• Share buyback program is 70% complete and remains ongoing

Strategic Update

• The Company is continuing its transition to asset management. Fund III marketing to commence towards the end of 2024 calendar year
• Preparing a disciplined and staged entry into the US market. 
• Acquired the intellectual property of a cutting edge legal finance Big Data/AI platform. Application of this technology to form part of US market entry and drive enhanced origination and investment diligence more broadly across the Company

Commenting on the results, Patrick Moloney, CEO of Litigation Capital Management, said: "We are pleased to have extended our industry-leading track record with successful case outcomes over the past 12 months driving our 13-year investment performance to an impressive 2.9x multiple of invested capital. Our transition from balance sheet funder to high return asset manager is progressing well, and we are looking forward to engaging with our LP investor base as we commence marketing for Fund III.

"With our London operations firmly established, having generated realisations of over £100m at a MOIC exceeding 3x, we are now strategically preparing for a disciplined and staged entry into the US market. As part of this strategic initiative, we've recently acquired the IP of a leading legal finance Big Data/AI platform. We see substantial opportunities to leverage this technology across our business in an asset class that is ideally suited for such innovation."

The full result announcement and audited results can be read here.

Bay Point Advisors LLC, an Atlanta-based investment firm with a focus in niche private markets, is proud to announce the successful close of a $50 million capital raise for Bay Point Legal Fund II. This raise demonstrates Bay Point’s commitment to providing innovative investment solutions in the litigation finance sector.

The newly raised capital will be deployed to identify, invest, and support allocations across several litigation strategies, including primary and secondary mass tort acquisition, mass arbitrations, and single event cases.

“This marks a significant milestone in our 12-year journey. Bay Point Legal Fund II advances our initial vision for the firm of offering uncorrelated investment opportunities. We are excited to leverage our team’s expertise in litigation finance to continue our growth trajectory and deliver value for our investors,” said Charles Andros, President and Chief Investment Officer at Bay Point Advisors.

Bay Point Legal has a team of experienced professionals who possess deep expertise in legal, financial, and operational aspects of litigation finance. Bay Point believes that its investment approach and extensive network enable the firm to identify and capitalize on high-value opportunities.

Sean Coleman, Managing Director of Bay Point’s Legal Finance strategy, stated, “We are excited about the closing of Bay Point Legal Fund II. We have substantial capital to make an impact in the quickly evolving litigation finance vertical. Fund II will build on the creative and diversified, equity-type, mass tort investments made in Fund I while also expanding into new investment opportunities such as hybrid torts, abuse cases, mass arbitrations and single events. The fund has the potential to provide returns uncorrelated to equity markets, while also helping deliver equitable compensation to claimants who previously had limited avenues to justice.”

About Bay Point Advisors:

Founded in 2012 and headquartered in Atlanta, Georgia, Bay Point Advisors is a privately held investment firm with a strategic focus on niche markets often underserved by traditional financial institutions. Bay Point’s broad investment criteria allows for a dynamic response to market shifts. Committed to meeting the evolving needs of clients, Bay Point specializes in the prompt delivery of tailor-made capital.

About Bay Point Legal:

Bay Point Legal is the litigation finance arm of Bay Point Advisors. Specializing in equity investments in mass torts, single events, and mass arbitrations, the fund is dedicated to providing solutions that deliver strong returns while making a positive impact on the lives of those affected by corporate negligence. The legal fund leverages extensive industry experience and a robust network to identify, invest, and manage risk-adjusted investments in litigation finance.