Trending Now
Announcements Commercial

IMF Bentham responds to share price movement of rival Burford Capital Limited

PERTH, AUSTRALIA, 8 AUGUST 2019: In response to a (short) report issued by a US investment firm on 7 August 2019 on Burford Capital Limited (Burford), leading global dispute resolution financier and industry founder, IMF Bentham Limited (ASX:IMF), notes the following in relation to IMF’s accounting policies and disclosures.


“There are fundamental differences between IMF Bentham and other funders. Our investors understand and value this and our investor base now includes some of the largest, most sophisticated institutional investors in the world,” says CEO and MD, Andrew Saker.

Accounting treatment of Litigation Finance Assets

  • The accounting treatments adopted by IMF and some of its competitors vary materially.
  • IMF’s litigation funding assets, and those of investment vehicles managed or advised by IMF, are classified as intangible assets and therefore, in accordance with the International Financial Reporting Standards (IFRS), are recognised at cost throughout the life of the investment and are subject to impairment testing. IMF does not record any unrealised gains attributable to market value adjustments of its litigation assets during the life of the investment.
  • IMF recognises any gain on assets at the time of completion of an investment. Losses on investments are recognised at the earlier of either negative developments which impact potential recoveries via an asset impairment, or from a loss at trial.
  • IMF’s conservative and transparent approach removes potentially-artificial estimations of asset values and offers investors comfort in the integrity and stability of the reported results.
  • IMF prepares its accounts in accordance with the Corporations Act and complies with the Australian Accounting Standards and the IFRS.

IMF’s key metrics

  • As stated in prior ASX announcements, IMF calculates its aggregate Return on Invested Capital (ROIC) and Internal Rate of Return (IRR) on concluded investments only (excluding any partial conclusions), withdrawals and overheads. These metrics include losses on concluded cases.

Funding for Future Investments and strategic capital management

  • A substantial capital position is essential in the dispute finance industry to underwrite investments.
  • During FY19, IMF significantly increased its capital reserves with the launch of two new Funds (Fund 4, Fund 5) with aggregate capital commitments of US$1 billion (including commitments from IMF of US$200 million). This external capital secures IMF’s medium-term funding requirements for its current and future litigation funding investments.
  • In FY19, IMF also completed an equity placement raising approximately $75 million, refreshed the terms of its listed bonds pushing maturity out to FY23 and raising a further $41 million from the issue of new bonds. IMF also currently expects to receive income of approximately $70 million in FY20 from conditional and in-principle settlements which have occurred since 1 July 2019 (of which $23.5 million relates to on-balance sheet investments and $45.7 million reflects fund investments).

About IMF Bentham Ltd

IMF Bentham is one of the leading global dispute resolution financiers, headquartered in Australia and with offices in the US and Canada, Singapore, Hong Kong and the UK. IMF Bentham has built its reputation as a trusted provider of innovative funding solutions and has established an increasingly diverse portfolio of dispute resolution funding assets.

IMF Bentham has a highly experienced dispute resolution funding team overseeing its investments. We have an exceptional success rate over 187 completed investments and have recovered over A$1.4 billion for clients since 2001. IMF now has close to A$2 billion in combined funds under management globally, making us a strong ally for our funded clients.

For further information regarding IMF Bentham and its activities, please visit www.imf.com.au.

Announcements

View All
Announcements Commercial Legal Innovation

Sentry Expands Free Funding Market Search for Litigators

By John Freund |

Sentry Funding’s free tool enabling litigators to instantly search the funding market on behalf of clients has been expanded.

Sentry’s free ‘decision in principle’ feature enables lawyers to evidence to clients that they have conducted a broad market search, even if funding is not ultimately taken out.

Having deployed £125m in funding across a range of case types, Sentry now has access to an even broader funding marketplace, covering 34 global jurisdictions. Finance is provided by 13 funders, five of which are members of the Association of Litigation Funders.

With the recent addition of Sentry’s first US-based funder, the US offering will now be expanding over the next few months. 

A faster process

Sentry has deployed the latest technology to make the search for funding even easier. 

  • The intuitive application process now only asks questions relevant to previous answers, saving lawyers time.
  • The commercial marketplace has been redeveloped with 63 new data points added to the funder criteria matrix - improving the accuracy of case / funder matching
  • Sentry has also begun building out its AI capabilities, starting with an automated auditing tool for live case progression audits. 

Tom Webster, chief executive officer at Sentry Funding, said:

‘By broadening our reach and speeding up the process, we’re making it even easier for lawyers to raise funding. We’re also giving litigators an easy way to show clients they have fully researched the market, rather than just approaching one or two funders. 

‘The service is free to use, so even if clients decide they do not ultimately want funding or if none is available for that case, for the lawyer, it makes sense to use our “decision in principle” feature, so they can put evidence on file that they did check the market.’

Sentry Funding is an SaaS (software as a service) technology provider that gives solicitors access to a diverse marketplace of litigation funders. It works with solicitors, funders and third-party providers to ensure claimants are getting the most efficient service for their funding needs. 

The Sentry Portal also acts as a case management system that runs a transparent digital case file for solicitors, funders, after-the-event insurance providers, barristers, cost lawyers and other relevant third parties.

Announcements Commercial

NorthWall Capital Hits €2.9 B AUM on Private Credit Momentum

By John Freund |

NorthWall Capital has rocketed past €2.9 billion in assets under management after pulling in an additional €1.6 billion of institutional capital in 2025 alone. The London-based alternative credit manager says the surge reflects allocators’ intensifying hunt for scaled, multi-strategy platforms as Europe’s banks retrench and borrowers seek bespoke sources of credit.

A press release from NorthWall Capital details first-close totals across four distinct strategies. The flagship Credit Opportunities fund secured €731 million—already eclipsing its prior vintage—while the newly launched Senior Lending vehicle raised $503 million, translating to roughly $750 million of deployable firepower once leverage is applied. Asset-Backed Opportunities collected €252 million for collateral-rich loans in sectors underserved by traditional lenders, and the specialist Legal Assets platform locked down $169 million to extend the firm’s law-firm lending programme.

Founder and CIO Fabian Chrobog said the fundraising validates “the consistency of our approach” and NorthWall’s ability to craft solutions that resonate with investors and counterparties alike. With headcount slated to hit 40 by year-end, the firm plans to lean further into complex, situational credit born of bank deleveraging, regulatory shifts and sponsors’ need for certainty of execution.

Announcements Commercial People Moves

Victory Park Expands Legal Credit Leadership with Maleson Promotion

By John Freund |

Victory Park Capital (VPC), a global alternative asset manager specializing in private credit, has announced that Justin Maleson will expand his role to Managing Director, co-heading the firm’s legal credit investment strategy. The promotion underscores VPC’s ongoing investment in its legal finance capabilities and follows Maleson’s initial appointment in 2024 as Assistant General Counsel.

An announcement from Victory Park Capital details Maleson’s new responsibilities, which include sourcing, analyzing, and managing investments across legal assets, while maintaining oversight of the firm’s legal operations. He joins Chad Clamage in co-leading the strategy, working alongside team members Hugo Lestiboudois and Andrew Pascal, under the continued oversight of VPC CEO and founder Richard Levy.

Maleson brings a strong background in litigation finance and commercial law to the position. Before joining VPC, he served as a director at Longford Capital, where he specialized in originating and managing litigation funding transactions. His earlier tenure as a litigation partner at Jenner & Block further deepened his exposure to complex legal matters, equipping him with the expertise needed to navigate the nuanced legal credit space.

VPC’s legal credit team emphasizes an asset-backed lending model, prioritizing downside protection and predictable income streams. The firm aims to capitalize on inefficiencies within the legal funding market by leveraging its internal expertise and broad network of relationships. With Maleson’s appointment, VPC signals its intent to further scale its legal credit strategy, positioning itself as a key player in the evolving legal finance sector.

Maleson’s elevation comes at a time of increasing sophistication in litigation finance, where experienced legal minds are playing a pivotal role in portfolio construction and risk management. As VPC bolsters its leadership, the move may foreshadow further institutionalization of legal asset investing and heightened competition in a maturing market segment.