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LexShares Launches $100 Million Litigation Finance Fund

June 10, 2020

LexShares Launches $100 Million Litigation Finance Fund

LexShares, a leader in commercial litigation finance, today announced the launch of LexShares Marketplace Fund II (LMFII). With a $100 million target fund size, LMFII will invest in litigation-related assets offered on the LexShares platform. LMFII opens on the heels of the company’s 100th legal claim investment, making LexShares one of the most active litigation funding firms in the world. The firm closed LexShares Marketplace Fund I in January 2018, which was fully subscribed for $25 million. Prior to this public launch, LMFII received commitments in excess of $30 million, which includes two cornerstone institutional investors. LMFII is now accepting commitments from both institutional and individual accredited investors at lexshares.com. “Six years ago, we founded LexShares. Two years ago, we launched our first dedicated litigation finance fund. Today, underpinned by a proven track record and an increasingly strong pipeline of investment opportunities, we continue our mission of providing investors unparalleled access to high-quality investments in litigation finance–a traditionally hard-to-access asset class,” said Co-Founder and Chief Executive Officer, Jay Greenberg. “We are thankful for the support we have received from our community of investors who entrust us as stewards of their capital. Their confidence and enthusiasm have enabled us to establish this milestone Fund II.” As of June 10, LexShares has invested in 103 case offerings. Of those, 43 investments have resolved, resulting in a 52% median IRR net of fees and expenses. Over the past year, LexShares’ average investment per case offering was $1,460,607, up from $845,250 the year prior. Investments as of January 1, 2019 represent 48% of all capital deployed since the firm was founded in 2014. LexShares’ proprietary origination technology platform, the Diamond Mine, has sourced more than one million case investment opportunities since the company launched the software in 2016. As a result, LexShares’ in-house investment team has collectively underwritten over $2.63 billion in funding opportunities–$855 million in the past year alone. “Demand for litigation funding has grown dramatically since we founded LexShares,” explained Co-Founder and Chief Investment Officer, Max Volsky. “To date, we have had a great deal of success in servicing the commercial litigation finance middle market. LMFII positions us to invest in a greater number of commercial cases as well as offer portfolio funding and other novel financial products to our growing network of law firms.” Accredited investors are now able to access the LexShares Marketplace Fund II investor presentation, and invest directly on LexShares’ website. About LexShares LexShares is a leading litigation finance firm, with an innovative approach to originating and financing high-value commercial legal claims. LexShares funds litigation-related matters, primarily originated by its proprietary Diamond Mine software, through both its online marketplace and dedicated litigation finance fund. Founded in 2014, the company is privately owned with principal offices in Boston and New York City. For more information, visit lexshares.com. About LexShares Marketplace Fund II LexShares Marketplace Fund II (LMFII) is the company’s second discretionary fund dedicated to providing access to a portfolio of litigation-related assets. LMFII has retained Seward & Kissel LLP as its legal counsel, BDO USA, LLP for tax and auditing services, and SS&C Technologies Inc. as its fund administrator. Additionally, LMFII has secured a principal protection insurance policy from AmTrust International Insurance, Ltd., an industry-leading global insurance provider. Investors can elect to cover all or a portion of their commitment to LMFII with this policy. LMFII is now open for investment directly on lexshares.com. This release may contain “forward looking statements” which are not guaranteed. Investment opportunities posted on LexShares are offered by WealthForge Securities, LLC, a registered broker-dealer and member FINRA / SIPC. LexShares and WealthForge are separate entities. This release does not constitute an offer to sell or the solicitation of any offer to buy interests in the LexShares Marketplace Fund II (LMFII), which may only be made at the time a qualified subscriber receives the confidential investor packet (the “Investor Packet”) which includes the confidential private placement memorandum of LMFII, describing the offering. The interests in LMFII shall not be offered or sold in any jurisdiction in which such an offer or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied. In the case of any inconsistency between the descriptions or terms in this release and the Investor Packet, the Investor Packet shall control. Each prospective investor should consult its own attorney, business adviser and tax adviser as to legal, business, tax and related matters concerning the information contained herein. Investment opportunities offered by LexShares are “private placements” of securities that are not publicly traded, are not able to be voluntarily redeemed or sold, and are intended for investors who do not need a liquid investment. Investors must be able to afford the loss of their entire investment without a change to their lifestyle. Historical performance information is not indicative of future performance or investment returns, and prospective investors should not view the performance information as an indicator of the future performance of LMFII. Investments in legal claims are speculative, carry a high degree of risk and may result in loss of entire investment. Returns are based on principal’s internal reporting for offerings through the LexShares platform reaching resolution as of June 10, 2020. Results reported reflect the simple median annualized rate of return per the xirr function, net of fees and expenses. The insurance protection policy is subject to terms and conditions which should be reviewed in full in the Investor Packet and considered before a decision is made to proceed with insurance protection.
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Announcements Commercial

ILFA Welcomes Commissioner McGrath’s Rejection of EU Regulation for Third-Party Litigation Funding

By John Freund |

On 18 November 2025, European Commissioner for Justice Michael McGrath closed the final meeting of the EU’s High-Level Forum on Justice for Growth with a clear statement that the Commission does not plan new legislation on Third Party Litigation Funding (TPLF). 

He added that Forum participants also indicated that there is no need to further regulate third-party litigation funding.

Instead, Commissioner McGrath said the Commission will prioritise monitoring the implementation of the Representative Actions Directive (RAD) over any new legislative proposals. 

(video from 2.32 here). 

Paul Kong, Executive Director of the International Legal Finance Association (ILFA), said:  “We’re delighted to see Commissioner McGrath’s clear statement that EU regulation for third-party litigation funding is not planned. This appears to close any talk of the need for new regulation, which was completely without evidence and created considerable uncertainty for the sector.

Over several years, ILFA has consistently made the case that litigation funding plays a critical role in ensuring European businesses and consumers can access justice without financial limitations and are not disadvantaged against larger and financially stronger defendants. New legislation would have choked off the availability of financial support to level the playing field for claimants. 

We will continue to work closely with the Commission to share the experiences of our members on the implementation of the RAD across the EU, ensuring it also works for claimants in consumer group actions facing defendants with deep pockets.”

About ILFA

The International Legal Finance Association (ILFA) represents the global commercial legal finance community, and its mission is to engage, educate and influence legislative, regulatory and judicial landscapes as the global voice of the commercial legal finance industry. It is the only global association of commercial legal finance companies and is an independent, non-profit trade association promoting the highest standards of operation and service for the commercial legal finance sector. ILFA has local chapter representation around the world. For more information, visit www.ilfa.com or @ILFA_Official. 

About the High-Level Forum on Justice for Growth

European Commissioner for Justice Michael McGrath launched the High-Level Forum on Justice for Growth in March 2025 to bring together legal industry experts to “focus on and discuss together how justice policies can contribute to – and further support – European competitiveness and growth”. The final meeting of the Forum took place on 18 November 2025, in Brussels. 

Announcements Commercial

Pogust Goodhead Appoints Jonathan Edward Wheeler as Partner and Head of Mariana Litigation

By John Freund |

Pogust Goodhead law firm has appointed Jonathan Edward Wheeler as a partner and Head of Mariana Litigation, adding heavyweight firepower to the team driving one of the largest group claims in English legal history following the firm’s landmark liability win against BHP in the English courts.

Jonathan joins Pogust Goodhead from Morrison Foerster in London, where he was a leading commercial litigation partner, having served for seven years as office co-managing partner and for 15 years as Head of Litigation. A specialist in complex, cross-border disputes, Jonathan has extensive experience acting in high-value commercial litigation, civil fraud and asset tracing, international trust disputes, contentious insolvency and investigations across multiple jurisdictions.

In his new role, Jonathan will assume strategic leadership of the proceedings arising from the Mariana dam disaster against mining giant BHP, overseeing the continued development of the case into the damages phase and working closely with colleagues in Brazil, the UK, the Netherlands and beyond.

Howard Morris, Chairman at Pogust Goodhead said: “Jonathan is a heavyweight addition to Pogust Goodhead and to our Mariana team. His track record in running some of the most complex cross-border disputes in the English courts, together with his leadership experience, make him exactly the kind of senior figure we need after our historic liability victory. Our clients will benefit enormously from his expertise and judgment.”

Jonathan Wheeler said: “It is a privilege to join Pogust Goodhead at such a pivotal moment in the Mariana case. The recent liability judgment is a watershed for access to justice and corporate accountability. I am honoured to help lead the next phase of this extraordinary litigation and to work alongside a team that has shown such determination in seeking justice for hundreds of thousands of victims.”

Alicia Alinia, CEO at Pogust Goodhead said: “Bringing in lawyers of Jonathan’s calibre is a strategic choice. As we expand the depth and breadth of our disputes practice globally, we are investing in senior talent who can help us deliver justice at scale for our clients and build an even more resilient firm.”

The Mariana proceedings in England involve over 600,000 of Brazilian individuals, businesses, municipalities, religious institutions and Indigenous communities affected by the 2015 Fundão dam collapse in Minas Gerais, Brazil. Following the English court’s decision on liability on the 14th of November 2025, the case will now move into the next stage focused on damages and the quantification of losses on an unprecedented scale.

Announcements Regulatory Issues

Pravati Capital Establishes Coalition to Advance Responsible Litigation Funding Regulation Across U.S. Following Arizona Law’s Passage

By John Freund |

Arizona’s Senate Bill 1215 (SB1215) will become law on Jan. 1, 2026, marking a significant milestone in the state’s role as a national leader in advancing access to justice through litigation funding, positioning Arizona as a model for other states considering similar measures. Arizona’s legislation reflects a broader movement in states such as California and Georgia, where lawmakers are weighing the benefits of litigation finance as a way to level the playing field for plaintiffs facing deep-pocketed adversaries.

To help advance these efforts, Scottsdale, Ariz.-based Pravati Capital, one of the oldest litigation finance firms in the U.S. and supporter of the bill alongside the Arizona Chamber of Commerce and Industry and the broader legal community, has formed a coalition of litigation funders, attorneys and policy advocates committed to ensuring that states pass responsible regulation that protects plaintiffs. 

The bill’s final passage underscores a consensus reached after months of negotiations and reflects bipartisan compromise, according to Alexander Chucri, founder and CEO of Pravati Capital. SB1215 ensures funding remains a viable option for plaintiffs seeking to stand on equal footing with well-capitalized corporate opponents; it requires greater transparency of legal proceedings and prohibits funding and influence by foreign countries or entities of concern as defined in the legislation. 

“Arizona’s leadership in the area of litigation funding sends a powerful signal nationally,” said Senate Majority Whip Frank Carroll, a key supporter of the legislation. “This legislation is the product of constructive negotiation that demonstrates what’s possible when all sides work toward the shared goal of preserving access to justice.”

“It closes the door on bad actors while ensuring responsible litigation finance firms can continue to help plaintiffs pursue meritorious claims,” said Chucri. “At Pravati, we welcome this as part of an ongoing dialogue.”

SB1215 took effect on September 26, 90 days after the close of the legislative session, and, with a delayed effective date, will become law on January 1. Among key provisions, SB1215:

·       Protects the integrity of cases by restricting involvement by foreign countries or entities of concern as defined in the legislation, ensuring litigation funding remains aligned with U.S. legal and ethical standards.

·       Preserves innovation in legal services, reaffirming Arizona’s pioneering role in allowing alternative business structures (ABS), law firms that permit non-lawyers decision-making authority, to expand access to legal services by partnering with litigation funding firms.   

·       Balances regulation, affirming safeguards such as prohibitions on funders controlling litigation, while maintaining transparency. 

Chucri added, “Pravati has always believed our mission — ‘to befriend, help and protect’ — is best achieved through cooperation and a willingness to educate stakeholders. We will continue to engage constructively in conversations to advance fair, responsible access to justice.” 

About Pravati Capital

Established in 2013, Pravati Capital, LLC is among the oldest litigation finance firms in the U.S., delivering a proven track record as an equalizing force in court and a unique and uncorrelated asset class to investors. Founded by Alexander Chucri, a visionary in developing the industry's first pioneering model of litigation finance in 2003, Pravati Capital brings together a seasoned team with deep experience across law, finance and successful entrepreneurial ventures. The Scottsdale, Ariz.-based firm delivers strategic capital solutions for attorneys and law firms, helps plaintiffs gain access to justice through financial support, and offers accredited investors an attractive asset class designed to perform independently of traditional markets. Pravati’s mission is its namesake: to befriend, help and protect. For more information, visit PravatiCapital.com.