Litigation funder Nera Capital has announced a major milestone, revealing its portfolio’s expected realisation value (ERV) has now exceeded $1 billion—a figure that reflects both realised and anticipated returns net of investor repayments. The Dublin-based firm, which also maintains offices in Manchester, the Netherlands, and the United States, says this landmark demonstrates its rapid growth and underlines its place among the leading players in the litigation finance space.

A press release from Nera Capital notes that this surge in ERV comes just months after Nera crossed $100 million in cumulative investor repayments. That figure is now expected to top $150 million this quarter. The firm credits its success to a disciplined approach to case selection, a tech-enabled risk management strategy, and an emphasis on scalable funding models—particularly in the realms of financial mis-selling, cartel damages, and mass consumer redress.

ERV, a key industry metric, estimates the net value funders expect to realise after satisfying investor obligations. For Nera, surpassing $1 billion in ERV underscores its capacity to manage high-volume, high-impact litigation with robust financial discipline. “This milestone isn’t just about numbers—it validates our model and our mission,” said co-founder and director Aisling Byrne.

The firm’s trajectory has been marked by strategic expansion, including a $75 million new fund, increased institutional support, and the appointment of seasoned finance lawyer James Benson as General Counsel. Nera also reiterated its commitment to supporting claims with measurable damages, strong merits, and potential for positive societal impact.

A funder-versus-insider fight has erupted in Texas, where Siltstone Capital alleges its former general counsel Manmeet Walia secretly formed a rival vehicle and siphoned opportunities using Siltstone’s confidential materials. The complaint names a would-be investor, Hazoor Select LP, and a new venture, Signal Peak Partners, as pieces of the purported plan.

According to Bloomberg Law, Siltstone contends that Walia set up the competing effort while still employed, diverting deals and leveraging trade secrets. Details on damages and requested relief weren’t immediately available, but the fact pattern reads like a classic private-capital dust-up: restrictive covenants, fiduciary duties, and the hard-to-quantify value of a nascent pipeline in a niche asset class.

The case spotlights the growing institutionalization of litigation finance: the closer the industry looks to mainstream private credit or PE, the more it inherits their playbook of non-competes, IP enforcement, and investor-relations friction.

A decisive ruling could nudge funders toward more standardized employment covenants and trade-secret protocols—especially around deal pipelines and model IP—potentially raising operating costs but lowering leakage risk across the sector.

Burford Capital has taken a strategic step further into firm-side infrastructure, investing in Kindleworth—the operations partner behind a wave of high-performing specialist law firms—in a bid to accelerate launches and scale boutique platforms.

A press release in PR Newswire reports that Kindleworth has helped bring more than 50 firms and offices to market globally, supporting over 1,000 lawyers across strategy, compliance, finance, technology and BD/marketing. The investment is pitched as fuel for “next-generation” firms: elite, focused teams that prefer an outsourced, non-legal backbone to preserve partner time for client work. Recent Kindleworth-supported names include Three Crowns LLP, Northridge Law and Pallas Partners—case studies for how a fit-for-purpose MSO model can enable premium work without BigLaw overhead.

For Burford, the move underscores its foray into law-firm operations, where capital can unlock growth in tech, talent, and pricing innovation without touching the practice of law. It also dovetails with the industry’s growing interest in MSO structures that separate ownership of back-office functions from lawyer-owned entities, sidestepping non-lawyer ownership bans while still injecting outside capital into operations.

If early results show faster time-to-launch, healthier margins, and better cost control for boutiques, expect rivals to explore similar partnerships with legal-ops platforms—or to stand up their own. Open questions remain around governance: how information flows between an MSO partner and a funder, how conflicts are policed, and whether ethics regulators will ask for clearer guardrails as more deals close.

Litigation funding may soon be more than a tool for plaintiffs — it’s shaping up to be a cornerstone of growth strategy for tech startups, according to a new thought piece by funder WinJustice.

A recent post on LinkedIn from the firm outlines how litigation funders are expanding their remit to support LegalTech and SaaS companies embroiled in high-stakes litigation over IP, data privacy, and cross-border regulatory issues. As these companies scale, legal exposure often rises faster than revenue, making litigation finance not just a defensive tool, but a growth enabler.

For early- and growth-stage tech firms, litigation costs can cripple cash flow and deter investment. WinJustice argues that non-recourse funding allows companies to protect IP and contractual rights without diverting resources from R&D or expansion. By absorbing litigation costs — and recovering only on success — funders offer startups a financial shield that levels the playing field against larger adversaries.

The piece also explores how LegalTech platforms are feeding value back into the funding ecosystem. AI tools now assist funders with diligence, risk modeling, and portfolio management, creating what WinJustice calls a “two-way synergy” between finance and technology. The UAE, with its dual ecosystems in litigation funding (DIFC and ADGM) and tech innovation, is spotlighted as an ideal hub for this convergence.

The strategic implications stretch across stakeholders: founders get breathing room, legal departments shift from cost centers to value creators, and funders broaden their pipeline while enhancing operational efficiency. As litigation funding migrates from courtrooms to cap tables, WinJustice paints a future where disputes are assets, not liabilities.

Litigation Capital Management (LCM) has set a timetable for its next major disclosure, telling the market it will release audited results for the year ended June 30, 2025, on Wednesday, October 1. The notice gives investors and counterparties a clear marker for updates on realizations, fair-value movements, new commitments, and progress across single-case, portfolio, and claims-acquisition strategies. With funding markets steady and secondary activity picking up, attention will focus on monetizations and cash generation as LCM cycles older matters and deploys into new ones.

An announcement on Investegate dated September 8 confirms the reporting date and recaps LCM’s operating model: direct investments from balance sheet capital alongside third-party fund management, pursuing single-matter funding, portfolio structures, and acquisitions of claims. The company notes it derives revenue both from direct investments and from performance fees on managed capital. The notice also reiterates LCM’s international footprint, with headquarters in Sydney and offices in London, Singapore, and Brisbane, reflecting a pipeline that spans common-law jurisdictions and arbitration hubs.

While the update is procedural, the date sets expectations for details on commitments, deployments, and realizations through fiscal 2025—metrics that typically drive NAV, fee accruals, and liquidity for further commitments. Investors will also look for commentary on case duration, provisioning, and any balance-sheet recycling that can support new originations without dilutive capital raises.

Against a backdrop of competitive pricing and increasingly bespoke structures, LCM’s disclosures should offer a read-through on demand for commercial funding and the cadence of exits across core verticals. If realizations and commitments point in the right direction, expect continued momentum in portfolio-level and acquisition strategies as funders lean into capital-efficient growth.

Burford Capital’s proposal to take minority, non-controlling stakes in U.S. law firms via management services organization (MSO) structures has sparked a fresh round of debate over investor involvement in legal practice. The funder frames the plan as a way to provide growth capital while remaining a passive owner outside the practice of law. Critics counter that any move toward outside ownership, even indirectly through MSOs, risks putting investor preferences ahead of client interests and could entangle firms in thorny ethics issues across multiple jurisdictions.

An article in Insurance Journal reports that Burford Chief Development Officer Travis Lenkner said the firm is “pursuing strategic minority investments” and would be a passive investor. The piece canvasses pushback from the Florida Justice Reform Institute and outlines the patchwork of state rules: most jurisdictions still bar nonlawyer ownership; Arizona allows it directly; and a recent Texas ethics opinion signaled that well-structured MSOs can be permissible if they don’t engage in the practice of law or share fees.

Insurance Journal also notes the broader political and regulatory context—more states moving toward disclosure or licensing of funders—while highlighting unresolved questions about how courts and bars might treat MSO-based ownership in practice.

For funders, the proposal—if accepted by regulators and clients—could represent a new pipeline to origination and data, deeper relationships with firms, and adjacencies to traditional case funding. For firms, it dangles capital for tech, talent, and operations without ceding control of fee streams. The near-term test is whether any first-mover deals clear ethics review and demonstrate independence in substance, not just form. If they do, expect a competitive race among funders and private capital to define the template. If not, this episode may reinforce the status quo—and accelerate states’ efforts to spell out guardrails for third-party finance and law-firm ownership models.

Law firms across England and Wales are experiencing a rare reprieve in professional indemnity insurance (PII) costs, with a wave of new market entrants and increased capacity pushing premiums downward for the first time in years.

An article in the Law Gazette reports that firms of all sizes have seen rate reductions—most notably larger firms, where primary layer premiums have dropped by 5%–10%. Mid-sized firms are also benefiting, with typical decreases of 2%–5%, while smaller firms face a more uneven landscape. Brokers attribute the softening market to heightened competition among insurers and a lack of the anticipated post-Covid surge in claims, particularly in conveyancing.

Yet insurers remain cautious. The severity of claims is on the rise, with 20% now pleading losses above £3 million, per Lockton data. Notably, litigation funders are increasingly cited as a key contributor to this trend. Funders’ financial backing, or “war chests,” allow claims to proceed further than before, raising concerns for insurers and heightening law firm liability. Administrators and funders alike are probing legal advice as part of post-insolvency investigations, bringing a new wave of high-value, third-party claims.

In response, insurers are urging firms to reassess their risk profile, invest in excess coverage, and present stronger underwriting narratives. Brokers also report growing interest in regulatory defense cover, as SRA-related claims become more frequent.

Meanwhile, cyber risk and artificial intelligence loom large. Despite rising ransomware attacks and a 77% spike in cyber threats, only 28% of firms carry standalone cyber policies. Insurers are urging firms to adopt multi-factor authentication, conduct risk assessments, and develop AI usage policies to mitigate exposure.

A new third-party funder has joined Australia’s increasingly competitive class actions market. Ninety Mile Capital, founded in Melbourne by former Therium executives Simon Dluzniak and Louise Hird, will focus on financial services, consumer and environmental claims domestically, while also eyeing opportunities in Singapore-seated arbitration. The launch comes amid continuing portfolio realignments among global funders and sustained claimant appetite for vehicles that can shoulder the cost and risk of complex, multi-year disputes.

An article in CDR News notes that Dluzniak will serve as director and Hird as chief investment officer, following their departures from Therium earlier this year. Their new vehicle signals a back-to-basics thesis in Australia: target well-defined class cohorts and regulatory-driven harms in financial services and consumer protection, where causation and damages models are increasingly standardized and courts are familiar with funded proceedings.

For practitioners and claimants, Ninety Mile Capital’s arrival could widen the field of potential terms on offer. Competition among funders has already tightened pricing and diversified structures; from single-matter to portfolio and even hybrid credit facilities. A new entrant with local experience may also accelerate filings in environmental claims, where granular scientific evidence and regulatory interplay often demand both capital and patience. The international dimension—scouting Singapore—underscores how funders with Australian DNA are increasingly structuring for regional reach, syndication options and enforcement pathways beyond a single jurisdiction.

If Ninety Mile Capital executes on its targeted strategy, expect incremental pressure on incumbents in Australia and more cross-forum coordination with Singapore. The bigger question for the industry: does this signal a new wave of specialist boutiques spinning out of legacy platforms?