NorthWall Capital (“NorthWall”), a leading credit investment firm delivering private capital solutions to counterparties in Western Europe, today announces the appointment of Scott Carpenter as Chief Operating Officer.

Scott commenced his role at NorthWall in June and brings with him 35 years of experience in a wide variety of financial management roles globally. Most recently, Scott spent 11 years at Alpha Wave Global, a $19bn AUM global investment company focused on private equity, private credit and public markets. Scott joined the firm at inception as a day one employee and rose to the role of Chief Operating Officer. Prior to that, Scott was Global Head of Operations for eight years at leading alternative credit platform CQS (now Manulife | CQS Investment Management) and previously spent 10 years at Credit Suisse working in a variety of operational management roles in London, New York, Singapore, Sydney, Brisbane and Wellington.

Scott replaces Founding Partner and Chief Operating Officer Ian Lokkerbol, who will retire from the industry at the end of July with the intention to pursue a career in nature conservation. During his time at NorthWall, Ian has supported the growth of the firm from a start-up to a €1.5bn AUM diversified European credit platform with c. 30 employees. Ian will continue to support the management team in an informal advisory capacity.

Fabian Chrobog, Founder and Chief Investment Officer at NorthWall Capital, said: “We are delighted to welcome someone of Scott’s calibre to NorthWall. His significant experience of stewarding private capital and alternative credit firms through periods of growth will be invaluable as we enter the next phase in our development.”

“It is with great sadness that we say farewell to Ian, who has been an integral part of the NorthWall journey since we founded the firm in 2017. I have had the pleasure of working with Ian in a variety of different positions for almost 15 years and will miss him greatly. Ian was the first person to join me at NorthWall and the faith he put in our young venture was a key contributor to our success. Over the last seven years Ian has been instrumental in building a best-in-class infrastructure and in shaping a culture that has helped NorthWall develop a near-perfect team retention track record since inception. On behalf of the entire NorthWall team I wanted to thank Ian for his contributions and wish him the best in his future endeavours.”

Alexander Garnier, Founding Partner and Portfolio Manager at NorthWall Capital, remarked: "We are thrilled to welcome Scott to the NorthWall team. His extensive experience and proven track record in operational leadership and strategic growth will be pivotal as we chart our next phase of growth.”

"Ian’s departure marks the end of an era, and he will be greatly missed. His leadership and dedication have been one of the bedrocks of our success, and I cannot thank him enough. I wish him all the best in his next chapter. We are confident that Scott’s appointment as COO will build on the solid foundation Ian has established, driving NorthWall towards even greater achievements."

Ian Lokkerbol, Founding Partner at NorthWall Capital, commented: “While I am sad to be retiring from the industry and leaving a firm I care so deeply about, I look forward to spending more time focused on nature conservation, a great passion of mine. I also know I am leaving NorthWall in very strong hands and well positioned to continue to grow, a journey I am proud to have been a part of. I wish Fabian, Alex, Scott and the team lots of successes going forward, as I continue to cheer from the sidelines.”

“I am thrilled to be joining NorthWall at such an exciting stage in the company’s growth,” added Scott Carpenter, Chief Operating Officer at NorthWall Capital. “Over the past seven years, Fabian, Alex, Ian and the entire team have established the firm as a leading European credit investment manager and laid a strong platform for future growth. I look forward to supporting the firm in further capitalising on the increasing opportunity for European credit.”

In June, NorthWall announced the final close of its flagship NorthWall European Opportunities Fund II and associated vehicles attracting more than €640m in investor commitments, surpassing its initial €500m target and more than doubling the size of its predecessor vintage.

About NorthWall Capital

NorthWall Capital is a London-based credit investment firm, delivering private capital solutions to counterparties in Western Europe. The firm manages €1.5bn of AUM in long dated funds on behalf of global institutional investors, seeking to capture compelling risk-adjusted returns from Western European credit markets.

For more information, please visit www.northwallcap.com.

Deminor welcomes Dr. Stephan Klebes to the Hamburg team to expand its leading position in the German litigation funding market

Dr. Stephan Klebes adds experience and expertise in complex commercial disputes, investment recovery cases and antitrust actions to the Deminor team - especially in the fields of arbitration and capital markets law.

Deminor is pleased to announce the appointment of Dr. Stephan Klebes as Senior Legal Counsel. With the arrival of Stephan, a further experienced litigator joins the established team of Dr. Malte Stübinger (General Counsel Germany), Patrick Rode (Senior Legal Counsel) and Tim Willing (Senior Legal Counsel).

Dr. Stübinger commented on Stephan's arrival:

“With Stephan, we are gaining a highly qualified colleague with a broad legal background who will actively support our further growth in Germany and brings the Deminor mindset with him. An excellent addition to our team that emphasises our strong commitment to the German market.”

Stephan Klebes was admitted to the German Bar in 2021 and has broad experience in litigating and advising on cross-border disputes before international arbitral tribunals and state courts, with a particular focus on general commercial disputes and investment recovery cases. Prior to joining Deminor, he was an associate with the specialised litigation law firm Quinn Emmanuel where he represented companies in various types of arbitration proceedings, as well as complex investment recovery claims before state courts.

Erik Bomans, Chief Executive Officer, added:

“I wish to echo my colleagues' sentiments by congratulating Stephan on joining Deminor’s growing Hamburg team. Stephan’s wide-ranging legal expertise is a welcome arrival, and I am confident they will complement General Counsel Dr Malte Stübinger and his fellow Senior Legal Counsels. I look forward to his contribution to Deminor and our clients as we strengthen our position as a Chambers & Partners Band 1 Ranked provider of litigation funding solutions in Germany.”

Stephan Klebes studied law and economics at the University of Mannheim (LL.B., First State Examination) and the University of Cape Town, South Africa (LL.M. in Alternative Dispute Resolution). He then obtained his doctorate at the University of Osnabrück at the chair of Prof Dr Mary-Rose McGuire on an arbitration-related topic and completed his clerkship at the Higher Regional Court of Celle.

On joining Deminor, Stephan comments:

“I am delighted to be working with Deminor to further advance the field of litigation funding in Germany and Europe. The possibility of third-party financing of litigation and arbitration still has a lot of potential. Deminor will certainly be able to further expand its leading role in the German market on the basis of its strongly value-based approach. It is a great pleasure for me to be able to contribute to this mission.”

Dr. Klebes was recognised by Best Lawyers in the category "Ones to Watch 2024" in the field of Arbitration and Mediation.

An article in Business Live covers the announcement from Sheffield-based FinLegal that it has raised £2 million in funding from the Northern Powerhouse Investment Fund II (NPIF II). The legal technology company offers a platform that can be used for the class actions or high volume small claims management, utilising automation and AI to increase efficiency and reduce costs. FinLegal plans to use the new investment to expand its operations and double its workforce.

The funding from NPIF II is a result of the fund’s mission to help small and medium sized businesses in the North of England scale up their operations, with the £660m fund providing loans that range between £25,000 and £2 million, or equity investments of up to £5 million. FinLegal specifically received funds that are managed in part by NPIF II and in part by Mercia Asset Management.

Steven Shinn, founder of FinLegal, provided the following comment on the announcement:

“The claims market is ripe for a platform like ours. Many claims are run on a no-win no-fee basis and increasingly there are fee caps, so operating costs are critical. Our solution reduces costs, automates but also improves client care and makes it possible to manage claims at a scale which might otherwise not be viable. It has already been adopted by the some of the leading claims firms and this investment will enable us to accelerate our international growth.”

Chris Borrett of Mercia Ventures said: 

“FinLegal represents a new breed of AI-enabled LegalTech companies. The business has rapidly cornered a niche within the mass volume litigation market and is driving substantial productivity gains for major global law firms. Steven and his team have acquired clients across the UK, Australia and in the USA and set their sights on becoming one of the leading litigation platforms globally.”

Clio, the global leader in legal technology, announced it has raised US $900 million, based on a US $3 billion valuation, in a Series F investment round led by New Enterprise Associates (NEA). The round also includes new partners Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates, Inc. and by T. Rowe Price Investment Management, Inc., respectively, and OMERS. Marking a new era in its growth journey, Clio will continue to expand its multi-product platform, including further investments in its burgeoning AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally, deepening its organic growth to more than 130 countries across the globe.

For 16 years, Clio has been at the forefront of creating innovative, cloud-based solutions tailored to the unique needs of the legal industry. Clio is the operating system for law firms, powering every aspect of the legal process. It simplifies law firm management by centralizing client intake, case management, document management, legal payments, and more. With more than 250+ legal technology software integrations, Clio is also the world’s largest legal technology platform, endorsed by more than 100 law societies and bar associations worldwide, including all 50 state bar associations in the United States.

“This historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio’s future,” said Jack Newton, CEO and Founder of Clio. “I’m thrilled to embark on this journey with NEA and our group of exceptional investors. The Clio operating system is the undisputed platform of the legal technology sector, engineered to not only meet but anticipate future industry demands. We are pioneering this future for our customers, driven by our mission to transform the legal experience for all. Our commitment to delivering unparalleled value propels every decision we make, and we are inspired by the massive opportunities ahead.”

Tony Florence, Co-CEO at NEA, has joined Clio’s Board of Directors. Mr. Florence commented, “Clio embodies everything NEA looks for in a growth-stage investment: an exceptional, purpose-driven team, market and product leadership, and stellar business physics. Clio is mission critical to law firms, and the company’s best-in-class retention and NPS are testaments to the team’s ability to continuously innovate, deliver immense value, and meet the dynamic needs of the legal sector. With the right foundation in place for continued market expansion and advanced AI capabilities, we believe the best is yet to come. We look forward to applying NEA’s company-building expertise to partner with Jack and the Clio team on their next phase of growth.”

Clio raised its Series E funding in April 2021, a US $110M growth equity round. Since then, Clio has grown its revenue beyond US $200M ARR and has expanded internationally to the APAC region, as well as upmarket to become the leader in mid-market cloud legal practice management software, serving more than 1,000 mid-sized firms in the United States alone. Clio’s all-in-one payments business has skyrocketed since its launch in 2022, now processing billions of dollars annually in legal-specific transactions. Additionally, Clio’s platform has been expanded to include: 

• Clio Duo proprietary generative AI solution to help lawyers complete routine tasks, and leverage their firm analytics to run a more efficient practice; including audit log functionality for court discovery (available in 2024)
• Clio Accounting to manage firm finances in one system of record, designed to help keep law firms compliant
• Module for personal injury lawyers with distinct litigation needs, and procedures for medical recordkeeping, this add-on offers rapid settlement estimates for high volume case assessments
• Clio Draft intelligent document automation and court form libraries in 50+ jurisdictions
• Electronic court filing services available directly in Clio to streamline court interactions
• Legal Aid and nonprofit grant billing models, eligibility calculators, and dashboards
• Google Local Service Ads directly embedded in the Clio platform to generate, screen, and intake local leads

“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us,” continued Newton. “AI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There’s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.”

Clio has more than 1,100 employees located across hub locations in North America, EMEA, and APAC regions. The company is actively hiring across all areas of its business including product, R&D, sales, marketing, and customer success.

Law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as legal counsel to Clio. William Blair acted as Clio’s exclusive financial advisor.

A prominent European finance company has announced it will be funding over 25,000 claims in a €1 billion class action against truck manufacturers, who were part of a price-fixing cartel.

Nera Capital, which has offices in Manchester, Dublin and The Netherlands, is focussing exclusively on group redress claims, helping consumers and small to medium sized businesses, fight for justice against antitrust behaviour by corporates.

In 2016, the European Commission found MAN, Volvo/Renault, Daimler, Iveco, and DAF broke European Union antitrust rules by colluding on truck pricing and on passing on the costs of compliance with stricter emission rules from 1997 to 2011.

The Commission imposed a record €2.93 billion fine on the manufacturers, except MAN as it revealed the existence of the cartel. All companies acknowledged their involvement and agreed to settle the case.

Speaking about this historic class action, Nera Capital Director, Aisling Byrne, said this investment will ensure truck owners receive justice for the damage the 14-year cartel caused. "The agreements covered both medium-duty trucks and heavy-duty trucks and affected the entire European Economic Area. While the cartel stopped running in 2011, the after affect was felt by truck owners in the following years, and it is important that those affected get their chance for justice.”

Nera Capital has appointed a leading German law firm to act for the claimants in the case.

When the European Commissioner for Competition Margrethe Vestager handed down the historic fine in 2016, she said it was not acceptable that the manufacturers were part of a cartel instead of competing with each other. In 2016 she commented on the more than 30 million trucks on European roads, which accounted for around three quarters of inland transport of goods in Europe, playing a vital role for the European economy.

Ms Byrne echoed these comments and said the firm's success is built through its strong industry relationships and a passion for justice. “This is a pivotal moment for corporate accountability,” she added. “Our investment underscores our commitment to supporting small businesses and consumers who have been impacted by antitrust violations. With a strong track record of committing over £475 million, in aggregate, into claims, we are excited to offer our support to truck owners across Europe, because we believe justice should be accessible to all. Nera Capital stands firm in its mission to level the playing field against corporate misconduct. This class action is not just about compensation but also about holding accountable those who undermine fair competition."

About Nera Capital

·       Established in 2011, Nera Capital is a specialist funding provider to law firms.

·       Provides Law Firm Lend funding across diverse claim portfolios in both the Consumer and Commercial sector.

·       Headquartered in Dublin, the firm also has offices in Manchester and The Netherlands.

.     Member of European Litigation Funders Association.

.     www.neracapital.com