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Aperture Investors Hires Luke Darkow to Launch Litigation Finance Strategy 

September 10, 2024

Aperture Investors Hires Luke Darkow to Launch Litigation Finance Strategy 

Aperture Investors, an alternative asset manager and part of the Generali Investments platform, today announced that Luke Darkow has joined the firm to lead its new private credit Litigation Finance strategy. 

Darkow joins Aperture from Victory Park Capital, a global alternative investment manager, where he was a Principal and Portfolio Manager responsible for sourcing, analyzing, executing, and managing investments within the litigation finance asset class. Prior to Victory Park Capital, Darkow held roles at TPG Capital and Morgan Stanley. 

“With Aperture entering its next phase of growth, we see significant potential in specialty lending, particularly in litigation finance, which we believe remains a relatively underbanked asset class. Estimates suggest that the litigation finance market could double annually through 2035,” said Peter Kraus, Chief Executive Officer and Founder, Aperture Investors. “Litigation Finance is a niche, relationship-driven sector—and Luke is no tourist. His expertise in both private and public debt investments, his deep network of law firms and legal service providers, and his ability to source opportunities and raise capital will allow us to build out this unique offering at Aperture.”

Litigation Finance involves the provision of third-party capital to help finance law firms or plaintiffs pursuing legal claims in exchange for, or collateralized by, a percentage of proceeds received upon the successful resolution of legal disputes. Aperture’s Litigation Finance strategy will primarily provide structured loans to law firms backed by expected legal fee receivables from procedurally mature, settled, and/or short duration legal cases, targeting uncorrelated returns.

“I’m incredibly pleased to join Aperture and help drive the firm into new opportunities in private credit with this niche, asset-based lending strategy,” commented Darkow. “As Aperture expands its slate of strategies and products, I’m also attracted to the intellectual horsepower and best-in-class infrastructure within the broader firm.” 

About Aperture Investors 

Aperture is an alternative asset management firm offering credit and equity strategies in commingled and bespoke portfolios for institutional investors. Aperture’s mission is outperformance, and it is focused on identifying portfolio managers who it believes have a unique edge and can consistently deliver innovative, solutions-oriented investment results throughout market cycles. Since inception, Aperture has steadily grown its breadth of products, and as of August 31st, it manages approximately $4 billion. Its investment strategies are diversified across asset classes and geographies – each managed by a dedicated investment team – with distribution across North America, Europe, Middle East and Asia. 

Aperture Investors was founded in 2018 and is led by industry veteran Peter Kraus and by Generali, one of the largest global insurance and asset management providers. For more about Aperture, visit us at www.apertureinvestors.com.

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Case Developments Commercial

U.S. Treasury Blocks Venezuela from Funding Maduro’s Legal Defense in Drug Trafficking Case

By John Freund |

The question of who pays for Nicolas Maduro's legal representation has become a flashpoint in his federal drug trafficking prosecution, after the U.S. government reversed course on allowing Venezuela to fund his defense.

As reported by Yahoo News, the Treasury Department initially granted a sanctions exception on January 9 permitting the Venezuelan government to cover Maduro's legal expenses, only to revoke the authorization hours later without explanation. Defense attorney Barry Pollack — who previously represented WikiLeaks founder Julian Assange — argued that Venezuelan law and custom require the government to pay the expenses of the president and first lady, and that Maduro cannot otherwise afford counsel.

Maduro and his wife, Cilia Flores, were captured by U.S. special forces during a nighttime raid in Caracas on January 3, 2026. Both pleaded not guilty on January 5 to charges including drug trafficking, narco-terrorism, conspiracy, and money laundering. Prosecutors allege Maduro exploited his 13-year presidency to assist drug traffickers.

Judge Alvin Hellerstein, presiding over the case in the Southern District of New York, is now weighing the funding dispute. Flores may still be eligible to receive government-funded legal representation. Delcy Rodriguez currently leads the Venezuelan government following Maduro's capture.

The case raises broader questions about the intersection of international sanctions, sovereign immunity, and the funding of legal defense in high-profile prosecutions with geopolitical dimensions.

Commercial Deals

Burford Capital Reports 39 Percent Surge in New Business Commitments for 2025 Amid Earnings Shortfall

By John Freund |

The world's largest litigation finance firm posted a mixed set of results for 2025, pairing record new business activity with near-term earnings that fell short of market expectations.

As reported by PR Newswire, Burford Capital announced that new definitive commitments rose 39 percent year-over-year in 2025, while portfolio modeled realizations grew by $700 million to reach $5.2 billion at year-end. The firm also declared a final dividend of $0.0625 per ordinary share, payable June 12, 2026.

However, fourth-quarter earnings disappointed investors. Extended case durations and unrealized fair value adjustments weighed on results, including a $22 million fair value reduction tied to the Sysco proteins antitrust litigation portfolio.

CEO Christopher Bogart characterized the year as one of strong forward momentum despite the near-term volatility. "We had a terrific 2025 for new business," Bogart said. "The quality of the portfolio remains high, and we believe the future is bright in terms of growing the business and the potential for asymmetric upside value for shareholders."

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Announcements Commercial

Pravati Capital Partners with SEI to Bring Litigation Finance to Registered Investment Advisors

By John Freund |

One of the oldest litigation finance firms in the United States has announced a strategic partnership aimed at expanding mainstream investor access to the asset class.

As reported by Business Wire via Yahoo Finance, Scottsdale-based Pravati Capital has partnered with financial services firm SEI to provide registered investment advisors with structured access to litigation finance as an alternative investment option. The collaboration will leverage SEI's distribution platform to make litigation funding opportunities available within advisor portfolios.

The partnership reflects growing institutional interest in litigation finance as an alternative asset class. Historically, litigation funding has been difficult for mainstream financial advisors to access on behalf of their clients, with the market largely dominated by specialized funds and institutional investors. The Pravati-SEI arrangement seeks to bridge that gap by creating a more accessible pathway for advisors seeking diversification through non-correlated investments.

The announcement underscores a broader industry shift as litigation finance continues to move from a niche strategy toward greater acceptance within traditional wealth management channels. As the global litigation funding market grows — projected to reach over $25 billion in 2026 — partnerships like this one may signal a new phase of institutional adoption.