Trending Now

Aristata Capital Completes Final Closing of Impact Litigation Fund Dedicated to Driving Positive Social and Environmental Change

Aristata Capital Completes Final Closing of Impact Litigation Fund Dedicated to Driving Positive Social and Environmental Change

Aristata Capital is pleased to announce that it has secured nearly £52 million of capital at final closing for its first impact litigation fund, Aristata Impact Litigation Fund I LP (AILF I). Aristata is a pioneer in the field of social and environmental litigation, bringing an impact investing lens to commercial litigation funding to seek attractive, uncorrelated financial returns while delivering positive, systemic social and environmental change. Aristata offers the first truly blended approach to litigation funding allowing investors to combine both the commercial rigour of traditional litigation funding methodologies and the success of public interest litigation strategies to drive social and environmental change. Aristata is building a global portfolio of claims covering areas including human rights, environmental protection, climate change, equality, indigenous rights, access to justice and a range of other critical cause areas. Aristata Capital’s first fund is anchored by Capricorn Investment Group’s Sustainable Investors Fund and The Soros Economic Development Fund. LPs include foundations, impact fund-of-funds, family offices in the US, UK, Europe, and Australia, as well as a number of high net worth individuals. “Aristata is proud to launch the first impact commercial litigation fund, and to have exceeded our fundraising target in a challenging market. The claims we are seeing and supporting demonstrate the need for funders focused on driving positive social and environmental impact – we want to close the justice gap in commercial litigation, where the system favours commercial strength and penalises those without.” said Rob Ryan, CEO of Aristata Capital. “We are proving that investors don’t have to choose between achieving financial returns and driving social and environmental impact”. “Since 2000, Capricorn has backed multiple new partnerships focused on specific areas of impact or sustainability, such as renewable energy infrastructure, clean technology, health and wellness, financial inclusion, and sustainable asset management.” Said Eric Techel, Partner at Capricorn. “Aristata is a great fit with this strategy, and we are excited to support the team as it builds the platform and establishes the funding of commercial litigation, with positive and measurable social impact, as an asset class.” Aristata seeks to create a safer and more equitable world by financing legal cases that empower historically marginalised voices, equalize unjust power dynamics and catalyse systemic change that protects the environment and communities. Aristata investments seek to secure compensation for individuals and communities and other entities affected by damaging commercial activity, to unlock the impact potential of similar cases to provide scalability and to generate successful legal outcomes that pressure corporations and industries to change behaviour. “We are delighted to partner with Aristata on this first of its kind impact litigation,” said Georgia Levenson Keohane, CEO of the Soros Economic Development Fund.  “This investment marries Open Society’s longstanding commitment to strategic litigation with innovative finance, as we test how private sector resources can enhance accountability on human rights and environmental protections.” Aristata operates in markets across the globe, sourcing claims from law firms and civil society wherever corporate activity causes harm. Aristata’s experienced litigation funding team is supported by an Investment Committee made up of experienced legal professionals and an Impact Advisory Board of international thought leaders across a diversified range of cause areas. About Our Investors: Capricorn Investment Group is one of the largest mission-aligned firms in the world and has since its inception in 2000 grown to manage more than $9 billion in multi-asset class portfolios for institutional investors through their range of impact-focused strategies. Their Sustainable Investors Fund (SIF) is a private equity partnership whose investment objective is to create significant value through ownership and early-stage investment in public and private asset managers who incorporate sustainability as a key driver of investment returns. The firm has offices in New York City and Palo Alto and was born from a belief that sustainable investment practices can enhance risk-adjusted returns. Underlying this investment approach is a deep desire to demonstrate the huge investment potential that resides in breakthrough commercial solutions to the world’s most pressing problems. The Soros Economic Development Fund (SEDF) is the impact investing arm of the Open Society Foundations (OSF).  Founded in 1997, SEDF has committed over $500 million to support Open Society’s commitments to democracy, human rights and social justice across the globe.
Secure Your Funding Sidebar

Announcements

View All

Padronus Finances Collective Action Against Meta Over Illegal Surveillance

By John Freund |

Austrian litigation funder Padronus is financing the largest collective action ever filed in the German-speaking world. The case targets Meta’s illegal surveillance practices.

Together with the Austrian Consumer Protection Association (VSV) as claimant, the German law firm Baumeister & Kollegen, and the Austrian law firm Salburg Rechtsanwälte, Padronus has filed collective actions in both Germany and Austria against Meta Platforms Ireland Ltd. The lawsuits challenge Meta’s extensive surveillance of the public, which, according to Padronus and VSV, violates European data protection law.

“Meta knows far more about us than we imagine – from our shopping habits and searches for medication to personal struggles. This is made possible by so-called business tools that are deployed across the internet. The U.S. corporation is present on third-party sites even when we are logged out of its platforms or when our browser settings promise privacy. This breaches the GDPR,” explains Richard Eibl, Managing Director of Padronus.

Meta generates revenue by allowing companies to place paid advertisements on Instagram and Facebook. Which ad is shown to which user depends on the user’s interests, identified by Meta’s algorithm based on platform activity and social connections. In addition, Meta has developed tools such as the “Meta Pixel,” embedded on countless third-party websites, including those dealing with sensitive personal matters. The “Conversions API” is integrated directly on web servers, meaning data collection no longer occurs on the user’s device and cannot be detected or disabled, even by technically savvy users. It bypasses cookie restrictions, incognito mode, or VPN usage.

Millions of businesses worldwide use these tools to target consumers and analyze ad effectiveness. “Use of these technologies is now omnipresent and an integral part of daily internet usage. Every user becomes uniquely identifiable to Meta at all times as soon as they browse third-party sites, even if not logged into Facebook or Instagram. Meta learns which pages and subpages are visited, what is clicked, searched, and purchased,” says Eibl. He adds: “This surveillance has gone further than George Orwell anticipated in 1984 – at least his protagonist was aware of the extent of his surveillance.”

While Meta users can configure settings on Instagram and Facebook to prevent the collected data from being used for the delivery of personalized advertising, the data itself is nevertheless already transmitted to Meta from third-party websites prior to obtaining consent to cookies. Meta then, without exception, transfers the data worldwide to third countries, in particular to the United States, where it evaluates the data to an unknown extent and passes it on to third parties such as service providers, external researchers, and authorities.

Numerous German district courts (including Berlin, Hamburg, Munich, Cologne, Düsseldorf, Stuttgart, Leipzig) and more than 70 other courts have already confirmed Meta’s illegal surveillance in over 700 ongoing individual lawsuits. These first-instance rulings, achieved by lawyers Baumeister & Kollegen, are not yet final. Eibl notes: “The courts have awarded plaintiffs immaterial damages of up to €5,000. If only one in ten of the up to 50 million affected individuals in Germany joins the collective action, the dispute value rises to €25 billion. This is the largest lawsuit ever filed in the German-speaking world.”

Meta’s lack of seriousness about user privacy is well-documented. In 2023, Ireland’s data protection authority fined Meta €1.2 billion for illegal U.S. data transfers. In 2021, Luxembourg imposed a €746 million fine for misuse of user data for advertising. In 2024, Ireland again fined Meta €251 million for a major security breach. In July 2025, a U.S. lawsuit was launched against several Meta executives, demanding $8 billion in damages for systematic violations of an FTC privacy order. Richard Eibl notes: “This case goes to the heart of Meta’s business model. If we succeed, Meta will have to stop this unlawful spying in our countries.”

The new collective action mechanism for qualified entities such as VSV is a novel legal instrument. If successful, the unlawful practice must be ceased, and compensation paid to consumers who have joined the case.

The lawsuit is expected to trigger political tensions with the current protectionist U.S. administration. Only last week, the U.S. President again threatened the EU with new tariffs after the Commission imposed a €2.95 billion fine on Google. “We expect the U.S. government will also try to exert pressure in our case to shield Meta. But European data protection law is not negotiable, and we are certain we will not bow to such pressure,” says Julius Richter, also Managing Director of Padronus.

Consumers in Austria and Germany can now register at meta-klage.de and meta-klage.at to join the collective action without any cost risk. Padronus covers all litigation expenses; only in the event of success will a commission be deducted from the recovered amount.

Kerberos Named Finalist for 2025 CIO Industry Innovation Awards in Private Credit

By John Freund |

Kerberos Capital Management has been named one of only four finalists nationwide for Chief Investment Officer (CIO) magazine’s 2025 Industry Innovation Awards in the Private Credit category.

Each year, CIO magazine honors organizations that demonstrate “truly exceptional approaches to the challenges of institutional asset ownership and asset management.” This recognition highlights Kerberos’ leadership in private credit and its innovative strategies that continue to set new standards in the institutional investing market.

“We are proud to be recognized among the top firms in the country for our work in private credit,” said Joe Siprut, CEO & CIO of Kerberos Capital Management. “This acknowledgment underscores our team’s commitment to innovation, disciplined risk management, and delivering differentiated value to our investors.”

Kerberos’ inclusion as a finalist reinforces its growing national reputation as a forward-thinking investment manager that thrives on tackling complex challenges, seeking to generate alpha from complexity but not from increased risk.

About Kerberos Capital Management

Kerberos Capital Management is an SEC-registered investment adviser and alternative investment manager, providing creative solutions for those seeking capital in special situations. Kerberos’ flagship private credit strategy emphasizes legal assets and other complex collateral. Kerberos manages both a pooled vehicle and separate accounts for institutional and high net worth investors worldwide.

New North Litigation Capital Launches, Backed by £50 Million in Senior Secured Financing from Pollen Street Capital

By John Freund |

Pollen Street Capital ("Pollen Street") today announces a new senior secured credit facility of up to £50 million to New North Litigation Capital (“New North”). New North is a commercial litigation finance company and a direct subsidiary of Capital Law, a Cardiff based law firm founded in 2006.

Capital Law has a strong track record in commercial litigation, having closed over 400 claimant cases since 2001 with a 95% win rate. Drawing on its senior leadership and experienced disputes team, Capital Law launched New North to address the underserved small to mid-market segment of commercial litigation market. 

New North will be the only litigation financier in the UK owned and operated by practicing lawyers, bringing their day to day lived experience of handling mid-market litigation into pricing the risk and the funding investment decisions.

Christopher Nott, Founder and CEO of New North commented: “We are pleased to work with Pollen Street on this financing to launch New North Litigation Capital. The funding supports us to bridge a critical gap by funding claims that are often deemed too small by other players in the market. We are excited to work with the Pollen Street team as we create this new kind of litigation funding.”

Connor Marshall-Mckie, Investment Director at Pollen Street, commented:New North addresses an important gap in the litigation funding space, focusing on smaller mid-market commercial litigation. With the significant opportunity available and the deep experience of the leadership team from Capital Law we are excited to partner with the team to support their growth.”

About Pollen Street

Pollen Street is a fast-growing and high-performing private capital asset manager. Established in 2013, the firm has built deep capability across the real estate, financial and business services sectors aligned with mega-trends shaping the future of the industry. Pollen Street manages over €7bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 95 professionals.