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Burford Capital surpasses $100 million in Equity Project commitments

Burford Capital—the leading global finance and asset management firm focused on law—today announces that it has crossed a significant milestone in its groundbreaking initiative designed to increase diversity in the business of law, with more than $100 million in cumulative Equity Project commitments made to back commercial litigation and arbitration led by female and racially diverse lawyers.

The Equity Project earmarks legal finance capital to promote diversity by giving historically underrepresented lawyers an edge as they pursue leadership positions in significant commercial litigations and arbitrations. The Equity Project also augments companies’ ESG and DEI initiatives by providing incentives for the firms that represent them to appoint historically underrepresented lawyers and to award them origination credit.

The Equity Project first launched in October 2018 with $50 million earmarked to back commercial matters led by women. After having committed more than that amount by December 2020, Burford announced an expansion of The Equity Project in October 2021, earmarking a further $100 million, broadening The Equity Project’s mission to promote both racial and gender diversity in law, and pledging to contribute a portion of its profits from successfully resolved phase two Equity Project matters to organizations that promote development for female and racially diverse lawyers on its clients’ behalf.

As of February 28, with more than half of phase two funds committed, Burford has now made more than $100 million in cumulative commitments to Equity Project matters.

Matters funded to date in this phase of The Equity Project include contract disputes, antitrust, federal statutory, IP/patent and treaty arbitration matters, with female and racially diverse litigators in leadership roles (first or second chair) as well as women-owned firms. Clients include large corporations and large litigation boutiques.

Aviva Will, Co-COO of Burford Capital and leader of The Equity Project initiative, said: “We are delighted by the overwhelming response to phase two of The Equity Project, particularly from corporate clients, and that’s reflected in the fact that we have crossed this significant milestone in a short period of time. The Equity Project is core to Burford’s culture and a part of our daily work, and we look forward to committing the remaining funding soon.”

David Perla, Co-COO of Burford Capital, said: “I’m very pleased to see the rapid commitment of our capital in phase two of The Equity Project. As the industry leader, we recognize that we may be the only commercial legal finance company with the resources to make such a significant financial commitment to increasing diversity in law. We are aware of our unique position and take seriously the significant impact Burford can have on the legal market in all the work we do.”

The Equity Project is supported by 26 Champions from leading companies, law firms and organizations. A list of Champions and more information about The Equity Project can be found on Burford’s website.

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Announcements Comercial People Moves

Victory Park Expands Legal Credit Leadership with Maleson Promotion

By John Freund |

Victory Park Capital (VPC), a global alternative asset manager specializing in private credit, has announced that Justin Maleson will expand his role to Managing Director, co-heading the firm’s legal credit investment strategy. The promotion underscores VPC’s ongoing investment in its legal finance capabilities and follows Maleson’s initial appointment in 2024 as Assistant General Counsel.

An announcement from Victory Park Capital details Maleson’s new responsibilities, which include sourcing, analyzing, and managing investments across legal assets, while maintaining oversight of the firm’s legal operations. He joins Chad Clamage in co-leading the strategy, working alongside team members Hugo Lestiboudois and Andrew Pascal, under the continued oversight of VPC CEO and founder Richard Levy.

Maleson brings a strong background in litigation finance and commercial law to the position. Before joining VPC, he served as a director at Longford Capital, where he specialized in originating and managing litigation funding transactions. His earlier tenure as a litigation partner at Jenner & Block further deepened his exposure to complex legal matters, equipping him with the expertise needed to navigate the nuanced legal credit space.

VPC’s legal credit team emphasizes an asset-backed lending model, prioritizing downside protection and predictable income streams. The firm aims to capitalize on inefficiencies within the legal funding market by leveraging its internal expertise and broad network of relationships. With Maleson’s appointment, VPC signals its intent to further scale its legal credit strategy, positioning itself as a key player in the evolving legal finance sector.

Maleson’s elevation comes at a time of increasing sophistication in litigation finance, where experienced legal minds are playing a pivotal role in portfolio construction and risk management. As VPC bolsters its leadership, the move may foreshadow further institutionalization of legal asset investing and heightened competition in a maturing market segment.

Announcements Consumer

Golden Pear Upsizes Corporate Note to $78.7M Amid Growth Plans

By John Freund |

Golden Pear Funding has extended and upsized its investment-grade corporate note to $78.7 million, further bolstering the firm's capacity to serve the expanding litigation finance sector. The New York-based funder, a national leader in both pre-settlement and medical receivables financing, said the proceeds will support working capital and fuel strategic growth initiatives.

A press release from Golden Pear outlines how the capital raise reflects continued investor confidence in the firm’s business model. CEO Gary Amos noted that the infusion is critical as Golden Pear seeks to scale alongside the “rapidly expanding litigation finance market.” CFO Daniel Amsellem added that the new funding aligns with the company’s capital allocation strategy, aimed at optimizing operational efficiency and executing strategic projects.

Brean Capital, LLC acted as the exclusive financial advisor and sole placement agent on the transaction.

Founded in 2008, Golden Pear has funded more than $1.1 billion to over 87,000 clients and remains one of the largest specialty finance companies in the U.S. Its business model spans legal case funding and medical receivables purchasing, with backing from a network of private equity partners that provide institutional support for continued expansion.

Announcements Regulatory Issues

LionFish Updates Model Documents in Response to CJC Report

By John Freund |

LionFish Litigation Finance Ltd has released a new suite of model litigation funding documents, updating its original set from February 2021. The revision comes on the heels of the Civil Justice Council's (CJC) Final Report on Litigation Funding, issued on 2 June 2025, which calls for a regulatory structure informed by best practices, including key principles published by the European Law Institute (ELI) in October 2024.

A LionFish press release details that the updated suite incorporates several of the ELI Principles (notably 4-12) and broader CJC recommendations, except where doing so would require legislative or procedural reform. LionFish's goal, according to Managing Director Tets Ishikawa, is not to dictate market norms but to foster industry-wide standardisation and efficiency. This proactive move is also intended to spark further collaboration between funders, insurers, and legal practitioners to develop trade practices akin to those in mature financial markets, such as those promoted by the Loan Market Association and the International Swaps and Derivatives Association.

The new suite includes three core documents: a litigation funding agreement, a priorities deed to define proceeds distribution, and an assignment deed for insurance benefits. Notably, LionFish has also added documentation for co-investment arrangements, reflecting a growing trend in syndicated funding deals. The funder has already closed seven such transactions.

Managing Director Tanya Lansky emphasised that while litigation funding remains complex, making documentation public enhances transparency and facilitates quicker deal closings—an essential factor for sustaining market growth.

As litigation finance continues to mature, this move by LionFish highlights a shift toward professionalisation and standardisation. With regulators increasingly focused on transparency and fairness, such initiatives may set a de facto benchmark for others in the industry. The question remains: will other funders follow suit, or will regulatory mandates be needed to compel alignment?