Daily updates on funding activities, investments, divestitures and more.

NorthWall Capital (“NorthWall”), a leading credit investment firm delivering private capital solutions to counterparties in Western Europe, today announces the final close of its flagship NorthWall European Opportunities Fund II and associated vehicles (“NWEOF II” or “the Fund”), attracting more than €640m in investor commitments.

The Fund and associated vehicles surpassed the €500m target, receiving strong support from new and existing global institutional investors and more than doubling the size of its predecessor, NorthWall European Opportunities Fund I (“NWEOF I”).

NorthWall’s European Opportunities strategy, established at the firm’s inception in 2017, invests across the broad opportunity set in European opportunistic private credit by delivering scalable private capital solutions to counterparties in Western Europe. NorthWall’s systematic sourcing approach, coupled with a focus on creating bespoke funding solutions, enables the firm to structure opportunities that deliver strong downside protection while targeting uncorrelated returns. The strategy also makes tactical allocations to areas of dislocation and has successfully participated in the dislocation in asset-backed opportunities. 

Prior to the final closing, NWEOF II was already substantially deployed, having committed c. 60% of its capital to 14 transactions across five countries in Western Europe.

The Fund attracted capital commitments from a global base of institutional investors, consisting of pension funds, insurance companies, large institutional single and multi-family offices and private banks from across Europe, North America and APAC. The Fund received strong support from a large US-based consultant and an Australian superannuation fund.

The firm’s principals have been investing in European private credit for nearly 20 years, and the NorthWall team has deployed over €1.0bn in the European Opportunistic Credit strategy to date. In addition to the flagship funds, the firm has extensive expertise in legal assets, asset-backed and senior lending opportunities. 

Fabian Chrobog, Founder & Chief Investment Officer of NorthWall Capital, said: “We are honoured by the success of the fundraise for NWEOF II and would like to thank our existing and new investors globally for their partnership. We remain committed to delivering scalable investment opportunities that generate attractive risk-adjusted returns for our investors while also serving as a reliable partner to our counterparties. We continue to observe one of the most compelling opportunity sets in European credit in recent history and will continue to thoughtfully scale NorthWall in a way that allows us to lean into areas of dislocation. I also wanted to congratulate and thank the NorthWall team that has been working tirelessly to deliver the best outcomes for our stakeholders.”

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.

Alexi (www.alexi.com), a Canadian legaltech company and leader in generative AI for legal research and litigation tasks, today announced an $11 million USD ($15 million CAD) Series A fundraise. The round is led by Drive Capital, with participation from existing investors including Draper Associates, and brings Alexi’s total funding to over $20 million. In addition to the raise, Chris Olsen, Partner at Drive Capital, will join the company’s Board of Directors.

This fresh instalment of capital comes less than a year after Alexi’s release of their Instant Memos, Arguments and Chat capabilities. The funding will immediately support hiring across engineering, product development, brand and design, legal, and business development teams to help Alexi continue to innovate and scale its technology. It will also enable Alexi to meet increasing demand from law firms to incorporate an array of AI-powered litigation tools into their businesses and accelerate upcoming releases across North America and other jurisdictions.

“We evaluate over 6,000 companies a year, most of which position themselves as an ‘AI company.’ Alexi is one of the very few examples, however, of using AI to solve a business problem,” said Chris Olsen, Co-Founder and Partner at Drive Capital. “Lawyers who use Alexi run more successful law practices. It is only a matter of time until attorneys all over the world are using Alexi to be better lawyers.”

Alexi is a pioneer in generative AI for litigation teams. Their platform enables legal professionals to generate high-quality legal memos, identify pertinent legal issues or arguments to achieve desired outcomes and perform AI-powered routine litigation tasks-all within a single platform. The company’s ultimate mission is to empower legal teams with artificial intelligence, breaking down barriers to knowledge and enabling justice for all.

“The rate of innovation happening at Alexi is truly astounding. Instead of trying to predict the future, we’re building it,” said Mark Doble, CEO of Alexi. “This capital further enables us to build incredible value into our products and empower our customers to better serve their clients.”

Alexi is experiencing impressive growth, with recent user activity increasing by 15-20% each month. Currently, thousands of litigators across the U.S. and Canada rely on Alexi.

About Alexi

Founded by Mark Doble and Sam Bhasin, Alexi’s proprietary AI-powered platform equips litigators with core legal skills. Designed to streamline the legal research process and assist with routine litigation tasks, Alexi saves time and enhances productivity for law firms. Committed to innovation and excellence, Alexi continues to lead the way in transforming access to legal knowledge. For more information, visit https://www.alexi.com or follow Alexi on LinkedIn.

About Drive Capital

Drive Capital is the most established venture capital firm at the intersection of industry and modern technology. Drive unlocks returns for limited partners by investing in market-defining companies anywhere in North America. Over the last decade, Drive grew to manage more than $2B in total assets. From insurance and manufacturing to energy, healthcare, finance and more, Drive’s portfolio is full of real businesses, including DuoLingo, UDACITY and KOHO, creating real value in the real world. The result is world-class returns from the greatest emerging market in the world – America. Drive is proudly headquartered in Columbus, Ohio – the geographic center of mass of Western GDP, but Drive also has boots on the ground in a dozen North American cities, with more to come.

CaseMark AI, a pioneer in legal generative AI workflows, today announced the closing of a $1.7 million seed funding round led by Gradient Ventures, Google’s AI-focused seed fund. Additional participation came from Rex Salisbury‘s Cambrian, Ride Home AI Fund and Alumni Ventures. The funding will drive the company’s mission to help legal professionals benefit from the efficiency and productivity of generative AI.

CaseMark’s AI-powered legal workflows address automating time-consuming tasks like document summarization, research, and legal analysis. This frees up valuable time for legal professionals to focus on high-value activities such as client strategy and casework.

CaseMark’s platform is modular, web-based, and easy-to-deploy. Unlike legacy legal tech, it seamlessly integrates into existing legal workflows such as deposition summaries or discovery responses, minimizing disruption and maximizing user adoption. The built-in chat tool allows legal professionals to query their case content in a secure, privacy first environment. 

“We’re the AI easy button that won’t get attorneys in trouble,” said Scott Kveton, CEO of CaseMark. “Hours spent summarizing take minutes now. That time saved can be reclaimed to work on legal strategy,” said Kveton, highlighting the platform’s efficiency gains.

“The rise of generative AI is transforming the legal landscape. Attorneys are now leveraging AI tools to sift through vast amounts of documents and automate time-consuming tasks like summarizing lengthy court transcripts. Casemark is at the forefront of this movement, offering an innovative solution for quickly and accurately generating summaries of depositions, cases, and trials,” said Denise Teng, Investor at Gradient Ventures. “Casemark’s platform has the potential to streamline legal work, making it more efficient and cost-effective for everyone from solo practitioners, large law firms to legal tech companies. We’re proud to support Scott and his team as they redefine legal tech.”

“For generative AI to succeed in legal workflows, it needs to perform reliably and cost efficiently. With CaseMark’s LLM-agnostic architecture and mixture-of-experts approach, they can deliver best-in-class results at a fraction of the cost of their well-funded competitors. It’s game on.” stated Chris Messina, inventor of the hashtag and GP at the Ride Home AI Fund.

The seed funding will accelerate CaseMark’s product development, expand its team of AI and legal experts, and drive adoption of its AI-powered legal workflows among law firms, legaltech companies, court reporting and litigation services firms.

“CaseMark has demonstrated incredible speed in bringing a high quality product to market, delivering real value for their clients. I look forward to seeing how continued enhancements in underlying models allows the team to do even more.” said Rex Salisbury. 

The CaseMark Workflow API enables access to all of CaseMark’s AI-powered workflows via a white-label integration for legal tech companies and litigation support firms. Companies can leverage the AI-as-infrastructure service provided by CaseMark to increase time-to-market and maximize revenue for the most common attorney use cases.

ABOUT GRADIENT VENTURES

Gradient Ventures has been investing at the forefront of artificial intelligence since 2017. We are led by former founders, technical experts, and domain specialists, who know how to take an idea to product-market-fit and beyond. Gradient Ventures is headquartered in the San Francisco Bay Area. For more information, visit www.gradient.com.

ABOUT CASEMARKCaseMark is a pioneer in the legaltech industry, dedicated to transforming the way legal professionals work. Our AI-driven workflow platform streamlines document creation, research, and workflow management for law firms, litigators, and support services. With a focus on privacy, security, and innovation, CaseMark empowers legal professionals to maximize efficiency and deliver exceptional outcomes for their clients. Learn more at www.casemark.ai.

Global law firm White & Case LLP has advised a syndicate of leading financial institutions on an upsized offering by Burford Capital Global Finance LLC, an indirect wholly-owned subsidiary of Burford Capital Limited, of US$275 million aggregate principal amount of tack-on 9.250% senior notes due 2031.

POLARIC PARTNERS GmbH is opening its doors under the management of longstanding litigation funding specialist Markus Glaser. The company provides litigation financing in return for a success-based share of the litigation proceeds.

Burford Capital Limited (“Burford” or “Burford Capital”), the leading global finance and asset management firm focused on law, today announces the pricing of its private offering of $275.0 million aggregate principal amount of additional 9.250% senior notes due 2031 (the “Additional Notes”) by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC (the “Issuer”), which represents an increase from the previously announced offering size.

Omni Bridgeway Limited (Omni Bridgeway) (ASX:OBL) is pleased to announce the first close (First Close) of capital raising for the second series of its core funds, Fund 4 and Fund 5 (Series II), with existing investors on improved cost coverage terms achieved through transaction fees (Transaction Fees). Each Series II fund is capped at US$500 million, and Omni Bridgeway will continue to be a 20% co-investor.

Armadillo Litigation Funding, LLC (together with its affiliates, “Armadillo”) is pleased to announce that it has secured an additional $250 million in lending capacity. This $250 million, when combined with Armadillo’s existing lending capacity, brings Armadillo’s total available lending capacity to over $630 million. In March 2022, Armadillo announced that it had raised $750 million of which $446 million has been deployed in 20 loans, not including an additional $150 million in Armadillo led third party syndications.

Just over four years since its launch, Apex Litigation Finance, a UK-based company providing litigation funding solutions, is thrilled to report that they have secured £20million funding from Crestline Investors Inc, an established provider of alternative investment solutions to support its growth and provide access to justice to more UK Claimants.

LegalMation, Inc., the market leader in Generative AI-driven solutions for high-volume litigation, today announced it has raised a $15 million Series A financing round led by the venture capital team at Aquiline Capital Partners LP, Aquiline Technology Growth (“Aquiline”), with continued participation from existing investors Motley Fool Ventures, REV Venture Partners, Key Venture Partners, Quick Set LLC, and Brentwood Investments.

LegalPay, India’s first and largest player in the legal financing industry, has announced the successful closure of its Rs 12 crore Interim Financing Bonds.

EJF Capital LLC (“EJF Capital”), a global alternative asset management firm, today announced the successful close of its fourth installment of litigation finance investment vehicles, Rocade Capital Fund IV LP and Rocade Capital Offshore Fund IV LP (the “Funds”) with approximately $220 million in investor subscriptions and commitments. Previously, EJF Capital and funds affiliated with Barings LLC, one of the world’s leading investment managers, formed a joint venture specialty finance company, Rocade LLC (“Rocade”), with $250 million of committed capital designed to invest alongside the Funds. The combined capital commitments raised across Rocade and the Funds totals approximately $470 million.

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).

Burford Capital Limited (“Burford” or “Burford Capital”), the leading global finance and asset management firm focused on law, today announces the planned private offering of $400 million aggregate principal amount of senior notes due 2031 (the “Notes”) by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC, subject to market and other conditions. The Notes will be guaranteed on a senior unsecured basis by Burford Capital as well as Burford Capital Finance LLC and Burford Capital PLC, both indirect, wholly owned subsidiaries of Burford Capital (such guarantees, together with the Notes, the “Securities”).

LegalPay, India’s first and largest litigation financier, is breaking into the world of sports law disputes. In a first, the company has announced the launch of a $3 million fund for sports disputes with a focus on supporting the rights of athletes in India while also addressing disputes pertaining to broadcasting rights, endorsement & advertising aiming to boost the sports industry. With a tenure of four years, the sports focused fund has no limit on the ticket size.

LegalPay, India’s first tech-based interim financier and litigation funder for commercial litigations and arbitrations, has launched Super Senior investment-grade rated bonds worth ₹ 50 Crores for High Net-worth Individuals (HNIs). Investment-grade bonds have a lower risk of default and receive higher ratings from credit rating agencies.