Highlights from IMN’s 3rd Annual International Litigation Finance Forum

By Harry Moran |

Highlights from IMN’s 3rd Annual International Litigation Finance Forum

Earlier this week, Legal Funding Journal attended IMN’s 3rd Annual International Litigation Finance Forum in London, which brought together senior executives and thought leaders from across the legal sector to discuss the industry’s most pressing issues and developments. The one-day conference featured a wide array of discussions covering everything from the broader state of the funding market and external attitudes towards it, to nuances around the evolving relationships between funders, insurers, law firms and claimants.

An overarching point of discussion across the day was whether the market is still growing and if it is still heading in a broadly positive direction, or if there are warning signs on the horizon such as potential regulatory expansion. 

Rose Ioannou, managing director at Fortress Investment Group, made the important point of defining what is meant by ‘growth’, noting that in terms of the number of market participants and wider understanding of litigation funding there is certainly growth, whilst she also cautioned that it was less clear if there would still be continued growth in the volume of available capital. Across these categories, Ioannou emphasised that the most exciting area of growth is in the broader acceptance of funding in the dispute resolution community and that despite the industry’s “naysayers”, there was an increased “sophistication and understanding” of funding participants.

Looking at the near-future for the European funding market, an audience question prompted a discussion about whether we would continue to see gradual growth across the continent or if there was an explosion of activity around the corner. Iain McKenny, founding director of Profile Investment, offered the boldest prediction and suggested that whilst European funding has been “slow and steady for a long time”, renewed activity in individual jurisdictions could indicate that “we may be approaching a tipping point”. Other speakers were more hesitant in predicting a major increase in funding activity across the region, with Paul de Servigny from IVO Capital Partners explaining that it will continue to vary between European countries, with the Netherlands being an example of a jurisdiction where there has been a tangible market boom.

Outside of the European mainland, the issues facing the UK funding market were another hot topic, with speakers reflecting on how the industry has adapted to living in a post-PACCAR world and speculating on how the new government will approach litigation funding. 

Woodsford’s Steven Friel acknowledged that whilst it was disappointing that the election and change in government had resulted in the Litigation Funding Agreements bill being forced down the agenda, it is encouraging that Kier Starmer’s legal background means that the new Prime Minister “intrinsically understands” the issues at play. When asked to speculate on whether we would see legislation to solve PACCAR be introduced in 2025, the panellists were split down the middle, with half agreeing that it would follow the CJC review next year and the other speakers suggesting it would likely get delayed until 2026.

On the subject of future regulations, the recommendations outlined in the recent European Law Institute report were discussed, with the issue of disclosure as one of the key topics. Lerika Le Grange, partner at Taylor Wessing, highlighted that whilst there was a general openness to some level of disclosure, an attempt to mandate the disclosure of the source of investment funds could create a sense of nervousness among investors.

The dynamics of the relationships between funders, insurers and law firms was another frequently discussed area at the conference, with one of the primary questions being: are funders and insurers increasingly competing against one another? Most speakers at the event shied away from describing the two business models as being in direct competition, with Verity Jackson-Grant from Simmons & Simmons describing them aptly as businesses that serve different purposes whilst still supporting and facilitating cases between them. In a similar vein of thought, Kerberos Capital Management’s CEO Joseph Siprut acknowledged that whilst there can be “some tension” between funders and insurers, he highlighted that from a funder’s perspective “the ability to layer in insurance is value additive”.

Overall, IMN’s International Litigation Finance Forum once again succeeded in delivering a full day of informative and engaging discussions, whilst providing the opportunity for key stakeholders to network and exchange ideas as they continue to try and shape the best path forward for the industry.

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Harry Moran

Harry Moran

Commercial

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Omni Bridgeway Posts Strong FY25 After ‘Transformational’ Year

By John Freund |

Omni Bridgeway has reported a step-change year, pairing robust investment performance with a balance sheet reset that positions the platform for its next growth phase. The ASX-listed funder highlighted headline income of $651.3 million, a $3.6 billion portfolio (up 29% year over year), and A$5.2 billion in assets under management. Returns were anchored by a 2.5x MOIC across 60 full and partial completions, while operating discipline showed through with a 6.2% reduction in cash opex. Management framed FY25 as both a consolidation of strategy and a proof point for the firm’s fair value marks.

An article in PR Newswire notes the year also brought 52 new investments totaling A$517 million in commitments and A$525.9 million added to fair value. Crucially, Omni executed its Fund 9 transaction with Ares—fully deleveraging and “significantly derisking” the balance sheet—while also validating its model with third-party institutional capital. CEO Raymond van Hulst called FY25 “a positive year with excellent investment returns and a transformative transaction,” adding that the platform is well placed for continued growth.

For a sector navigating evolving regulation and disclosure debates, the numbers matter—but so does capital formation. Omni’s ability to recycle capital, expand AUM and originate across jurisdictions reinforces the durability of legal assets as an alternative class.

Apex Litigation Finance Appoints Gabriel Olearnik as Head of Legal

By John Freund |

Apex Litigation Finance has strengthened its leadership team with the appointment of Gabriel Olearnik, a highly experienced litigation funding professional with a global track record in high-value dispute resolution and complex commercial matters.

Over the past five years, Gabriel has originated and reviewed more than 451 litigation funding cases worldwide with an aggregate value exceeding $116 billion, closing deals worth over $700 million. His recent work includes the successful settlement of a high-profile BIT matter as well as executive employment claims in the UK.

Gabriel’s career spans senior roles in UK, US and European litigation funders, where he was instrumental in structuring high-value transactions, securing strategic court orders and conducting multi-jurisdictional investigations. In 2023, he closed a £268 million litigation funding deal in just three weeks, underscoring his ability to deliver results under tight timelines.

Recognised by Lexology as one of only 66 lawyers worldwide to receive the Thought Leaders in Third Party Funding accolade, Gabriel has been involved in matters that have attracted daily media coverage and required innovative dispute strategies. His experience extends to training legal teams, advising on politically sensitive disputes, and executing complex enforcement actions.

“Gabriel brings exceptional global experience, deep sector knowledge, and a proven ability to deliver in high-stakes environments,” said Maurice Power, CEO of Apex Litigation Finance. “His appointment further enhances Apex’s market position and it’s ability to originate, evaluate and fund complex commercial claims for our clients.”

“I am delighted to join Maurice and the team at Apex,” said Gabriel. “Apex’s strong financial backing and their speed of execution make this a natural alignment. I look forward to building on the strong foundation set out by my predecessor, Stephen Allinson, and contributing to the future success of the business.”

Gabriel’s appointment reflects Apex’s ongoing growth in funding small to mid-sized UK commercial disputes and builds on the company’s commitment to delivering fast, fair, and competitive non-recourse litigation funding solutions to claimant’s who may be prohibited from pursuing meritorious cases due to cost and/or financial risk.

Cartiga’s $540M SPAC with Alchemy

By John Freund |

Cartiga, a long-standing player in consumer and attorney funding, is heading to the public markets. The company agreed to combine with Alchemy Investments Acquisition Corp. 1 in a transaction pegged at $540 million in equity consideration, positioning the platform to scale its data-driven approach to underwriting and portfolio management. Management frames the move as about reach and efficiency: tapping a listed currency, broadening investor access to the asset class, and accelerating inorganic growth.

An article in MarketWatch reports that the proposed business combination would take Cartiga public via Alchemy’s SPAC, with the parties emphasizing how a listing could support growth initiatives and acquisitions. The piece notes the strategic rationale—public-market transparency and capital flexibility—as the platform seeks to deepen its footprint in funding for legal claims and law firms.

While final timing remains subject to customary steps (including the shareholder vote and regulatory filings), the announcement marks one of the most significant U.S. litigation-finance capital-markets events of the year.

Cartiga’s trajectory reflects a broader institutionalization of legal finance: more data, more discipline, and more diversified funding channels. The company’s model—providing non-recourse advances to plaintiffs and working capital to law firms—relies on proprietary analytics and scale to manage risk and returns across cycles. A public listing, if completed, would put Cartiga alongside other listed peers globally and provide investors with another pure-play exposure to the asset class’s uncorrelated return profile.