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LionFish Announces Acquisition by Funds Managed by Foresight Group

Funds managed by Foresight Group (“Foresight”), a leading, listed, sustainability-led alternative asset investment manager with £12 billion* of assets under management, have completed the acquisition of LionFish Litigation Finance Limited (“LionFish”) from AIM-listed professional services firm RBG Holdings Plc (“RBG”).

LionFish was launched in May 2020 as a subsidiary of RBG. Built on strong principles and a solid operating infrastructure, LionFish quickly established its presence in the market and experienced rapid growth. To accommodate its growth, LionFish entered a co-investment arrangement with Foresight in February 2022. Intended to be the first of many, this coinvestment afforded LionFish the ability to expand its capital investment base and reduce its reliance on RBG’s balance sheet.

In December 2022, RBG announced intentions to refocus on professional services and received several bids to acquire the LionFish business. Foresight’s bid was unique and stood out given its patient capital base, long-term commitment and alignment with LionFish’s ambitions and investment thesis.

Foresight’s acquisition will provide LionFish with the stability and support to leverage its team, its principal investment model, and its operational efficiency. Operationally, LionFish will remain an independent company run by management team Tets Ishikawa and Tanya Lansky, with general oversight from a soon to be announced and newly appointed board. Its existing transactions will continue to be honoured and capital for new investments made available immediately.

Tets Ishikawa, Managing Director of LionFish, said: “We would like to thank RBG Holdings Plc for their support in launching LionFish. Although we had originally envisaged the partnership to last for many years, the lessons we learnt together and RBG’s decision to refocus on professional services has given us the opportunity to find a more suitable, long-term and exciting partner. Tanya and I would like to thank both RBG and Foresight for making this transaction possible.”

Oliver Bates, Senior Private Debt Manager at Foresight, added: “We have followed the litigation finance market for several years and we have always been impressed by LionFish’s model and commercial approach. Having followed it closely over the last couple of years, it was always clear to us that Foresight could provide a stronger platform on which LionFish could fulfil its true potential. We are therefore delighted with this acquisition and are excited and confident that under our ownership, Tets, Tanya and the LionFish team will achieve their business ambitions.”

Tanya Lansky, Managing Director of LionFish, comments: “Foresight’s deep and patient capital base, long-term commitment, and its understanding and support of our model made it stand out. Tets and I would like to thank Foresight for their faith and commitment in us and in our

business. Notwithstanding the situation since last year, we have maintained a strong pipeline which we look forward to leveraging and continuing to grow in this exciting next chapter.”

ABOUT FORESIGHT GROUP

Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. Foresight manages over 400 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. Its private equity team manages eleven regionally focused investment funds across the UK and an SME impact fund supporting Irish SMEs. This team reviews over 2,500 business plans each year and currently supports more than 250 investments in SMEs. Foresight Capital Management manages four strategies across seven investment vehicles.

Foresight operates in eight countries across Europe, Australia and United States with AUM of

£12 billion*. Foresight Group Holdings Limited listed on the Main Market of the London Stock

Exchange in February 2021. https://www.foresightgroup.eu/shareholders

ABOUT LIONFISH LITIGATION FINANCE LIMITED

LionFish is a market-leading litigation funder, providing efficient, effective financing solutions to high value dispute assets. www.lflf.co.uk

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Announcements Commercial Legal Innovation

Backlit Capital Solutions Launches Legal Finance Consultancy

By John Freund |

Backlit Capital Solutions has announced the launch of its full-service legal finance consultancy. The firm aims to provide comprehensive funding solutions for legal claims, offering services that include litigation finance, arbitration funding, and judgment enforcement strategies.

An article in PR Newswire states that Backlit Capital Solutions is positioning itself as a comprehensive provider in the legal finance sector, aiming to serve a diverse clientele that includes claimants, law firms, lenders, and investors. The firm's service offerings encompass litigation finance, arbitration funding, and judgment enforcement strategies, indicating a broad approach to legal funding solutions.

The launch of Backlit Capital Solutions reflects a growing trend in the legal finance industry, where firms are expanding their services to address the multifaceted needs of legal claimants and their representatives. By offering a suite of services under one roof, Backlit Capital Solutions aims to streamline the funding process and provide tailored solutions to its clients.

As the legal finance landscape continues to evolve, the entry of firms like Backlit Capital Solutions underscores the increasing demand for specialized financial services in the legal sector. Their comprehensive approach may set a new standard for how legal finance consultancies operate, potentially influencing the strategies of existing and emerging players in the market.

Announcements Commercial Legal Innovation

Fenchurch Legal Launches Secured Litigation Funding Strategy for Fixed-Income Investors

By Harry Moran |

Fenchurch Legal, a UK-based litigation funding specialist, today announced the launch of a structured secured lending strategy aimed at fixed-income investors seeking stable returns outside of traditional markets. With economic uncertainty challenging conventional income instruments, the firm’s high-volume consumer litigation model offers a predictable, uncorrelated alternative designed to deliver quarterly interest payments through a diversified portfolio of secured law firm loans.

As economic volatility continues to test traditional markets, a growing number of investors are turning to alternative asset classes that promise stable risk-reward profiles. Litigation funding, once considered niche, is now emerging as a mainstream alternative investment, providing secure income generation.

Fenchurch Legal, a UK-based specialist in litigation funding, is among the firms redefining  the landscape of alternative credit strategies by offering a secured, income-generating investment that is predictable and uncorrelated with traditional markets.

A Secured Lending Approach to Litigation Funding

Fenchurch Legal has structured its litigation funding offering through a secured lending model, offering investors a fixed-income product with a unique security structure designed to protect investor capital. Unlike large litigation funders who focus on a few high-value commercial cases, Fenchurch Legal funds a high volume of smaller consumer claims - including those related to financial mis-selling and mis-sold car finance. This high- volume strategy allows for broad diversification across numerous law firms and case types, helping to mitigate concentration risk and deliver consistent returns.

The predictability of this model enables investors to receive fixed, quarterly interest payments, making it an attractive option for those seeking regular income through a disciplined, secured alternative to traditional fixed-income investments.

Delivering Predictability in an Uncertain Environment

One of the most attractive features of litigation funding is its low correlation with traditional markets and macroeconomic cycles, making it particularly appealing in volatile or downturn conditions. Unlike speculative alternative assets, high-volume litigation funding offers a structured and secured approach, ideal for investors prioritizing capital preservation and low volatility. Its predictability and resilience are what set it apart, with performance driven by legal outcomes rather than market sentiment or economic indicators.

From Case Selection to Investor Returns: The Fenchurch Model in Action

Real world case examples, such as PPI or mis-sold car finance, demonstrate how funding supports access to justice while delivering predictable outcomes for investors. These well-established, protocol-driven cases highlight the tangible benefits of Fenchurch Legal’s approach.

Investor capital is pooled and deployed via secured loans to law firms, enabling them to pursue a high volume of these smaller consumer claims. These cases follow established legal protocols and have historically demonstrated repeatable outcomes. The loans are repaid by the law firms over time, with interest, regardless of individual case outcomes, all backed by After-the-Event (ATE) insurance for added downside protection. 

This risk-managed structure has allowed Fenchurch Legal to consistently deliver investors with predictable, quarterly interest payments, ideal for income focused investors. By funding thousands of low-value claims across multiple law firms, the model achieves broad diversification and reduces exposure to any single case or firm. This risk-managed approach has historically delivered competitive returns, typically ranging from 11–13% per annum — making it well-suited to income-focused portfolios.

Louisa Klouda, CEO and Founder of Fenchurch Legal, stated, "At Fenchurch Legal, we’ve designed a litigation funding model that mirrors the features fixed income investors value most — regular income, downside security, and a diversified, risk-managed portfolio."

"In today’s economy, stability is the new growth. Litigation funding provides exactly that — it’s an asset class with low volatility, high transparency, and a compelling risk-adjusted return," she added.

About Fenchurch Legal

Fenchurch Legal is a UK-based specialist litigation financier, providing disbursement funding to small and mid-sized law firms pursuing consumer claims where outcomes are well-established and repeatable, including housing disrepair, financial mis-selling, and undisclosed commission cases. Founded in early 2020, Fenchurch Legal was established in response to growing demand for litigation funding in the smaller consumer claims segment—an underserved area of the UK litigation finance market. In parallel, Fenchurch Legal structures litigation finance investment products designed for investors, providing exposure to a non-correlated, secured investment class.

Announcements Commercial People Moves

James “Jim” Batson Joins Siltstone Capital as Managing Partner and Chief Investment Officer for Legal Finance

By Harry Moran |

Siltstone Capital, a leading multi-strategy alternative investment firm, is pleased to announce that Jim has joined the firm as a Managing Partner and Chief Investment Officer of its legal finance strategy. Jim brings extensive experience in legal finance and strategic investment management, enhancing Siltstone Capital's capabilities in deploying sophisticated, high-value legal investment opportunities globally.

Jim previously served as the Chief Operating Officer at Westfleet Advisors and was Co-Chief Investment Officer - US at the global dispute finance company, Omni Bridgeway. In that role, he played a key role in developing the firm's U.S. presence, co-leading its investment strategy, and building out a top-tier legal finance team. At Siltstone, Jim will utilize this extensive experience to guide investment strategy, identify high-quality opportunities, and foster team growth to achieve strong returns for investors.

Robert Le, Co-Founder and Managing Partner of Siltstone Capital, stated: "We are delighted to welcome Jim to our leadership team. His deep expertise in legal finance investment strategy, combined with his proven ability to build exceptional teams, positions Siltstone strongly as we launch our next fund. Jim's arrival marks an exciting phase for our firm, enhancing our capacity to execute sophisticated investment strategies and deliver outstanding results for our investors."

Jim commented, "I'm excited to join the Siltstone team and collaborate closely with Robert and the outstanding professionals at Siltstone Capital. Our combined expertise positions us exceptionally well to pursue compelling investment opportunities in the global legal finance market. I look forward to leading our investment strategy and contributing to the growth and success of an excellent team at Siltstone."

For more information about Siltstone Capital and its investment strategies, visit https://siltstonecapital.com.