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Commercial Fundraising

Litigation Capital Management Limited Positive Update on Fund I Investment

By Harry Moran |

Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces a positive development on an investment within its Fund I portfolio.

LCM has funded a claim advanced in respect of an international arbitration claim brought against the Republic of Poland under the United Nations Commission on International Trade Law (UNCITRAL) Rules. The Tribunal has unanimously held in favour of the funded party that the Republic of Poland breached its obligations under the Australia-Poland Bilateral Investment Treaty and the Energy Charter Treaty.  

The quantum of the award entered in favour of LCM’s funded party totals A$490 million plus interest.

LCM’s funded party has therefore been successful in the claim. If the award is not subject to challenge and is not satisfied the dispute will move to an enforcement stage. We will assess any further funding requirements once the enforcement strategy has been finalised.

The total investment into the case to date is A$16.6 million (US$11.3 million). This investment comprises A$4.2 million (US$2.8 million) from LCM’s own balance sheet and A$12.4 million (US$8.5 million) of third party capital from Fund I. In line with our usual practice LCM’s returns are calculated as a rising multiple of invested capital over time.  

This investment is no longer attended with liability and quantum risk as that has been decided. Final performance will be announced to the market after conclusion of the investment. However, if the award is satisfied within a reasonable period without the need for enforcement, then based upon the contractual terms with the funded party as at the date of this announcement, LCM would be entitled to a multiple of 6 times its own invested capital plus significant performance fees on third party capital invested. 

Patrick Moloney, CEO of LCM, commented: “This announcement represents a very significant milestone in this investment. Subject to any challenge to the very favourable and unanimous award we now move to an enforcement stage. This investment is part of Fund I and therefore stands to benefit from significant performance fees giving it the potential to be the most successful investment in LCM’s history.”

About LCM

Litigation Capital Management (LCM) is an alternative asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM’s permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its income from both its direct investments and also performance fees through asset management.

LCM has an unparalleled track record driven by disciplined project selection and robust risk management. Currently headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.

www.lcmfinance.com

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Harry Moran

Harry Moran

Commercial

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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.

Announcements Commercial Deals

Litigation Funder Signal Peak Partners Launches in Texas

By Harry Moran |

Two leading litigation funders and former trial lawyers have joined forces and launched Signal Peak Partners, with a focus on commercial and patent litigation including domestic and international matters. Signal Peak offers customized litigation financing, private credit solutions, and monetization options to plaintiffs and their trial lawyers.

Signal Peak is led by co-founders and managing partners Lauren J. Harrison and Mani S. Walia. They have managed over $500 million in institutional capital, funded some of the largest judgments in the country, and practiced at preeminent law firms. From its network of trial lawyers, Signal Peak will source compelling cases to provide investors uncorrelated returns.

“I’ve had the privilege of working with the Signal Peak team for years,” said Jason Bertoldi, Global Team Leader for Litigation & Contingent Risk Insurance at Alliant Insurance Services, Inc. “They are a rare combination: elite trial lawyers and top-flight litigation funders with an unwavering commitment to delivering efficient and excellent results for their clients. Lauren and Mani are widely recognized as thought leaders, trusted partners, and expert advisors in the litigation finance industry. Signal Peak will be a tremendous asset for attorneys and plaintiffs.”

Ms. Harrison, recognized as one of Lawdragon’s “100 Global Leaders in Litigation Finance,” has over 25 years of civil litigation and litigation funding experience. She graduated magna cum laude from both Dartmouth College and Cornell Law School, where she was Articles Editor of the Cornell Law Review, and clerked for judges on the U.S. Court of Appeals for the Ninth Circuit and the U.S. District Court for the Western District of Washington. She spent decades as a litigation partner at Vinson & Elkins and Jones Walker before focusing on litigation finance and serving as Vice President and Investment Counselor at Law Finance Group.

Mr. Walia has over 20 years of civil litigation and litigation funding experience. He graduated with honors from the University of Texas and with honors from the University of Texas School of Law, where he was an editor of the Texas Law Review. He clerked for judges on the U.S. Court of Appeals for the Third Circuit and the U.S. District Court for the Southern District of Texas before litigating at Susman Godfrey.

Mr. Walia previously founded the litigation finance group at the investment firm Siltstone Capital, where his work earned him Texas Lawbook’s award for Legal Innovation in 2022. Mr. Walia is a co-author of the sixth edition of ALM’s national treatise on litigation funding.

Signal Peak is honored that Hazoor Partners, the largest investor in Mr. Walia’s prior Siltstone fund, has chosen to be an anchor investor of Signal Peak. Prior to launching its first funding strategy, Signal Peak has secured commitments of over $40 million in investment capital, with a hard-cap final close of $125 million, along with a broad investment mandate.

Ms. Harrison said that Signal Peak “will distinguish ourselves as a funder of complex litigation and will empower trial lawyers and their clients through strategic funding.” She noted that Signal Peak takes its name from the highest natural point in Texas. “We aim to bring perspective and to help our partners achieve towering success.” Of Mr. Walia she said, “Mani is a visionary who saw this industry’s potential at an early stage, and he has profound leadership skills.”

Mr. Walia said, “It is a professional dream to partner with Lauren. She’s the person I admire most in the industry. I owe my approach to case selection to my mentor Stephen D. Susman, the country’s best trial lawyer over the last 50 years and the original litigation funder, and we continue his legacy of ensuring access to justice.”

Signal Peak’s management team includes experienced litigation fund specialists Jackson Schaap as Vice President of Finance and Carly Thompson-Peters as Director of Operations. Both were formerly with Siltstone Capital.

“Lauren and I are fortunate to have Jackson and Carly join us as founding members,” Mr. Walia said. “Jackson brings elite finance acumen to valuation and portfolio construction, and Carly, with her paralegal expertise, is the nerve center of our firm.”

Signal Peak’s investment committee includes a retired federal district court judge, one of the country’s leading litigation funding law professors, and the former head of Omni Bridgeway’s Houston office.

Signal Peak invites you to attend LitFinLive, its industry conference, on February 25-26, 2026, at The Post Oak Hotel in Houston.