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Litigation funder Validity Finance secures $100M in new capital, adds first time corp. counsel from Fried Frank

Litigation funder Validity Finance secures $100M in new capital, adds first time corp. counsel from Fried Frank

NEW YORK (July 28, 2020) – Looking to meet growing demand among businesses and law firms to finance commercial disputes, litigation funder Validity Finance has raised $100 million in additional capital. The firm also announced the arrival of experienced transactional attorney Jason Listhaus to fill the new role of in-house corporate counsel as its portfolio continues to grow. Validity’s additional capital comes from a mix of institutional and private investors, including the firm’s founding private equity sponsor TowerBrook Capital Partners.  Validity CEO Ralph Sutton commented: “We’ve seen a pronounced increase in demand this year fueled, in part, by the pandemic. Businesses and law firms are experiencing unprecedented cost constraints and welcome our backing to pursue or monetize claims. Our latest capital raise will help us continue to meet our clients’ needs for funding their most important litigation matters in the current challenging economic environment.” Since launch, Validity has committed more than $125 million in dozens of deals across a range of litigation and arbitration matters and jurisdictions. Mr. Sutton noted that large law firms have increasingly been drawn to third-party funding during the slowdown, as brand-name practices with large litigation platforms see the value in having individual clients receive funding and also of having the direct backing for a basket of cases while they stabilize finances and preserve cash. “Funding had already become mainstream in the last several years but the pandemic has hyper-charged the acceptance and use of contingent, non-recourse funding by major law firms and well-capitalized clients,” he said. Validity has funded a broad spectrum of litigations and arbitrations: including breach of contract, patent infringement, breach of fiduciary duty, theft of trade secrets, domestic and international arbitration, judgment/asset enforcements, insurance coverage cases and others. A growing allocation is going towards portfolios of cases handled by law firms. Validity also announced that experienced finance and transactional attorney Jason Listhaus has joined as its first corporate counsel. The New York-based Mr. Listhaus will help manage deal-side aspects of Validity’s investments, including helping structure and negotiate funding arrangements. He joins the firm’s bench of former trial lawyers who work on underwriting, risk and case review. His arrival helps the firm transition from using outside counsel to handle its expanding book of transactions. “Jason is a great addition as we grow our capital base and pace of investments, not only in the U.S. but internationally,” said Validity’s Chief Risk Officer Dave Kerstein, noting the firm recently launched an Israeli office in Tel Aviv. “As our first in-house corporate counsel, Jason will help streamline the investment process and also lower transaction costs. As a corporate lawyer with a background in Big Law, he has a strong grasp of deal advisory details and investment strategy.” Mr. Listhaus was previously a member of the Corporate department at Fried, Frank, Harris, Shriver & Jacobson, as well as an associate in the Financial Services group of Cadwalader, Wickersham & Taft. He earned his joint J.D./M.B.A degree from New York University in 2013. Mr. Listhaus earned his B.A. degree in Economics, magna cum laude and Phi Beta Kappa, from NYU in 2009. Validity Finance has been steadily expanding in 2020. In June, Validity opened its first international office in Israel, the company’s fourth, alongside its U.S. offices in New York, Chicago, and Houston. The Israel office is headed by international-disputes lawyer Eli Schulman in Tel Aviv. Earlier this year, in March, attorney Joshua Libling joined Validity as a portfolio counsel in New York. About Validity: Validity is a commercial litigation finance company that provides non-recourse investments for a wide variety of commercial disputes. Validity’s mission is to make a meaningful difference in our clients’ experience of the legal system We focus on fairness, innovation, and clarity. For more, visit www.validity-finance.com.
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Burford’s Q2 Profits Surge on New Capital

By John Freund |

Burford Capital has delivered its strongest quarterly performance in two years, buoyed by a swelling pipeline of high-value disputes and a fresh infusion of investor cash.

A press release in PR Newswire reveals that the New York- and London-listed funder more than doubled revenue and profitability in the three months to 30 June 2025. CEO Christopher Bogart credited “very substantial levels of new business” for the uptick, noting that demand for non-recourse financing remains “as strong as we’ve ever seen.”

The stellar quarter follows a lightning-quick, two-day debt offering in July that raised $500 million—capital Burford says will be deployed across a growing roster of commercial litigations, international arbitrations, and asset-recovery campaigns. Management also highlighted significant progress in portfolio rotations, underscoring the firm’s ability to monetise older positions while writing new ones at scale. Investors will get a deeper dive when Burford hosts its earnings call today at 9 a.m. EDT.

Burford’s results arrive amid heightened regulatory chatter in Washington and Westminster, yet the numbers suggest the industry’s largest player is unfazed—for now—by talk of disclosure mandates and tax levies. The firm emphasised that its legal-finance, risk-management and asset-recovery businesses remain uncorrelated to broader markets, a pitch that continues to resonate with pension funds and endowments hunting for alternative yield.

For litigation-finance insiders, Burford’s capital-raising prowess and improving margins could have ripple effects: rival funders may face stiffer competition for marquee cases, while law-firm partners might leverage the firm’s deeper pockets to negotiate richer portfolio deals.

International Legal Finance Association (ILFA) Announces End of Year Gala and Inaugural Legal Finance Awards

By John Freund |

 The International Legal Finance Association is pleased to announce its annual End-of-Year Gala Dinner on November 13, 2025.  The event will take place at The Law Society in London, bringing together leading figures from across the legal finance industry for an evening of celebration and reflection on the year’s achievements.  

The dinner will be accompanied by the inaugural Legal Finance Awards.  The awards are designed to recognize and honor excellence across the legal finance ecosystem. They will spotlight the achievements of funders, law firms, brokers, advisors, and other key contributors to the continued growth and innovation of the industry. Nominations for the awards are now open, with the nomination form available here

“The Gala Dinner is a chance for our members and guests to gather in person and celebrate the progress we've made over the year,” said Rupert Cunningham, Global Director of Growth and Membership Engagement at ILFA. “We are especially excited to launch the Legal Finance Awards, which will shine a light on the outstanding work and impact of professionals across our field.”

Tickets for the Gala are on sale now, with discounted pricing available for ILFA members.  More information can be found here.

Sentry Expands Free Funding Market Search for Litigators

By John Freund |

Sentry Funding’s free tool enabling litigators to instantly search the funding market on behalf of clients has been expanded.

Sentry’s free ‘decision in principle’ feature enables lawyers to evidence to clients that they have conducted a broad market search, even if funding is not ultimately taken out.

Having deployed £125m in funding across a range of case types, Sentry now has access to an even broader funding marketplace, covering 34 global jurisdictions. Finance is provided by 13 funders, five of which are members of the Association of Litigation Funders.

With the recent addition of Sentry’s first US-based funder, the US offering will now be expanding over the next few months. 

A faster process

Sentry has deployed the latest technology to make the search for funding even easier. 

  • The intuitive application process now only asks questions relevant to previous answers, saving lawyers time.
  • The commercial marketplace has been redeveloped with 63 new data points added to the funder criteria matrix - improving the accuracy of case / funder matching
  • Sentry has also begun building out its AI capabilities, starting with an automated auditing tool for live case progression audits. 

Tom Webster, chief executive officer at Sentry Funding, said:

‘By broadening our reach and speeding up the process, we’re making it even easier for lawyers to raise funding. We’re also giving litigators an easy way to show clients they have fully researched the market, rather than just approaching one or two funders. 

‘The service is free to use, so even if clients decide they do not ultimately want funding or if none is available for that case, for the lawyer, it makes sense to use our “decision in principle” feature, so they can put evidence on file that they did check the market.’

Sentry Funding is an SaaS (software as a service) technology provider that gives solicitors access to a diverse marketplace of litigation funders. It works with solicitors, funders and third-party providers to ensure claimants are getting the most efficient service for their funding needs. 

The Sentry Portal also acts as a case management system that runs a transparent digital case file for solicitors, funders, after-the-event insurance providers, barristers, cost lawyers and other relevant third parties.