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Omni Bridgeway Releases Interim Financial Report

February 29, 2024

Omni Bridgeway Releases Interim Financial Report

The Directors present their report (referred to hereafter as the “Interim Financial Report”), together with the financial statements, on the consolidated entity (referred to hereafter as the “consolidated entity” or “the Group”) consisting of Omni Bridgeway Limited (referred to hereafter as “OBL”, “the Company” or “the Parent”) and the entities it controlled at the end of, or during, the half year ended 31 December 2023. Directors The names of the Company’s Directors in office during the half year ended 31 December 2023 and until the date of this report are as below. Unless stated otherwise, the Directors were in office for this entire period. Michael Kay – Non-Executive Chairman Andrew Saker – Managing Director & CEO (retired 26 October 2023) Raymond van Hulst – Managing Director & CEO (appointed 26 October 2023), former Executive Director and Co-Chief Investment Officer – EMEA Michael Green – Non-Executive Director Karen Phin – Non-Executive Director Christine Feldmanis – Non-Executive Director   Highlights for the half year ended 31 December 2023 Operational highlights1
  • US$485 million2 first close of Fund 4 and Fund 5 series II capital raise on improved cost coverage terms.
  • €135 million first tranche of debt capital raised for our €300 million Fund 8, focused on global enforcement investments.
  • Significant expansion of our capabilities in the UK, the world’s second largest litigation finance market.
  • Investment income of $235.7 million, including income yet to be recognised, with $50.1 million provisionally attributable to OBL.
  • 12 full completions, 6 partial completions, and a secondary market transaction achieving an overall MOIC of 2.4x, and an IRR of 55%.
  • US$21.5 million cash proceeds from the sale of a 25% interest in a portfolio of 15 intellectual property (IP) investments in Fund 4.
  • $260 million of new investment commitments with 38% improved pricing on FY23.
  • $182 million strong pipeline of new investment opportunities representing a further 29% of our commitments target for the year ending 30 June 2024.
  • Possible investment completions with an estimated portfolio value (EPV) of $5.1 billion over the next 12 months (rolling period).
  • Total cash and receivables of $291.2 million; OBL only cash and receivables of $122.4 million ($80.9 million in OBL balance sheet cash and $40.1 million of OBL share of cash and receivables within Funds), plus $60 million in undrawn debt.
Financial highlights3
  • Total income of $135.8 million (including a net gain on deconsolidation of the Fund 4 IP portfolio) derived from diversified sources comprising litigation completions, a secondary market sale, management fees, and interest revenue.
  • Group profit after tax (before non-controlling interests (NCI)) of $33.4 million (1H23: $30.1 million loss after tax); with $47.6 million loss attributable to OBL (the Group’s equity holders) and $81.0 million profit attributable to NCI.
  • Employee expenses of $34.4 million decreased 12% due to team optimisation, a reduction in contractors and higher capitalised costs of investment managers.
  • Corporate overheads of $9.0 million increased 4% due mainly to the amortisation of the Fund 8 insurance premium, notwithstanding significant reductions in other corporate overhead expenses.
  • Carrying value of litigation investments of $654.7 million (30 June 2023: $596.7 million) across 285 funded litigation investments. Negative case developments including lower than anticipated income, extended duration and adverse milestones associated with a funded law firm portfolio have resulted in a $44.9 million reduction of the carrying value. 
1 Represents non-IFRS information. Here Fund 5 is presented at 100% for consistency of presentation across OBL’s Funds. 2 Inclusive of OBL’s co-funding (OBL’s commitment of US$100 million to each Series II fund is capped at 20% of the ultimate fund size (i.e. after further closings). 3 Per the Group Consolidated Financial Statements. The full Interim Financial Report can be read here. The full 1H24 results Investor Presentation can be read here.

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Announcements Commercial

Loopa Finance Wins at the Lexology European Awards 2026 in the Litigation / General Counsel Category

By John Freund |

Loopa Finance has been recognized as the winner in the Litigation – General Counsel Team category at the Lexology European Awards 2026, one of the leading recognitions in the international legal sector.

The award was received in London by Ignacio Delgado, General Counsel Europe at the firm, on behalf of Loopa Finance’s European team, composed of Ignacio Delgado (General Counsel Europe), Marina Gouveia (Investment Manager), Fernando Pérez Lozada (Senior Investment Manager), and Fernando Folgueiro (Managing Partner).

The Lexology European Awards recognize outstanding legal teams across the region through a methodology that combines independent research, quantitative and qualitative analysis, and thousands of nominations supported by clients and industry peers, as well as the annual research conducted by the Lexology Index (formerly Who’s Who Legal) and Client Choice.

The selection process is based on performance evaluations related to effective communication, commercial understanding, technical expertise, strategic management, and team strength, and is supported by a global community of more than 940,000 subscribers.

This recognition positions Loopa Finance’s European team among the leading practitioners in complex litigation and strategic legal management in Europe.

“This award reflects the strength of a team operating across two continents that understands litigation not only from a legal perspective, but also through financial analysis and risk management. It is the result of collective work and a rigorous, strategic approach to structuring complex disputes,” said Delgado during the ceremony.

More Than an Award: Validation of a Model

The award comes at a time of consolidation for the firm. Loopa Finance recently completed its rebranding process, evolving from Qanlex to Loopa Finance and reinforcing an identity aligned with its growth in continental Europe and its broader international positioning.

It also coincides with the closing of Fund III, raising €65 million to finance complex litigation and arbitration across Europe and Latin America, significantly expanding the firm’s investment capacity and supporting the continued growth of its platform in the region.

This milestone adds to the firm’s recent rankings, including its Band 1 classification by Chambers & Partners in Latin America and Europe, its recognition as “Highly Recommended” by Leaders League across multiple jurisdictions, and the inclusion of members of its team among the Thought Leaders in Third-Party Funding by the Lexology Index. Together, these results confirm the strength of Loopa Finance’s model and the consolidation of its team as a reference in the strategic financing of disputes at an international level.

About Loopa Finance

Loopa Finance is an investment fund specializing in the financing and monetization of litigation and arbitration across continental Europe and Latin America, supported by a technology-driven model and rigorous risk analysis. The firm provides capital to cover legal costs or monetize ongoing claims through non-recourse structures, where the recovery of the investment depends exclusively on the successful outcome of the case, assuming the financial risk of the dispute while fully aligning its interests with those of clients and law firms.

Announcements Commercial

Pravati Capital Partners with SEI to Bring Litigation Finance to Registered Investment Advisors

By John Freund |

One of the oldest litigation finance firms in the United States has announced a strategic partnership aimed at expanding mainstream investor access to the asset class.

As reported by Business Wire via Yahoo Finance, Scottsdale-based Pravati Capital has partnered with financial services firm SEI to provide registered investment advisors with structured access to litigation finance as an alternative investment option. The collaboration will leverage SEI's distribution platform to make litigation funding opportunities available within advisor portfolios.

The partnership reflects growing institutional interest in litigation finance as an alternative asset class. Historically, litigation funding has been difficult for mainstream financial advisors to access on behalf of their clients, with the market largely dominated by specialized funds and institutional investors. The Pravati-SEI arrangement seeks to bridge that gap by creating a more accessible pathway for advisors seeking diversification through non-correlated investments.

The announcement underscores a broader industry shift as litigation finance continues to move from a niche strategy toward greater acceptance within traditional wealth management channels. As the global litigation funding market grows — projected to reach over $25 billion in 2026 — partnerships like this one may signal a new phase of institutional adoption.

Announcements Commercial

Nera Capital Secures £50M Asset Mandate

By John Freund |

Nera Capital has strengthened its litigation finance platform with the onboarding of a new South America-based funding partner committing £50 million across litigation finance and legal assets. The mandate not only expands Nera’s available capital base but also sees the firm formally appointed as asset manager for the new funds, reinforcing its growing role as both originator and portfolio steward within the UK litigation market.

In a press release, Nera Capital announced that the £50 million commitment will be deployed across a range of UK-based claims, with the firm responsible for underwriting, structuring, capital deployment, and ongoing portfolio management. The capital will be allocated in line with Nera’s established investment criteria and risk management framework, targeting carefully selected legal assets. The funding partner, described as having an “extensive track record” in high-yielding special situations investments uncorrelated to traditional asset classes, brings prior experience in litigation finance across South America.

Robin Grant, CFO at Nera Capital, emphasized that the partnership aligns with the firm’s disciplined approach to litigation finance and enhances its ability to deliver attractive, risk-adjusted returns to investors. Aisling Byrne, Director at Nera Capital, highlighted the funder’s blend of financial and legal expertise, noting that the asset manager appointment reflects international confidence in Nera’s ability to identify viable claims and manage them through to resolution.

Established in 2011 and headquartered in Dublin, with offices in Manchester and Holland, Nera Capital provides law firm lending across consumer and commercial claim portfolios and is a member of the European Litigation Funders Association.