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Renovus Capital Partners Announces Majority Investment in Angeion Group

By Harry Moran |
October 8, 2024

Renovus Capital Partners Announces Majority Investment in Angeion Group

Renovus Capital Partners (“Renovus”), a private equity firm based in the Philadelphia area, announced today that it has acquired a majority stake in class action case management solutions provider Angeion Group, LLC (“Angeion”). Founder & Chief Executive Officer, Steven Weisbrot, and senior members of the management team have maintained a significant ownership stake in the Company and will continue to drive the growth of the platform in partnership with Renovus. Marks Baughan Securities LLC served as the exclusive financial advisor to Angeion Group in the transaction.

Angeion, which is also headquartered in Philadelphia, is the leading innovator in the class action settlement industry. As a global provider of notice and claims administration services, the company has built a technology platform that enables its legal experts to manage the largest and most complex class action settlements.

The Renovus partnership will enable Angeion to accelerate the buildout of its management, client service, and delivery teams and increase investment in its proprietary class action technology solutions. Angeion plans to grow its leadership position in the US market and continue to develop its international business through a combination of key hires, new solutions, and strategic acquisitions.

Angeion was founded in 2013 by Steve Weisbrot, Esq. and Christopher Chimicles, with a mission to modernize the class action settlements industry. With over 160 team members, the Company provides high-quality service and innovative technology solutions in settlement administration, adapting to the constantly evolving legal services ecosystem. To date, its team has managed more than 2,000 class action settlements and distributed over $10 billion to class members.

“This partnership marks a major milestone in Angeion’s growth journey,” said Weisbrot. “The investment from Renovus is a testament to the dynamic team that has propelled Angeion into the great company that it is today and that will continue to drive its growth into the future. I am extremely proud of what we have accomplished, and I am even more energized for the years ahead.”

“Angeion is one of the most differentiated and fastest growing players in class action services,” said Renovus Managing Director Lee Minkoff. “Renovus has a track record of identifying unique tech-enabled legal services companies, aligning with management on a growth thesis, and making investments to execute that thesis. This is the exact opportunity we have with Angeion, and we could not be more excited to partner with Steve and the management team.”

Marks Baughan served as exclusive financial advisor to Angeion Group.

About Angeion Group

Angeion Group stands at the forefront of settlement administration and legal noticing services. Leveraging advanced technology, proven best practices, and expert consulting, Angeion specializes in managing class actions and other types of mass litigation. Angeion’s dedication to efficiency, accountability, and excellence instills confidence in counsel and the court alike. 

About Renovus Capital PartnersFounded in 2010, Renovus Capital Partners is a lower middle-market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $2 billion of assets across its several sector focused funds. The firm’s current portfolio includes over 30 U.S. based businesses specializing in education and workforce development and services companies in the technology, healthcare and professional services markets. Renovus typically makes control buyout investments in founder owned businesses, leveraging its industry expertise and operator network to make operational improvements, recruit top talent and pursue add-on acquisitions. Visit us at www.renovuscapital.com and follow us on LinkedIn.

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Harry Moran

Harry Moran

Commercial

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Commercial

Singapore Court Declines to Revive $14 Million Third-Party Funding Cost Recovery Bid

By John Freund |

A Singapore court has affirmed an arbitral award denying a successful litigant's attempt to recover more than $14 million in third-party funding costs, reinforcing the principle that funding expenses are generally not recoverable from the losing side. The decision offers important guidance for funded parties weighing the economics of dispute resolution in one of Asia's leading arbitration hubs.

As reported by Law360, the dispute arose from an arbitration over control of a fintech joint venture. The prevailing party sought reimbursement of the substantial fees it had paid to its litigation funder, arguing those costs should be shifted to its opponent as part of the award.

The court rejected that argument, characterizing the funding expense as "simply the product of a risk any party engaged in dispute resolution takes." By framing the cost as an inherent risk of pursuing a claim rather than a recoverable disbursement, the court declined to allow the funded party to pass its financing burden to the other side.

The ruling underscores a recurring tension in funded disputes: while third-party funding can make claims viable, the cost of that capital typically remains with the party that engaged the funder, even in victory. Counsel in the matter included Providence Law Asia, Rajah & Tann, and Duxton Hill Chambers, with the proceedings tied to the Singapore International Arbitration Centre. For funders and funded parties alike, the decision is a reminder that recovery of funding costs cannot be assumed and must be carefully assessed when structuring the economics of a case.

Commercial

Op-Ed Urges New York to Close the ‘Champerty Loophole’ Exploited by Litigation-Funding Hedge Funds

By John Freund |

A new opinion piece is pressing New York lawmakers to close what the author calls a "champerty loophole," arguing that gaps in the state's centuries-old prohibition on financing others' lawsuits have allowed hedge funds and litigation funders to profit from the court system. The commentary adds to a broader policy debate over how, and whether, third-party litigation funding should be constrained.

As reported by the New York Daily News, the author contends that most New Yorkers have never heard of the champerty doctrine, yet its weakened application has helped turn the state's courts into what the piece describes as a playground for well-capitalized financial actors. Champerty, historically, refers to an arrangement in which an outside party funds litigation in exchange for a share of the proceeds, a practice long disfavored under New York law but now widely worked around.

The op-ed argues that the current framework permits hedge funds and litigation funders to bankroll claims for financial return while escaping meaningful regulation, raising concerns about the influence of outside capital over litigation strategy and outcomes. The author calls on the legislature to tighten the rules and restore limits the doctrine was originally designed to impose.

The piece lands amid intensifying scrutiny of third-party litigation funding nationwide, from federal disclosure proposals to state-level efforts to regulate consumer funding and non-lawyer ownership of law firms. As New York weighs its approach, the champerty debate underscores the enduring tension between expanding access to the courts and guarding against the commercialization of litigation.

Commercial

Litigation Funder Rocade Capital Acquires Law Finance Group, Creating $2.3 Billion Platform

By John Freund |

Rocade Capital has acquired litigation funder Law Finance Group LLC, the company announced Wednesday, combining the two firms into a platform with more than $2.3 billion in deployed capital. The deal marks a notable consolidation in a litigation finance market that continues to attract institutional interest as an emerging asset class.

As reported by Bloomberg Law, Arlington, Virginia-based Rocade Capital specializes in credit-style funding for mass tort and contingency-fee law firms. Law Finance Group brings a more diversified portfolio spanning appellate, commercial, and single-case investments. Financial terms of the transaction were not disclosed.

The acquisition broadens Rocade's reach well beyond its traditional mass tort niche. By absorbing Law Finance Group's book of business, Rocade gains exposure to additional practice areas and case types, positioning the combined firm to compete across a wider segment of the funding landscape.

Rocade Chief Executive Officer Brian Roth framed the transaction as a growth opportunity. "This is a great opportunity for us to grow and that's why we're bringing on the whole team and the whole portfolio," Roth said, indicating that Rocade retained Law Finance Group's personnel as well as its existing investments.

The deal reflects a broader pattern of consolidation within litigation finance, which Bloomberg Law characterized as "a niche but growing asset class." As funders scale their balance sheets and diversify across case types, combinations of this kind may become increasingly common, allowing established players to deepen their capital base and expand the range of claims they can support.