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Stonward joins The European Litigation Funding Association (ELFA)

The European Litigation Funding Association (ELFA) is very pleased to announce that Stonward, a litigation funder focusing on Spain and Latin America, has joined ELFA, as the association now builds towards becoming the collective voice of the European Litigation Funding Industry.

Guido Demarco, Director and Head of Legal Assets of Stonward, explained why it was important for the funder to become part of ELFA: “we are thrilled to announce our membership in the European Litigation Funding Association (ELFA), marking a significant milestone in our journey as a litigation funder based in Spain. Joining ELFA aligns perfectly with our commitment to excellence and the pursuit of justice within the legal industry.”

Demarco added, “as a member of ELFA, we are eager to collaborate with like-minded professionals and industry leaders from across Europe. By uniting our strengths and expertise, we aim to drive positive change, foster transparency, and promote the highest standards of ethical litigation funding practices. Through our membership, we seek to contribute to the development of the litigation funding ecosystem in Spain and the broader European market, while raising awareness about this legal tool among legal experts and company managers. We believe that by working closely with ELFA, we can actively shape the future of litigation funding, advocate for its recognition as a valuable tool for access to justice, and support the growth of fair and effective dispute resolution mechanisms.”

Deminor Partner and ELFA Board Member, Charles Demoulin, highlighted how pleased he and the other founding members of ELFA were, to welcome Stonward to ELFA: “My co-founders and I established ELFA established to serve as the European voice of the commercial litigation funding industry and we are immensely proud to start now welcoming on board funders from around Europe who are also keen to play a part in shaping the direction of the industry. We are extremely pleased to announce that Guido Demarco and Stonward are full members of ELFA and look forward with enthusiasm to their future contributions.”

ELFA was founded by three leading litigation funders with a European footprint including Deminor, Nivalion AG, and Omni Bridgeway Limited. ELFA’s current directors are Charles Demoulin (Chief Investment Officer, Deminor); Marcel Wegmüller (Co-Founder and Co-CEO, Nivalion AG); and Wieger Wielinga (Managing Director EMEA Omni Bridgeway), who will serve as ELFA’s inaugural Chairman. The intention of the association is to be inclusive for all professional litigation funders of larger or smaller size.

Demarco further explained what he and Stonward are keen to achieve by being members of ELFA: “our core focus remains on the Spanish market, however, we recognize the importance of collaboration and exchange of knowledge at a European level. By participating in ELFA’s initiatives, events, and working groups, we intend to stay at the forefront of industry trends, legislative changes, and emerging best practices. This will enable us to better serve our clients, enhance our risk management capabilities, and further strengthen our commitment to providing tailored and innovative funding solutions. We are excited about the opportunities that lie ahead and the doors that our membership in ELFA open for all of us. Together with other fellow members, we are committed to advancing the field of litigation funding, fostering a culture of integrity, and ensuring access to justice for all.” 

About ELFA:

ELFA was founded by three leading litigation funders with a European footprint including Deminor, Nivalion AG, and Omni Bridgeway Limited. ELFA’s current directors are Charles Demoulin (Chief Investment Officer, Deminor); Marcel Wegmüller (Co-Founder and Co-CEO, Nivalion AG); and Wieger Wielinga (Managing Director EMEA Omni Bridgeway), who will serve as ELFA’s inaugural Chairman. The intention of the association is to be inclusive for all professional litigation funders of larger or smaller size.

About Stonward:

Stonward began operations in 2020, offering bespoke solutions to access legal finance, providing clients with access to capital for commercial litigation and arbitration, focusing on Spain and Latin America.

Stonward advises clients to find the angle to their legal assets so that they can capitalize on strengths, offering tailored solutions to access legal finance. Stonward manages a portfolio of claims related to commercial cases, intellectual property, restructuring and insolvency, and antitrust infringements, including the truck cartel.

In addition to Guido Demarco, Director and Head of Legal Assets, other key members of Stonward include, Armando Betancor, Blas González, and Chris Garvey, [members of the Board of Investments], and Rodrigo Olivares-Caminal, and Eduardo Frutos, who are Corporate Advisors to the company.

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Announcements Comercial People Moves

Victory Park Expands Legal Credit Leadership with Maleson Promotion

By John Freund |

Victory Park Capital (VPC), a global alternative asset manager specializing in private credit, has announced that Justin Maleson will expand his role to Managing Director, co-heading the firm’s legal credit investment strategy. The promotion underscores VPC’s ongoing investment in its legal finance capabilities and follows Maleson’s initial appointment in 2024 as Assistant General Counsel.

An announcement from Victory Park Capital details Maleson’s new responsibilities, which include sourcing, analyzing, and managing investments across legal assets, while maintaining oversight of the firm’s legal operations. He joins Chad Clamage in co-leading the strategy, working alongside team members Hugo Lestiboudois and Andrew Pascal, under the continued oversight of VPC CEO and founder Richard Levy.

Maleson brings a strong background in litigation finance and commercial law to the position. Before joining VPC, he served as a director at Longford Capital, where he specialized in originating and managing litigation funding transactions. His earlier tenure as a litigation partner at Jenner & Block further deepened his exposure to complex legal matters, equipping him with the expertise needed to navigate the nuanced legal credit space.

VPC’s legal credit team emphasizes an asset-backed lending model, prioritizing downside protection and predictable income streams. The firm aims to capitalize on inefficiencies within the legal funding market by leveraging its internal expertise and broad network of relationships. With Maleson’s appointment, VPC signals its intent to further scale its legal credit strategy, positioning itself as a key player in the evolving legal finance sector.

Maleson’s elevation comes at a time of increasing sophistication in litigation finance, where experienced legal minds are playing a pivotal role in portfolio construction and risk management. As VPC bolsters its leadership, the move may foreshadow further institutionalization of legal asset investing and heightened competition in a maturing market segment.

Announcements Consumer

Golden Pear Upsizes Corporate Note to $78.7M Amid Growth Plans

By John Freund |

Golden Pear Funding has extended and upsized its investment-grade corporate note to $78.7 million, further bolstering the firm's capacity to serve the expanding litigation finance sector. The New York-based funder, a national leader in both pre-settlement and medical receivables financing, said the proceeds will support working capital and fuel strategic growth initiatives.

A press release from Golden Pear outlines how the capital raise reflects continued investor confidence in the firm’s business model. CEO Gary Amos noted that the infusion is critical as Golden Pear seeks to scale alongside the “rapidly expanding litigation finance market.” CFO Daniel Amsellem added that the new funding aligns with the company’s capital allocation strategy, aimed at optimizing operational efficiency and executing strategic projects.

Brean Capital, LLC acted as the exclusive financial advisor and sole placement agent on the transaction.

Founded in 2008, Golden Pear has funded more than $1.1 billion to over 87,000 clients and remains one of the largest specialty finance companies in the U.S. Its business model spans legal case funding and medical receivables purchasing, with backing from a network of private equity partners that provide institutional support for continued expansion.

Announcements Regulatory Issues

LionFish Updates Model Documents in Response to CJC Report

By John Freund |

LionFish Litigation Finance Ltd has released a new suite of model litigation funding documents, updating its original set from February 2021. The revision comes on the heels of the Civil Justice Council's (CJC) Final Report on Litigation Funding, issued on 2 June 2025, which calls for a regulatory structure informed by best practices, including key principles published by the European Law Institute (ELI) in October 2024.

A LionFish press release details that the updated suite incorporates several of the ELI Principles (notably 4-12) and broader CJC recommendations, except where doing so would require legislative or procedural reform. LionFish's goal, according to Managing Director Tets Ishikawa, is not to dictate market norms but to foster industry-wide standardisation and efficiency. This proactive move is also intended to spark further collaboration between funders, insurers, and legal practitioners to develop trade practices akin to those in mature financial markets, such as those promoted by the Loan Market Association and the International Swaps and Derivatives Association.

The new suite includes three core documents: a litigation funding agreement, a priorities deed to define proceeds distribution, and an assignment deed for insurance benefits. Notably, LionFish has also added documentation for co-investment arrangements, reflecting a growing trend in syndicated funding deals. The funder has already closed seven such transactions.

Managing Director Tanya Lansky emphasised that while litigation funding remains complex, making documentation public enhances transparency and facilitates quicker deal closings—an essential factor for sustaining market growth.

As litigation finance continues to mature, this move by LionFish highlights a shift toward professionalisation and standardisation. With regulators increasingly focused on transparency and fairness, such initiatives may set a de facto benchmark for others in the industry. The question remains: will other funders follow suit, or will regulatory mandates be needed to compel alignment?