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Announcements Consumer

Golden Pear Upsizes Corporate Note to $67.2 Million

By John Freund |

Golden Pear Funding (Golden Pear), a national leader in pre-settlement legal funding, announced the upsizing to $67.2 million of its existing corporate notes. The incremental capital raise was assigned a BBB rating by a nationally recognized statistical ratings organization (NRSRO) and follows the Company’s successful corporate note issuance announced in January 2022. Proceeds from the upsize will be used to repay subordinated debt and support additional growth of the business.

Since inception, Golden Pear has funded nearly $1 billion in aggregate to more than 70,000 clients nationwide.

“Golden Pear continues to demonstrate significant momentum and has completed this transaction to further our ability to serve the consumer litigation marketplace,” said Gary Amos, Chief Executive Officer of Golden Pear. “We greatly appreciate the continued support of our institutional investor base, which recognizes the resilience of our business and our strong financial position.”

Daniel Amsellem, Chief Financial Officer of Golden Pear, added, “Our demonstrated access to institutional capital in a difficult credit environment is a strategic advantage, as we further pursue market opportunities in a disciplined and profitable manner. These notes complement our asset-backed debt to provide us with an efficient capital structure at a competitive cost of capital.”

Brean Capital, LLC served as the Company’s exclusive financial advisor and sole placement agent in connection with the transaction.

About Golden Pear Funding

Founded in 2008, Golden Pear is one of the largest specialty finance companies in the United States funding legal matters and purchasing medical receivables from physicians and medical centers. The Company empowers its clients to navigate the legal system and provides them with financial solutions that work. Golden Pear is backed by a partnership of several private equity firms that allow for the stability and continued institutional growth of the firm. For additional information about the Company, visit https://goldenpearfunding.com.

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Announcements Commercial People Moves

Audley Capital Appoints Rick Gregory to Executive Board

By Harry Moran |

In a post on LinkedIn, Audley Capital announced the appointment of Rick Gregory to its executive board. Gregory serves as a Director for Audley and is a legal funding specialist, “with over 28 years of experience in legal funding, law firms, insurance, and volume litigation.”

The announcement highlighted Gregory’s vast experience across the legal sector, saying that “his profound understanding of the market, regulatory landscape, and commercial requirements for all stakeholders has paved the way for the implementation of litigation funding across some of the largest volume schemes in the UK.”In addition to his work on the executive board Audley, Gregory is also the co-founder of Legal Intelligence, a legal tech company that provides a range of AI solutions to “drive efficiency, innovation, and scalability, empowering professionals to gain a competitive edge and achieve sustainable growth and client delight.”

Announcements Commercial

Burford Capital Reports First Quarter 2024 Results

By Harry Moran |

Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces its first quarter 2024 results.

In addition, Burford has made available an accompanying first quarter 2024 results presentation on its website at http://investors.burfordcapital.com.

Christopher Bogart, Chief Executive Officer of Burford Capital, commented:

"Our first quarter showed our highest ever reported level of first quarter cash receipts, above-average realized gains, continued case conclusions with loss levels below historical experience and moderate new business activity broadly consistent with a typical first quarter. Total revenues reflected the variable timing of recognition we expect in our business; the underlying portfolio continued to show forward momentum with no material negative developments, while lower operating expenses reflected the absence of elevated variable costs."The full summary of the quarterly results can be read here.

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Announcements Commercial People Moves

Lex Ferenda Litigation Funding LLC Announces Promotion; New Appointment

By Harry Moran |

Lex Ferenda Litigation Funding LLC "LF2" is pleased to announce the following promotion and appointment: Andrew Kelley is now LF2's Deputy Chief Investment Officer; Andrew Bourhill joins LF2 as Associate Director, Investments. Kelley previously served as Managing Director, Underwriting and Risk. Bourhill, who was an intern at the company while completing his MBA at Columbia Business School, graduated this month and now joins on a full-time basis.

"LF2 has been working on its first investment fund, committing it to litigation assets around the US. It has always been our plan to increase our commitments to Andrew and Andrew, and we are pleased that the business is in a place that we are able to do that," said Chris Baildon, LF2's Chief Operating Officer.

PROMOTION

Kelley, who now serves as the Company's Deputy Chief Investment Officer, is a key part of the management team and works carefully with the co-founders and advisory board to understand risk and manage investments.

"I am excited to expand my role at LF2 and look forward to continuing to help our clients and their counsel successfully navigate the dispute resolution process without having to worry about how to pay for their representation," said Kelley. "As a former outside counsel and in-house lawyer, I understand the complex business and legal dynamics of successfully funding, prosecuting, and resolving disputes."

Prior to joining LF2 in early 2023, Kelley was Associate General Counsel and head of commercial litigation at Fortune 500 company, DaVita Inc.. He has also served as General Counsel to a private equity firm headquartered in Colorado and as outside counsel at two different international law firms in Colorado. Kelley received his J.D. from Harvard Law School and his B.A. from the University of Colorado, Boulder. He is actively licensed to practice law in Colorado.

APPOINTMENT

Bourhill joins as Associate Director, Investments, and will be primarily responsible for creating, developing, and maintaining business relationships with law firms and litigants to ensure that LF2's commercial activity continues to expand while its clients receive best-in-class service.

"I am looking forward to joining the LF2 team and applying my unique perspective in a dynamic industry with such high growth potential," said Bourhill. "As a former litigator and finance professional, I'm excited to enhance outcomes for both our clients and investors while being able to promote access to high quality legal representation."

Prior to obtaining his MBA, Bourhill was an associate attorney at a premier defense law firm in Manhattan specializing in commercial litigation. Bourhill received his J.D. from the Cardozo School of Law, and his B.A. from Emory University. He is actively licensed to practice law in New York.

"I am humbled to have Kelley and Bourhill take expanded roles at LF2 and believe that their increased fidelity with our clients and investors will make our business stronger," said Michael German, Chief Investment Officer at LF2. "We are continuing to expand in the litigation finance space and are excited about the future, particularly with Andrew and Andrew playing strategic roles within the business," German said.

ABOUT LEX FERENDA LITIGATION FUNDINGLF2 is a commercial litigation finance company anchored by institutional capital. LF2 is structured with the objective of meeting the highest standards in investment process management, quality control, risk management, and compliance. For further information about LF2, please visit: www.lf-2.com.

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