Delta Capital Management Appoints Robert Brown, CEO of the Americas of Lincoln International, to its Board of Advisors

By John Freund |

Delta Capital Partners Management LLC, a global private equity firm specializing in litigation and legal finance, has announced a new appointment to its Board of Advisors, Robert Brown, CEO of the Americas at Lincoln International.

Rob has nearly 30 years of experience advising leading private equity groups, privately owned businesses and large public companies on divestitures, acquisitions and other strategic initiatives. Rob helped start Lincoln’s industrials and consumer practices and led the firm’s business services practice for more than a decade. Rob is a frequent guest on WBBM’s Noon Business Hour in Chicago and a speaker and author on mergers and acquisitions-related topics. Rob sits on the board of UNICEF USA and the Dean’s Business Council for the Gies School of Business at the University of Illinois. He is also President of the Board of Regents at Saint Ignatius College Prep in Chicago.

Delta’s Chief Executive Officer, Christopher DeLise, commented that “Rob is a recognized expert in private equity and complex financing transactions, as well as one of the architects and senior executives that have built Lincoln into one of the world’s most respected and successful investment banks. The ability to draw on his wisdom, experience and leadership will enable Delta to continue to build its firm into one of the most successful companies in the litigation finance industry.”

Rob joins an Advisory Board comprised of Ian Casewell – London Office Managing Partner of the Mintz Group.  Nitin Chadda – Co-Founder and Managing Partner of WestExec Advisors, former Senior Advisor to the U.S. Secretary of Defense, and former Director at the White House National Security Council.  David Hellier – Partner and Chair of the Capital Markets Group at Bertram Capital, member of the Board of Directors of the Association for Corporate Growth.  Brian Maddox – Senior Managing Director at FTI Strategic Communications.  Bill Moran – Retired Four-Star Admiral who served as the Vice Chief of Operations and Chief of Personnel for the United States Navy.  Ileana Ros-Lehtinen – former Chairperson of the U.S. House Foreign Affairs Committee, and member of United States Congress for nearly 30 years.  Dennis Ross – former special assistant to the United States President and former Director at the White House National Security Council and Geoffrey Verhoff – Senior Advisor at Akin Gump, and former Vice Chairman of the Republican National Committee’s Finance Committee.

About Delta

Delta Capital Partners Management LLC is a US-based global private equity firm specializing in litigation and legal finance, judgment enforcement, asset recovery, and related strategies serving claimants, businesses, private investment funds, law firm and other professional service firms across the world. The firm provides capital and expertise that enables such parties to shift risk, significantly enhance the probability of a successful and timely resolution of claims, and/or maximize the effectiveness of their businesses.

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Omni Bridgeway Releases Investment Portfolio Report for 3Q24

By John Freund |

Omni Bridgeway Limited (ASX: OBL) (Omni Bridgeway, OBL, Group) announces the key investment performance metrics for the three months ended 31 March 2024 (3Q24, Quarter) and for the financial year to date (FYTD).

Summary

  • Investment income of A$296 million FYTD; A$56 million provisionally attributable to OBL.
  • 23 full completions, 17 partial completions FYTD, with an overall multiple on invested capital (MOIC) of2.0x.
  • A$333 million of new commitments FYTD with a corresponding A$447 million in new fair value, on track to achieve our A$625 million target.
  • Pricing remains at improved levels, up 32% for the FYTD compared to FY23.
  • Strong pipeline, with agreed term sheets outstanding for an estimated A$212 million in new commitments.
  • OBL cash and receivables of A$101 million plus A$60 million in undrawn debt at 31 March 2024.
  • A$4.4 billion of possible estimated portfolio value (EPV) in completions over the next 12 months. 
  • Further simplification and enhancement of our disclosures as announced at the Annual General Meeting, comprising non-IFRS OBL-only financials and non-IFRS fair value on a portfolio basis and OBL-only basis.
  • These new disclosures and metrics, as well as a valuation framework for our existing book and platform, were presented at our investor day on 27 March 2024.

Refer to https://omnibridgeway.com/investors/investor-day.

Key metrics and developments for the Quarter

Income and completions

  • Investment income of A$296 million generated from A$193 million income recognised and A$103 million income yet to be recognised (IYTBR), with A$56 million provisionally attributable to OBL FYTD (excluding management and performance fees). 
  • During the Quarter, 11 full completions and 11 partial completions (excluding IYTBR), resulting in 23 full completions and 17 partial completions (excluding IYTBR) FYTD, and one secondary market transaction, with a FYTD overall MOIC of 2.0x.

New commitments

  • Our stated targets for FY24 include A$625 million in new commitments or equivalent value, prioritising value over volume to reflect potential for improved pricing of new commitments.
  • FYTD new commitments of A$333 million at 31 March 2024 (from matters that were newly funded, conditionally approved or had increased investment opportunities). 
  • The fair value associated with these commitments is $447million, 72% of the full year value generation target.
  • Pipeline of 37 agreed exclusive term sheets, representing approximately A$212 million in investment opportunities, which if converted into funded investments is a further 34% of our FY24 commitments target.  
  • In addition to the regular new commitments to investments in the existing funds FYTD, an additional A$11.5 million of external co-fundings were secured for these investments to manage fund concentration limits. OBL will be entitled to management fees as well as performance fees on such external co-funding.

Portfolio review

  • A$4.4 billion of EPV is assessed to possibly complete in the 12 months following the end of the quarter. This 12 month rolling EPV is based on investments which are subject to various stages of (anticipated) settlement discussions or for which an award or a judgment is expected. All or only part of these may actually complete during the 12 month period.
  • We anticipate replacing these final EPV metrics with fair value metrics by the end of this financial year.

Cash reporting and financial position

  • At 31 March 2024, the Group held A$100.7 million in cash and receivables (A$62.8 million in OBL balance sheet cash, A$2.0 million in OBL balance sheet receivables and A$35.9 million of OBL share of cash and receivables within Funds) plus access to a further A$60 million in debt.
  • In aggregate, we have approximately A$161 million to meet operational needs, interest payments, and fund investments before recognising any investment completions, secondary market sales, management and transaction fees, and associated fund performance fees.
  • Post Quarter-end and as per the date of this report, in anticipation of the expiry of the availability period of the debt facility, OBL has drawn down the A$60 million in undrawn debt and received the funds.

Investor day

The investor day presentation and Q&A which took place on 27 March 2024 can be viewed at https://omnibridgeway.com/investors/investor-day.

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Carpentum Capital Launches Aurigon Litigation Risk Consulting (LRC)

By John Freund |

The team around former Carpentum Capital has launched AURIGON LITIGATION RISK CONSULTING (LRC), a litigation funding intermediary based in Switzerland with a special focus on Latin America. 

Founder and Managing Director Dr. Detlef A. Huber comments: ”AURIGON LRC is combining two worlds, litigation finance and insurance. Both areas are increasingly overlapping. Insurers offer ever more litigation risk transfer products and funders recur to insurance to hedge their risks. Hence complexity and advisory requirements are increasing, especially in still developing markets like Latin America. With our team of lawyers and former re/insurance executives trained in Latin America, the US, UK and Europe we are perfectly suited to advice our clients in any stage of the funding process or in related insurance matters. Our goal is to become the preferred partner for litigation and arbitration funding projects out of Latin American jurisdictions and I am looking forward to this new adventure.”

ABOUT AURIGON

AURIGON Advisors Ltd. is operating as re/insurance consultancy since 2011 with a special focus on dispute resolution and auditing. With AURIGON LRC an intermediary for litigation funding has been launched servicing our clients out of Argentina, Chile, Brazil and Switzerland in Spanish, English, Portuguese and German. With our experience setting up the first Swiss litigation fund dedicated to Latin America (founded 2018), and in the insurance advisory area (since 2011), we are bringing together knowledge of processes and mindsets of the funding and the insurance world. 

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Westfleet Advisors Announces James Batson as New Chief Operating Officer

By John Freund |

Westfleet Advisors, the premier U.S. litigation finance advisory firm, is delighted to announce the appointment of James "Jim" Batson as its new Chief Operating Officer. Mr. Batson, widely recognized as a leader in litigation finance, brings an extensive portfolio of expertise, including nearly a decade at Omni Bridgeway, most recently as its US Co-CIO, and a former partnership at Liddle & Robinson.

"We are thrilled to welcome Jim to Westfleet," said Charles Agee, Founder and CEO of Westfleet Advisors. "His impressive track record and deep industry knowledge align perfectly with our strategic goals. Jim's leadership is set to drive significant growth, reinforcing Westfleet's role as an essential advisor in the increasingly complex litigation finance market."

"At a time when the litigation finance industry has reached a critical juncture, requiring sophisticated understanding to navigate its complexities, I am excited to join Westfleet Advisors," said Mr. Batson. "The industry's growth and the diversification of funding options have made it imperative for clients to seek knowledgeable and experienced advisors. Westfleet's long-established expertise in advising on deal structures, pricing, and market trends positions us uniquely to guide our clients to the most advantageous outcomes. I look forward to advancing our mission to deliver unmatched advisory services in this dynamic sector."

Mr. Batson's prior roles have honed his skills in developing growth strategies and enhancing client services, with a strong focus on operational excellence and strategic advisory for complex legal disputes.

"Jim's deep understanding of the industry's needs and his proven leadership abilities will be instrumental as we expand our advisory services and deepen our engagement with the market," added Agee.

About Westfleet Advisors

Westfleet Advisors is the leading litigation finance advisor in the United States. Founded in 2013, the company has been instrumental in promoting transparency and efficiency in the litigation finance market. With a team of seasoned experts active since 1998, Westfleet provides clients and their attorneys with essential resources and insights necessary for navigating successful litigation financing.

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