Delta Capital Partners Management Announces New Hire and Promotions

By John Freund |

Delta Capital Partners Management LLC, a global private equity firm specializing in litigation and legal finance, is pleased to announce a new senior executive hire and promotions within the firm. Todd Schneider has joined Delta as Chief Financial Officer and Chief Compliance Officer; and Gabriel Olearnik and Daniel Bond have been promoted to Director of Investor Relations and Director of Underwriting, respectively.

Todd Schneider Hired as CFO and CCO.

Mr. Schneider will oversee the implementation and management of all financial activities for Delta and also will work closely with Delta’s senior management and investment committee. Mr. Schneider has served as the Chief Financial Officer and Chief Compliance Officer of Shorehill Capital LLC, a private equity firm focused on investing in middle market industrial products, industrial services, and distribution businesses. Mr. Schneider also served as the Chief Financial Officer and Chief Compliance Officer of CHS Capital LLC, the precursor firm of Shorehill Capital. Throughout their histories, CHS Capital and Shorehill Capital made investments in more than 400 businesses and invested over $3 billion of capital. Prior to CHS Capital, Mr. Schneider was the Chief Financial Officer of Conversus Asset Management, the asset manager for Conversus Capital L.P., formerly the world’s largest publicly traded private equity fund of funds designed to provide investors liquidity in a historically illiquid asset class. Mr. Schneider has also held positions as a Senior Vice President and Chief Accounting Officer of FBOP Corporation, as well as a senior manager at KPMG, where Mr. Schneider began his professional career.

Christopher DeLise, Delta’s Founder, CEO and CO-CIO, stated, “Delta is pleased to have Todd join our team as Chief Financial Officer and Chief Compliance Officer. Todd’s extensive background as a senior financial professional and organizational leader, knowledge of various asset classes, and intimate familiarity with all aspects of operating, financing, and successfully scaling private equity firms, will enable Delta to continue its remarkable growth and position the firm to be a funder of choice for sophisticated claimants and respondents across the globe.”

Gabriel Oleanrik Promoted to Managing Director and Director of Investor Relations.

Mr. Olearnik is currently a Managing Director overseeing international deal origination, operations, and strategic alliances and ventures for Delta. Now, Mr. Olearnik also will serve as Director of Investor Relations, where he will be responsible for overseeing global investor relations for Delta. Prior to joining Delta, Mr. Olearnik was the General Counsel of a major private equity firm in London and a Partner and Chair of the Private Equity Practice Group at Kochanski & Partners, a leading independent European law firm. Prior to those roles, Mr. Olearnik was a corporate finance attorney at Clifford Chance, Mayer Brown and at Dentons.

DeLise noted, “Gabriel has done a tremendous job representing Delta as a litigation funder throughout Europe. Gabriel’s experience with Delta and many successes since joining the firm, his prior experience as the General Counsel of a private equity firm, and his intimate knowledge and familiarity with all legal and operational facets of private investment funds, makes him the perfect choice to serve as Delta’s Director of Investor Relations. In that role, Gabriel will materially contribute to the firm’s growth plans by expanding and enhancing Delta’s relationships with its existing investors.”

Daniel Bond Promoted to Managing Director and Director of Underwriting.

Mr. Bond is currently a Managing Director for Delta, where he oversees intake, evaluation, due diligence, and monitoring efforts in connection with new equity investment opportunities. Now, Mr. Bond also will also serve as Director of Underwriting, where he will be responsible for overseeing all facets of litigation and arbitration underwriting for Delta across all of its product and service offerings worldwide, including equity and credit solutions for plaintiffs and defendants. Prior to joining Delta, Mr. Bond was a Partner at Kirkland Ellis and had an over-10-year law firm career with experience in the conduct, management, and planning of commercial litigation and dispute resolution. Mr. Bond’s experience encompasses a range of intellectual property and complex civil litigation matters and he has successfully litigated numerous high-profile lawsuits for blue chip clients in a variety of fields.

DeLise remarked, “Daniel’s tremendous success managing litigation and arbitration underwriting for Delta’s equity-oriented investments makes him the ideal choice to serve as worldwide Director of Underwriting across all of Delta’s product and services offerings as Delta continues to expand its platform to include litigation finance solutions for defendants, municipalities and governments; managed solutions for businesses; and credit-based products.  With these new offerings all coming online within the next several weeks, and with Daniel at the helm of our underwriting process, Delta expects to be able to significantly increase deal capacity while diminishing throughput time.”

About Delta

Delta Capital Partners Management LLC is a global private equity firm specializing in litigation and legal finance, judgment enforcement, asset recovery, and related strategies. Delta provides capital and related services to individuals, businesses, private investment funds, law firms and other professional service firms across the world that seek to hedge their financial exposure, reduce legal spending, enhance the probability of a successful and timely resolution of claims, and maximize the effectiveness of their core businesses.

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Darrow Names Mathew Keshav Lewis As Chief Revenue Officer & US General Manager

By John Freund |

Darrow, the leading AI-powered justice intelligence platform, today announced the appointment of Mathew Keshav Lewis as its first Chief Revenue Officer and US General Manager. Lewis brings over 20 years of experience driving revenue and growth for high-profile legal and technology companies – including SaaS platform Dealpath, alternative investment platform Yieldstreet, and legal services pioneer Axiom Law – and will be responsible for helping Darrow scale as it continues an accelerated growth trajectory. 

"Mathew's arrival at Darrow opens enterprise-level deals to all plaintiff law firms, previously accessible only to a select few,” said Evyatar Ben Artzi, CEO and Co-Founder of Darrow. “His expertise from YieldStreet and Axiom empowers our partners to leverage AI, driving unprecedented growth and innovation.” 

Lewis, who will be based in Darrow’s New York headquarters, joins Darrow after serving as the first Chief Revenue Officer of Dealpath, a real estate deal management platform. He also previously held the role of Chief Revenue Officer and GM, Investments at Yieldstreet, where he drove record revenue and growth for the investment platform. 

“I’m delighted to join a team of tremendously talented individuals at Darrow, who have already disrupted the legal technology space and forged the path ahead,” said Mathew Keshav Lewis, Chief Revenue Officer & US General Manager of Darrow. “I am inspired by Darrow’s progress to date, and I look forward to working alongside Darrow’s growing team to expand the company’s footprint.”

This announcement comes at a period of rapid growth for the company, which completed its $35 million Series B funding round last year. Darrow currently works on active litigation valued over $10 billion across legal domains such as privacy, consumer protection, and antitrust. 

About Darrow: Founded in 2020, Darrow is a LegalTech company on a mission to fuel law firm growth and deliver justice for victims of class and mass action lawsuits. Darrow's AI-powered justice intelligence platform leverages generative AI and world-class legal experts and technologists to uncover egregious violations across legal domains spanning privacy and data breach, consumer protection, securities and financial fraud, environment, and employment. Darrow is based out of New York City and Tel Aviv. For more information, visit: darrow.ai

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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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