Burford Capital’s industry-leading legal finance team continues to grow

By John Freund |

Burford Capital, the leading global finance and asset management firm focused on law, today announces it is further enhancing its industry-leading team and legal finance offerings to clients. In addition to new hires in New York, Washington and Chicago, Senior Vice President Dr. Jörn Eschment has relocated to Switzerland to oversee the growth of Burford’s substantial business in the DACH region of Germany, Austria and Switzerland.

Christopher Bogart, CEO of Burford Capital, said: “As the industry leader with a $4.8 billion portfolio, we continue to build Burford’s team to meet the needs of our clients and the continuing growth of our business.

“At Burford, we place significant emphasis on a collaborative culture, with strong intellectual and interpersonal dynamics at the heart of our organization. As we add experts to our team, we look for intelligent, thoughtful and creative individuals who always try to expand upon what is possible—which we believe we have found with each of these new additions.

“We are pleased to announce these new hires and Jörn’s move to the DACH region, which continue to amplify our position as the gold standard in commercial legal finance.”

The composition of Burford’s global team of over 140 employees – 66 of whom are lawyers – reflects its category leadership as well as its commitment to diversity, equity and inclusion, as half of Burford’s team are women, racial minorities or self-identify as LGBTQ.

Further growth of Burford’s industry-leading investment team

  • Apoorva Patel has joined Burford in Washington, DC, as a Vice President with a focus on assessing legal risk in international arbitration, a topic about which he writes and speaks regularly as a leader in several global and national lawyers’ organizations focused on international dispute resolution. Prior to joining Burford, he was most recently Counsel in WilmerHale’s international arbitration and international litigation practices. Mr. Patel graduated from Harvard Law School, where he served as editor-in-chief of the Harvard Negotiation Law Review. He earned his bachelor’s degree in public policy from Duke University, where he graduated magna cum laude. 
  • Gabriela Bersuder has joined Burford in New York as a Vice President. She previously practiced as a litigator at Patterson Belknap Webb & Tyler, where she represented Fortune 500 companies, food and beverage manufacturers and large corporations in complex commercial litigations, arbitrations and mediations. She clerked for the Honorable John G. Koeltl (Southern District of New York) and Honorable Christopher F. Droney (Second Circuit). Ms. Bersuder earned her law degree from Duke University School of Law and her bachelor’s degree in political science from Columbia University.
  • Peter McLaughlin has joined Burford in Chicago as a Vice President. Prior to Burford, he was a litigator at Sidley Austin, where he specialized in conducting investigations related to securities and healthcare regulation and served as counsel for jury trials, bankruptcy proceedings and arbitration hearings. He clerked for the Honorable James B. Zagel of the US District Court for the Northern District of Illinois. Prior to earning a law degree from Northwestern University School of Law, he was a trading analyst at Credit Suisse. Mr. McLaughlin is a graduate of Georgetown University.

Dedicated staff to pursue business opportunities in DACH region

  • Dr. Jörn Eschment, Senior Vice President, has relocated to Zug, Switzerland, to oversee the growth of Burford’s substantial business in Germany, Austria and Switzerland. Prior to joining Burford’s investment team in London in 2018, he practiced international commercial arbitration and litigation at Herbert Smith Freehills in Hong Kong and at Schellenberg Wittmer in Zurich. Dr. Eschment read law at the universities of Freiburg, Liverpool, Marburg and Passau, graduating with the German Staatsexamen, an LLM in European law and a doctorate in public international law, all with distinction. He also holds a master’s from the War Studies Department at King’s College London.

Additional talent augments new business origination team 

  • Bill Walker has joined Burford in Washington, DC, as a Director, building on a career spanning consulting, in-house and law firm roles. Most recently he expanded Deloitte’s law-focused business development efforts with key clients at Fortune 500 companies, publicly traded middle-market companies and law firms. Previously he founded Ansun Management Partners, a boutique professional services firm, was a corporate attorney specializing in complex corporate transactions at several large multi-national law firms and was an in-house lawyer at the American Red Cross. Mr. Walker earned his JD from the University of Connecticut School of Law, where he served as articles editor of the Connecticut Journal of International Law, and his bachelor’s in economics from College of the Holy Cross. 

Global organization strengthened with top talent across business functions

  • Chermia S. Hoeffner has joined Burford as Vice President, Human Resources. Prior to joining Burford, she was Head of Human Resources at the National Audubon Society, where she led the human resources team, implemented organization-level job architecture and developed policies, procedures and initiatives crucial to the overall strategy at Audubon. Ms. Hoeffner has also worked in human resources roles at TIAA-CREF, Mercer and Osler, Hoskin & Harcourt LLP. She has over two decades of experience managing a broad range of HR functions at global organizations. Ms. Hoeffner graduated with an MBA in management from Pace University and a bachelor’s in English from SUNY-Albany.
  • David Helfenbein has joined Burford as Vice President, Public Relations. He has over a decade of experience in litigation and legal communication, crisis management, public affairs, government relations and public policy. Prior to joining Burford, he worked as an Associate Director at Finsbury Glover Hering and held senior roles at several public relations firms and branding agencies. He began his career working in the US Senate, followed by the US Department of State. Mr. Helfenbein earned his law degree from the School of Law at Washington University in St. Louis and his bachelor’s degree, magna cum laude, from the University of Pennsylvania.
  • Ilya Podolskiy, CPA, CGMA, CRMA, Cr. FAC, has joined Burford as Vice President, Sarbanes-Oxley (SOX) Compliance. Mr. Podolskiy has over a decade of experience implementing audit and SOX strategies. He was previously a SOX Manager for Sirius Group and for Assured Guaranty. Prior to that, Mr. Podolskiy held roles with internal audit functions including Senior Internal Auditor for American International Group (AIG) and Tokyo Marine North American Services (TMNAS). Mr. Podolskiy earned his bachelor’s in accounting from CUNY Hunter College and his master’s in taxation from Villanova School of Law.
  • Phillip Lu has joined as Head of Burford’s Project Management Office, with responsibility for Burford’s program/project management, business analysis and strategic planning capabilities. He was previously a Director at KPMG, where he evaluated and developed new digital and data strategies, technologies and business models; he also served as a Senior Manager at EY. Mr. Lu began his career as a management consultant and held technology strategy and project management roles at Morgan Stanley and Merrill Lynch. He earned his bachelor’s in economics from New York University.

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk managementasset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its principal offices in New York, London, Chicago, Washington, Singapore and Sydney.

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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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