REG - Burford Capital Ltd - $350 Million Post-Settlement Investment Fund Close

Burford CapitalAnnouncement

13/06/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220613:nRSM5626Oa&default-theme=true

RNS Number : 5626O  Burford Capital Limited  13 June 2022

 

13 June 2022

 

 

BURFORD CAPITAL RAISES MORE THAN $1 BILLION IN THREE MONTHS

WITH NEW $350 MILLION POST-SETTLEMENT INVESTMENT FUND

 

Burford Capital Limited, the leading global finance and asset management firm
focused on law, today announces the closing of the $350 million Burford
Alternative Income Fund II LP ("BAIF II"), a new private fund focused on
post-settlement investments. BAIF II will invest in settled litigation
matters, monetizing a claimant's settlement and other associated legal
receivables. The solution serves to meet the needs of law firms awaiting
payment of their fees and clients eager to release cash from a settlement, who
find it attractive to secure financing against those expected receipts.

 

Together with a recent new $360 million bond issue and the closing of a new
$360 million pre-settlement investment fund, Burford has in total raised more
than $1 billion within the past three months to fund the further growth of its
business.

 

BAIF II's investment period runs until September 11, 2025, with a multi-year
harvest period thereafter. BAIF II will generally pay management fees of 1.5%
of invested capital, with performance fees of 12.5% after a 5% preferred
return with a full catch-up. BAIF II is the successor to Burford's prior
post-settlement funds, Burford Alternative Income Fund ("BAIF") founded in
2019 and BCIM Credit Opportunities LP ("COLP") founded in 2014. BAIF's
investment period ended April 4, 2022, while COLP's investment period ended
September 30, 2019. There is no investment in BAIF II from Burford's balance
sheet.

 

Christopher Bogart, Burford Capital's chief executive officer, commented:

 

"We are delighted to close a new post-settlement fund, backed by a combination
of existing and new Burford private fund LPs. BAIF II's investment strategy
will mimic BAIF and COLP, helping clients manage the frequent and significant
delays that occur between the point at which parties agree a settlement and
the finalization of and payment under the settlement. The solution supports
our aim of fulfilling client needs across the lifespan of a litigation
matter's duration, from inception through to conclusion."

 

 

For further information, please contact:

 

 Burford Capital Limited
 For investor and analyst inquiries:
 Robert Bailhache, Head of Investor Relations, EMEA and Asia - email  +44 (0)20 3530 2023
 (mailto:rbailhache@burfordcapital.com)
 Jim Ballan, Head of Investor Relations, Americas - email             +1 (646) 793 9176
 (mailto:JBallan@burfordcapital.com)
 For press inquiries:
 David Helfenbein, Vice President, Public Relations - email           +1 (212) 235 6824
 (mailto:dhelfenbein@burfordcapital.com)

 Numis Securities Limited - NOMAD and Joint Broker                    +44 (0)20 7260 1000
 Giles Rolls
 Charlie Farquhar

 Jefferies International Limited - Joint Broker                       +44 (0)20 7029 8000
 Graham Davidson
 Tony White

 

About Burford Capital

Burford Capital is the leading global finance and asset management firm
focused on law. Its businesses include litigation finance
(https://www.burfordcapital.com/) and risk management, asset 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, DC,
Singapore, Sydney and Hong Kong.

 

For more information, please visit www.burfordcapital.com
(http://www.burfordcapital.com) .

 

 

This communication shall not constitute an offer to sell or the solicitation
of an offer to buy any ordinary shares or other securities of Burford.

 

This release does not constitute an offer of any Burford fund. Burford Capital
Investment Management LLC, which acts as the fund manager of all Burford
funds, is registered as an investment adviser with the US Securities and
Exchange Commission. The information provided herein is for informational
purposes only. Past performance is not indicative of future results. The
information contained herein is not, and should not be construed as, an offer
to sell or the solicitation of an offer to buy any securities (including,
without limitation, interests or shares in the funds). Any such offer or
solicitation may be made only by means of a final confidential private
placement memorandum and other offering documents.

 

Forward-looking statements

This announcement contains "forward-looking statements" within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, regarding
assumptions, expectations, projections, intentions and beliefs about future
events. These statements are intended as "forward-looking statements". In some
cases, predictive, future-tense or forward-looking words such as "aim",
"anticipate", "believe", "continue", "could", "estimate", "expect",
"forecast", "guidance", "intend", "may", "plan", "potential", "predict",
"projected", "should" or "will" or the negative of such terms or other
comparable terminology are intended to identify forward-looking statements,
but are not the exclusive means of identifying such statements. In addition,
we and our representatives may from time to time make other oral or written
statements which are forward-looking statements, including in our periodic
reports that we file with, or furnish to, the US Securities and Exchange
Commission, other information sent to our security holders and other written
materials. By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors because they relate to events
and depend on circumstances that may or may not occur in the future. We
caution you that forward-looking statements are not guarantees of future
performance and are based on numerous assumptions, expectations, projections,
intentions and beliefs and that our actual results of operations, including
our financial position and liquidity, and the development of the industry in
which we operate, may differ materially from (and be more negative than) those
made in, or suggested by, the forward-looking statements contained in this
announcement. Significant factors that may cause actual results to differ from
those we expect include those discussed under "Risk Factors" in our Annual
Report on Form 20-F filed with the US Securities and Exchange Commission on
March 29, 2022 and other reports or documents that we file with, or furnish
to, the US Securities and Exchange Commission from time to time. In addition,
even if our results of operations, including our financial position and
liquidity, and the development of the industry in which we operate are
consistent with the forward-looking statements contained in this announcement,
those results of operations or developments may not be indicative of results
or developments in subsequent periods.

 

Except as required by law, we undertake no obligation to update or revise the
forward-looking statements contained in this announcement, whether as a result
of new information, future events or otherwise.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  STREAFKAFEEAEAA