IMF Bentham Limited, the parent company of U.S.-based commercial litigation funder Bentham IMF, announced on Friday the launch of a new $500 million fund focused on U.S. litigation finance investments.
IMF has completed a first closing of $375 million of binding investor commitments and expects a second closing of $125 million of external investor commitments to occur before the end of the year. The structure provides the potential for the fund to increase to $1 billion if investors exercise the option to roll over into the second series.
“This additional capital will be put to use in financing matters across the country, including matters handled on behalf of companies and law firms in Texas, where we’ve seen steadily increasing demand since opening an office in Houston in February 2017,” Allison Chock, Bentham IMF’s chief investment officer, says.
“Texas has long been at the forefront of utilizing creative financing vehicles for litigation. The interest we see in that market, particularly among large companies, is consistent with that pattern.”
Bentham IMF’s office in Houston is led by Eric Chenoweth, a former partner at the prominent litigation boutique Yetter Coleman. Earlier this year, Bentham added Amy Geise, a bankruptcy associate from Porter Hedges, to the office.