Litigation funder Augusta has successfully completed a £150m financing round from institutional and private investors as its business moves into the next phase of expansion.
Augusta, whose main markets are in the UK and Australia, says the boosted finances will enable it to fund disputes of a bigger size and scope and reach other jurisdictions including Canada, Hong Kong, Singapore, Europe, Bermuda and Cayman.
Augusta managing director Robert Hanna said: “This financing represents a major milestone for Augusta. We have an attractive pipeline of new cases and a current portfolio which is maturing well. Our relationship pool of quality law firms and other introducers is loyal and growing and the whole team here is excited about the prospects for our business.”
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Augusta set itself up in London in 2014 and in Sydney three years later. So far it says it has £98m in funding towards 162 cases, while its team has grown to 57 .
It is currently financing an ongoing £1bn spat between claim management group RGL Management and Clydesdale Bank and National Australia Bank (NAB) .
RGL has accused Clydesdale Bank and NAB of acting fraudulently and dishonestly in their selling of tailored business loans to small businesses and individuals who have since suffered alleged collective financial losses of £1bn.
Augusta was advised by Stifel and Kinmont, while law firm Eversheds Sutherland acted as lead legal counsel.
Chairman Peter Cornell added: “We would like to thank our capital and business partners for their tremendous support to date. We have a big agenda ahead of us but are well equipped with a great team and a very strong capital base."
Earlier in May City law firm Rosenblatt confirmed it was considering taking on litigation funders by launching its own stand-alone fund to invest in litigation cases, following its float on the London Stock Exchange.
Read more: Watch out Burford: Listed law firm could launch its own litigation fund
