[September 18, 2017] |
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Longford Capital Closes Fund II at $500 Million
Longford Capital Management, LP, a leader in the commercial litigation
finance industry, today announced the final closing of Longford Capital
Fund II, LP ("Fund II"), a $500 million fund focused on investments in
commercial litigation finance, making it the largest private equity fund
of its kind in North America.
Fund II, the firm's second private investment fund closed since 2014,
will invest in the outcomes of commercial legal claims it believes to be
highly meritorious and have a strong likelihood of success. Fund II has
already committed nearly $100 million to new investments.
Fund II's Limited Partner Advisory Committee will consist of five
investment management industry leaders, who are also investors in Fund
II, including:
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John A. Beirne, Jr., Founding Partner and Chief Investment Officer of
Beirne Wealth Consulting Services, LLC, which provides wealth
management services and innovative financial strategies to public and
private pension plans, endowments, hospitals, foundations, 401(k)
plans, and high-net-worth individuals, with offices in Connecticut,
Pennsylvania, and Florida.
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Michael D. Bills, Founder and Chief Investment Officer of Bluestem
Asset Management, LLC, former Chief Investment Officer of the
University of Virginia Investment Management Company, and former
Senior Managing Director and Chief Operating Officer of Tiger
Management, LLC.
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T. Bondurant French, Executive Chairman of Adams Street Partners, LLC,
which manages more than $30 billion focused exclusively on private
markets investments. Mr. French has been with Adams Street and its
predecessors since 1980. Mr. French is a Trustee of Northwestern
University, and serves as Chairman of its Investment Committee.
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Edward M. Liddy, former Chairman, President and CEO of The Allstat
Corporation, former member of the Board of Directors and Chairman of
the Audit Committee of The Goldman Sachs Group, Inc., and former
partner of the private equity firm Clayton, Dubilier & Rice, LLC. At
the request of the Secretary of the U.S. Department of the Treasury,
Mr. Liddy served as interim Chairman and CEO of American International
Group, Inc. Mr. Liddy currently serves on the Boards of Directors of
Abbott Laboratories, AbbVie, The Boeing Company, and 3M Company.
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Jeffrey N. Vinik, former manager of the Fidelity Magellan (News - Alert) Fund, which
during his tenure had assets under management of approximately $50
billion, making it at the time the largest mutual fund in the world.
Following his time at Fidelity Magellan, Mr. Vinik founded hedge fund
Vinik Asset Management, where he compounded investors' money at over a
15% annual rate over 17 years. Mr. Vinik is currently the principal
owner of the Tampa Bay Lightning (NHL) and the Tampa Bay Storm (AFL),
co-owner with Cascade Investment of Strategic Property Partners, a
real estate company developing a $3 billion mixed use project in Tampa
Bay, and limited partner of Fenway Sports Group, the parent of the
Boston Red Sox and the Liverpool Football Club.
"The demand for litigation finance by leading law firms, public and
private companies, universities, and a variety of other entities
involved in complex, commercial litigation continues to grow at a rapid
pace. Fund II's size at $500 million will allow us to address the
growing demand for our capital. The enthusiasm for litigation finance is
also growing among the investor community; during the fundraising
process for Fund II, we were pleased to attract more than $1 billion of
interest from numerous sophisticated and experienced investors," stated
William H. Strong, Chairman and Managing Director of Longford Capital.
"Our focus is on performance for our clients and investors, and our team
of professionals has been assembled to accomplish that objective."
About Longford Capital
Longford Capital is a leading private investment company that provides
capital to leading law firms, public and private companies,
universities, government agencies, and other entities involved in
large-scale, commercial legal disputes. Typically, Longford Capital
funds attorneys' fees and other costs necessary to pursue meritorious
legal claims in return for a share of a favorable settlement or award.
The firm manages a diversified portfolio, and considers investments in
subject matter areas where it has developed considerable expertise,
including, business-to-business contract claims, antitrust and trade
regulation claims, intellectual property claims (including patent,
trademark, copyright, and trade secret), fiduciary duty claims, fraud
claims, claims in bankruptcy and liquidation, domestic and international
arbitrations, and a variety of others. For additional information about
Longford Capital, please visit www.longfordcapital.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170918005442/en/
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