Augusta raises another £93m as funding demand grows

Young: Increase in demand

Augusta, which claims to be the UK’s largest litigation and disputes funder by case volume, has unveiled its latest fund raising, bringing in $115m (£93m) from an unnamed US-based investment manager.

The facility will be used on a ‘co-investment’ basis, allowing both existing and new investors to participate in cases.

Augusta has recently announced firm-wide case funding deals with Pinsent Masons and HFW, and the company said in a statement that the new cash “increases capacity for the funding of individual cases, as well as the working capital requirements of law firms and firm-wide case facilities” across the world.

It employs 85 people globally – 70 of whom are in London – with the rest in Sydney, Melbourne and Toronto. Augusta only secured £150m from a global investment fund in July 2018.

Set up in 2013, Augusta initially focused on building volume in cases that other funders considered too small, but it has increasingly looked at larger cases too. By the end of June 2019, it had funded 213 claims with a win ratio of over 80%.

Managing director Louis Young said: “With the increase in demand from lawyers for our support, we are delighted to have added additional capacity to our business.

“Both our existing and new investors are keen to promote access to justice and appreciative of the returns Augusta’s model provides. This development is a strong endorsement of the litigation funding industry and in particular, our market-leading experienced team”.

Recent hires include solicitor Polly Bahl as chief operating officer – joining from Proskauer, where she was London director of professional and administrative resources – and Gowling WLG partner James Foster as head of international arbitration.

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