16 February 2018Print This Post

Therium raises £300m as litigation funding opportunities continue to grow

Edmonds: New high-profile client for Therium

Third-party funder Therium has completed the first close of its new £300m, its largest fund to date.

The first close is at £200m with a further £100m expected before final close. The investors include both Therium’s existing major investor, which is increasing its commitment, and new global institutional investors.

Therium has been in the news of late for backing TV presenter Noel Edmonds’ claim against Lloyds.

It has also emerged that the company is backing the group action being brought by the Justice for Subpostmasters Alliance – currently made up of 550 members – against the Post Office over flaws in its accounting system that meant some subpostmasters were sent to prison for false accounting, and a substantial number lost their homes or were declared bankrupt as a consequence of their loss of income.

John Byrne, co-founder and CEO of Therium Capital Management, said: “The track record of deployment and returns from our past funds has led to a substantial and increasing interest in Therium from a wide range of investors, especially institutional investors, and we continue to see very significant growth potential in litigation funding, globally.”

The new fund follows Therium’s £200m fund raised in April 2015, which at the time was the largest single investment in the litigation funding sector.

Therium said strong demand for funding meant deployed this money more quickly than expected.

Other cases covered by the previous fund include the shareholder group claim against Lloyds Banking Group and several former directors for the acquisition of HBOS in 2008 and the cartel action for the Road Haulage Association against several truck manufacturers.

Other funded cases were PCP Capital Partners’ claim against Barclays related to a $3bn loan to Qatar in 2008; a group claim against Visa and Mastercard relating to interchange fees; the emissions litigation in the UK against Volkswagen for over 45,000 car owners; and the claim for iPhone users against Google relating to the ‘Safari Workaround’.

Since April 2015, Therium has expanded its operations, with teams launching in the USA, Spain, Norway and Germany.

Last month, fellow funder Burford Capital continued to grow its financial muscle after raising $180m (£127m) through an oversubscribed issue of US dollar-denominated bonds on the main market of the London Stock Exchange.

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