Longford Capital Management LP said Sept. 18 that its most recent fund closed at $500 million. Longford Capital Fund II LP 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.
CHICAGO–(BUSINESS WIRE)–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:
• 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.
• 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.
• 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.
• Edward M. Liddy, former Chairman, President and CEO of The Allstate 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.
• Jeffrey N. Vinik, former manager of the Fidelity Magellan 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.