Burford Capital Expands and Extends Funding Arrangement with Sovereign Wealth Fund
Burford Capital Limited, a leading global finance and asset management firm focused on law, has announced the expansion and further extension of its funding arrangement with a strategic partner, a sovereign wealth fund (SWF). The funding arrangement, known as BOF-C, has committed $872 million to capital provision-direct assets, with $435 million remaining undrawn as of June 30, 2023.
Burford and the SWF have agreed to extend the investment period of BOF-C by an additional year until December 31, 2024, allowing for incremental commitments to be made. This extension demonstrates the confidence both parties have in the success of their partnership and the potential for further growth.
In addition to the extension, Burford and the SWF have amended their agreement to allow for the recycling of certain profits, as well as the recycling of deployed capital. This amendment is expected to increase the total amount of capital that BOF-C can deploy, further strengthening Burford’s ability to support its clients and pursue new opportunities.
Under the amended agreement, new commitments to capital provision-direct assets will be allocated with a ratio of 75% to Burford’s balance sheet and 25% to BOF-C. This allocation ensures a balanced approach to capital deployment and maximizes the benefits for both Burford and its strategic partner.
Burford Capital, publicly traded on the New York Stock Exchange and the London Stock Exchange, operates globally with offices in major cities such as New York, London, Chicago, and Hong Kong. The firm offers a range of financial services to companies and law firms, including litigation finance, risk management, and asset recovery.
This expansion and extension of the funding arrangement with the sovereign wealth fund highlight Burford Capital’s commitment to providing innovative financial solutions to the legal industry. With the additional capital and extended investment period, Burford is well-positioned to continue its growth and support its clients’ legal and financial needs.
For more information about Burford Capital and its services, please visit www.burfordcapital.com.