Litigation Capital Management Ltd (AIM:LIT), the alternative fund manager, said its second third-party fund had raised US$200mln at the first closing date.

LCM Global Alternative Returns Fund II aims to bring in at least US$300mln and expects to reach US$400mln by final close.

Like the first fund, it will be involved in financing legal actions with LCM itself co-investing and contributing 25% to the cost of the cases from its own balance sheet.

Chief executive Patrick Moloney said: “Achieving such a significant first close of Fund II is a major milestone and achievement for LCM.

“We were delighted at the endorsement from all existing investors in our first fund, who are predominantly participating for increased commitments in our second fund, demonstrating both investor commitment and confidence in LCMs attractive investment proposition.

“The first close of Fund II enables LCM to accelerate its growth strategy and provides us with increased flexibility of capital to allocate into markets which are very conducive to the litigation finance industry.”

For more information on Fund II click here

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