Alternative asset manager Litigation Capital Management Ltd (AIM:LIT) said it is positioned ‘exceptionally well’ for further growth after seeing assets under management increase 23% to A$414mln in the year ended June 30, a figure that jumped to A$452mln by the end of last month.
"Reflecting on the past year navigating the impacts of Covid-related restrictions, I am delighted with the growth achieved and particularly with the significant progress in our asset management business and total assets under management now at A$452mln,” said LCM chief executive Patrick Moloney.
“With our core executive team now based in the London office, much greater access to capital and market conditions which are most conducive to increasing demand for disputes funding, we are exceptionally well placed for the year ahead."
The group, which funds or part funds big legal cases, said adjusted profits were also up 23% - to A$20.2mln. Statutory profits, which included third-party funding costs, were down around 17%, or flat on a standalone basis. It was sitting on cash at the period-end of A$50mln.
Turning to the company’s key performance indicators, LCM said that while applications were down by almost a quarter in the year, commitment levels were maintained, reflecting the higher quality applications it received.
Investment commitments of A$104mln, inclusive of third-party funds, were broadly in line with the prior year, it added.
LCM said the Global Alternative Returns Fund, known as Fund I, was now 100% committed ‘with diversity across jurisdictions, industry sector, claim type and capital commitment’.
Meanwhile, over two-thirds of its targeted US$300mln Global Alternative Returns Fund II has been raised with final close expected by the end of the calendar year.