Litigation Capital Management Ltd (AIM:LIT) (LCM) has announced the second close of its Global Alternatives Returns Fund II.
Completion of this second close of Fund II takes allocations to date to US$273mln or 91% of the targeted US$300mln, it said.
A large UK-based pension fund and a European-based pension fund had been admitted as investors into Fund II, said the legal case investor, with all the backers of LCM’s first fund, Fund I, also investing.
Other prospective investors are working towards investing at Fund II’s final close, said the statement, which will be towards the end of the calendar year.
Patrick Moloney, LCM’s chief executive, added: "We are pleased to have fully committed our US$150m first Fund and with the progress of commitments for Fund II to date."
“We are also encouraged by the quality of new investors and their desire to form a relationship with LCM through investing in future funds.
“The increase in access to third party capital is timely given how the market conditions are increasing the demand for our capital."