According to Burford CEO Chris Bogart, the company’s UK subsidiary raised the capital through a bond offering on the LSE, and turned away orders from investors. The bonds will pay 6.125 per cent annual interest and mature in 2024.

A ‘significant milestone’

Mr Bogart described hitting the billion dollar mark as a ‘significant milestone’ for the company’. The London Stock Exchange describes Burford’s portfolio as ‘large and widely diversified, with more than 500 individual litigation matters underlying its investments for clients from around the world.’ 

Alternative models evolving

Mr Bogart added:  ‘The legal sector is rapidly evolving alternative economic models and demand is increasing globally for Burford's services.  The use of external capital by law firms to support their growth is accelerating, even as corporate clients seek new ways to manage ongoing costs and monetize litigation assets.’

The firm declined to provide client names or names of investors in the recent bonds, but a spokesman said that previous investors include Invesco and Fidelity.

Sources: Bloomberg BNA; London Stock Exchange