Isle of Man: backing for new third-party funding venture

A new third-party litigation funder launches today with five UK cases already funded and significant backing from a leading private equity firm.

Vannin Capital has committed £8m in facilities to fund seven cases in total – including one international arbitration and one US claim – and claims its ability to invest further will place the firm in the top echelon of litigation funders within a year.

Vannin is backed by Bramden Investments, a leading Isle of Man-based private equity firm with a successful track record of investing in start-ups.

The Vannin management team is small and has full delegated authority to approve funding applications – which can be done within five days.

The team includes solicitor and barrister, William Evans, a one-time partner at Irwin Mitchell and DLA who is now at Ely Place Chambers, and solicitor Nick Rowles-Davies, previously of boutique commercial firm Bridgehouse Partners.

Mr Rowles-Davies said Vannin “brings something to the litigation funding market that many other funders fail to bring – funded cases and significant financial backing”. Solicitors are required under the Code of Conduct to advise clients of all the options to finance their case.

He continued: “Our deep understanding of the market, the flexibility of our approach and the speed at which we make our investment decisions provides a unique, compelling and unrivalled funding solution. Vannin Capital is serious about the litigation funding market and intends to make substantial investments during 2011.   

“The use of a third party to fund litigation provides a simple, cost-effective and risk-free alternative for lawyers and their clients. Its increased use in the UK is inevitable regardless of whether the Jackson report is implemented. It brings a viable risk-free alternative to squeezed balance sheets and I urge lawyers to open their eyes to its benefits.”

Vannin said that while the litigation funding market in the UK is steadily growing, there remains a lack of transparency over the ability of some funders to access funds quickly.

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