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Funds

2

About GLS Capital

GLS Capital was founded by litigation finance industry veterans that have led and managed hundreds of millions of dollars of litigation finance investments. The firm is currently underwriting cases for financing.

GLS Capital Headquarter Location

444 West Lake Street Suite 1700

Chicago, Illinois, 60606,

United States

312-416-8656

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Latest GLS Capital News

The bankers, brokers, and big money transforming litigation finance from a lawyer's hustle to a multibillion-dollar asset class

May 26, 2021

Bench Walk Advisors Bench Walk Advisors was cofounded in 2018 by Stuart Grant, a former lawyer at Skadden who also cofounded Grant & Eisenhofer, a top firm for shareholders litigation. Grant said in an interview with Reuters that he shifted focus to litigation finance after a few adverse court rulings because "I don't like losing." His litigation-funding shop claimed a 93% win rate as of the end of last year. It says it's invested more than $300 million. Contingency Capital Contingency Capital was launched in November by Brandon Baer, an experienced lender who co-led the legal-assets group at Fortress. While the firm is still new and not much about its activities are known, it's minority-owned by TFG Asset Management, which manages $30.7 billion, and has coinvesting commitments from Fortress and an undisclosed fixed-income manager totaling $1.4 billion. The team has recently grown with hires including Jeff Cohen from Southpaw Asset Management and Kacey Wolmer, who joined from FirstKey Mortgage. From left: Adam Gill, Jamison Lynch and David Spiegel of GLS Capital. GLS Capital GLS Capital is a relatively new firm run by familiar faces. Adam Gill, Jamison Lynch, and David Spiegel, its three managing partners, got their start at Gerchen Keller Capital, which was sold to Burford for $160 million in 2016. Several people listed on the firm's website have backgrounds in pharmaceuticals and life sciences, where disputes involving licenses, patents, and other intellectual-property matters are common. "We review deals anywhere between $1 million and $50 million in size," Spiegel said. "Our sweet spot is between $5 million and $10 million." Lake Whillans, founded by Lee Drucker and Boaz Weinstein, is also cited as a major player. Said by one observer to be "comfortable with more distressed, hairy situations," the company raised $125 million in late 2017. At least one of its cases has been publicly disclosed: a $5 million stake in a case brought by Cel-Sci, a drug developer. Eva Shang of Legalist. Legalist Legalist has funded commercial claims and mass-tort litigation. The company, run by the Harvard dropout Eva Shang, has emphasized its use of analytics to identify investment opportunities. Shang has said its investments average $500,000 apiece, smaller than those made by other funders. LexShares, run by Jay Greenberg, has also emphasized a data-driven approach, using a program it calls the "Diamond Mine" to find investment opportunities in court filings. The company courts individual investors as well as institutions and announced last year that it was raising an additional $100 million to invest in cases. Aaron Katz and Howie Shams of Parabellum Capital. Parabellum Capital Parabellum Capital is run by Howie Shams and Aaron Katz, two veterans of Credit Suisse's legal-risk strategies and finance unit, one of the earliest involvements by a mainstream financial institution in the litigation-funding space. Its Form ADV lists more than $666 million in discretionary regulatory assets under management as of the end of 2020 and says its investments tend to range from $2 million to $15 million depending on whether it's investing in a smaller single case or a larger portfolio. Parabellum is one of a subset of funders that also invests in patent litigation. Ralph Sutton of Validity Finance. David Lubarsky Validity Finance is led by Ralph Sutton, another alumni of Credit Suisse's early venture. The firm, which was set up with $250 million from TowerBrook Capital Partners, said last year that it has deployed $125 million across a range of court cases and arbitrations and raised another $100 million. Mainstream investors David Gallagher and Sarah Johnson, the leaders of D.E. Shaw & Co.'s litigation finance unit. D.E. Shaw & Co. D.E. Shaw's litigation-funding team is led jointly by David Gallagher, an alumnus of one of Omni Bridgeway's predecessor companies, and Sarah Johnson, who has spent 15 years in D.E. Shaw's corporate credit unit. The team's "sweet spot" is investments of $20 million to $50 million, according to the company, and it focuses on quick decisions and flexible terms. The Fortress team is led by Jack Neumark, with Joe Dunn described by some people as his right-hand man. (The firm has also been involved in high-stakes patent disputes, but a different team led by Eran Zur handles those deals.) While Fortress has directly funded some high-stakes disputes and bought litigation claims, it's also been known to extend credit to other litigation funders, including Vannin Capital. Tenor Capital has $5.4 billion and has used some of that money to back several mining companies in their claims against foreign governments. Led since 2004 by Robin Shah, a JPMorgan alumnus, with Blair Wallace, formerly of Och Ziff, managing a portfolio of litigation, the firm has backed Crystallex, which is trying to seize Citgo in order to collect a $1.2 billion award against Venezuela; Eco Oro, which has sued Colombia; and Gabriel Resources, which seeks to hold Romania liable for scuttling its operations there. The brokers and bankers Westfleet Advisors and its founder, Charles Agee, are one of two names that regularly spring from the lips of lawyers and funders in the litigation-finance industry. He and his colleagues Gretchen Lowe and Barry Kamar connect claimants, lawyers, and investors. They also regularly conduct and publish surveys of the industry. Andrew Langhoff is also regularly cited as a trusted source of perspective and opportunities by people in the industry. A former Big Law litigator who went on to hold roles at Burford and at Gerchen Keller, Langhoff now runs Red Bridges Advisors. Stifel Financial made headlines in 2019 when it hired Justin Brass and Sarah Lieber from Jeffries. Brass, a former bankruptcy lawyer, and Lieber, who worked for an insurer after years at Jones Day, are both Burford alumni. While many commentators said a lack of standardization has made litigation-finance investments hard to flip, Stifel said Brass and Lieber have syndicated more than $1 billion in litigation investments since joining in 2019. "If I'm playing checkers, they're really playing three-dimensional chess," one lawyer who's worked with them said. Sign up for notifications from Insider! Stay up to date with what you want to know. Subscribe to push notifications Newsletter Sign up for the Business Insider newsletter - a daily selection of our best stories curated just for you.

GLS Capital Fund History

2 Fund Histories

GLS Capital has 2 funds, including GLS Capital Partners Fund I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/19/2019

GLS Capital Partners Fund I

$345M

3

12/19/2019

GLS Capital Access Fund I

Subscribe to see more

$99M

10

Closing Date

12/19/2019

12/19/2019

Fund

GLS Capital Partners Fund I

GLS Capital Access Fund I

Fund Type

Subscribe to see more

Status

Amount

$345M

$99M

Sources

3

10

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