This announcement contains inside information.
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`3 July 2017
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`BURFORD CAPITAL CLOSES $500 MILLION COMPLEX STRATEGIES INVESTMENT FUND
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`Burford Capital Limited ("Burford"), a leading global finance firm focused on law, announces that on 30
`June 2017 its affiliate Burford Capital Investment Management LLC closed a new $500 million fund to
`invest in litigation-related complex strategies.
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`The new fund will invest in assets that Burford believes are mispriced and where value can be realized
`through recourse to litigation and regulatory processes. As such, Burford, through this new fund, generally
`will act as a principal as opposed to financier. The fund has already invested more than $100 million
`contemporaneous with its closing. Burford regards its investment strategies as proprietary and will not
`release information about its underlying investment strategies.
`
`Burford will rely on its existing team of litigation and financial talent in connection with its investing
`activities in the new fund. It also has expanded the team by hiring a dedicated portfolio manager, Matthew
`Schoenfeld. Mr. Schoenfeld was most recently with Driehaus Capital and Morgan Stanley’s Special
`Situations Group and is a graduate of Columbia University and Harvard Law School.
`
`The new fund is structured as an evergreen fund with a perpetual life based on continued LP
`commitments. Investors in the fund will pay Burford a management fee of 2% per annum on drawn capital
`and a performance fee of 20% of fund profits on each resolved investment, subject to a 5% per annum
`priority return to investors, after which the Burford performance fee will receive a traditional general
`partner catch-up.
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`Burford is enthusiastic about the opportunities in litigation-related complex strategies, and is attracted to
`a greater level of exposure to those investments than it would achieve simply through performance fee
`income. As a result, Burford has committed $150 million to the new fund from its own balance sheet (a
`commitment on which it will not pay fees). Burford’s employees and directors are similarly positive and
`have personally invested more than $5 million in the new fund. Thus, the amount raised from third-party
`investors on which fees will be paid is nearly $350 million.
`
`Adam Gerchen, Burford’s President who will oversee the activities of the new fund, said:
`“We are delighted to broaden Burford’s investment activities with this new fund. Institutional investor
`demand for allocations to the new fund was robust, and we are grateful for the support we received. With
`Burford’s co-investment, we believe that the alignment of interests will well serve both Burford’s
`shareholders and the fund’s investors. We are excited about the opportunities to expand Burford’s
`business that have presented themselves since the combination of Burford and Gerchen Keller.”
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`The person responsible for arranging for the release of this announcement on behalf of the Company is
`Elizabeth O'Connell, Managing Director.
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`For further information, please contact:
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`Macquarie Capital (Europe) Limited – NOMAD and Joint Broker
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`+44 (0)20 3037 2000
`
`Opiant Exhibit 2007
`Nalox-1 Pharmaceuticals, LLC v. Opiant Pharmaceuticals, Inc.
`IPR2019-00690
`Page 1
`
`

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`Jonny Allison
`Nicholas Harland
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`Liberum Capital Limited - Joint Broker
`Richard Crawley
`Jamie Richards
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`Numis Securities Limited - Joint Broker
`Charlie Farquhar
`Andrew Holloway
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`Neustria Partners - Financial Communications for Burford Capital
`Robert Bailhache [email]
`
`
`
`Charles Gorman [email]
`Nick Henderson [email]
`
`Burford Capital Limited
`Elizabeth O’Connell, CFA, Managing Director
`
`
`
`
`+44 (0)20 3100 2222
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`
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`+44 (0)20 7260 1000
`
`
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`+44 (0)20 3021 2580
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`
`
`
`+1 212 235 6825
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`
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`About Burford Capital
`Burford Capital is a leading global finance firm focused on law. Its businesses include litigation finance and
`risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is
`publicly traded on the London Stock Exchange, and it works with law firms and clients around the world
`from its principal offices in New York, London and Chicago.
`
`For more information about Burford, visit www.burfordcapital.com
`
`
`Important Information
`Burford Capital Investment Management LLC (“BCIM”) is registered as an investment adviser with the U.S.
`Securities and Exchange Commission. This release is for informational purposes only. It describes multiple
`investment vehicles that total $500 million in size, are focused on a single investment strategy, and share
`common terms such as management and performance fees. Nothing herein should be construed as a
`solicitation to offer investment advice or services. Information about investing in BCIM-managed funds is
`available only in the form of private placement memoranda and other offering documents.
`
`
`Opiant Exhibit 2007
`Nalox-1 Pharmaceuticals, LLC v. Opiant Pharmaceuticals, Inc.
`IPR2019-00690
`Page 2
`
`