EJF Capital LLC (“EJF Capital”), a global alternative asset management firm, today announced the successful close of its fourth installment of litigation finance investment vehicles, Rocade Capital Fund IV LP and Rocade Capital Offshore Fund IV LP (the “Funds”) with approximately $220 million in investor subscriptions and commitments. Previously, EJF Capital and funds affiliated with Barings LLC, one of the world’s leading investment managers, formed a joint venture specialty finance company, Rocade LLC (“Rocade”), with $250 million of committed capital designed to invest alongside the Funds. The combined capital commitments raised across Rocade and the Funds totals approximately $470 million.
Headquartered in the Washington, D.C. area, Rocade provides flexible law firm financing solutions, with facilities ranging in size from $10 million to over $100 million secured by contingent fees receivable or other litigation assets. Since the strategy’s inception in 2014, Rocade and its predecessor have funded over $1 billion of loans to leading law firms within mass tort and other complex litigation, unlocking potential for dozens of growing law firms.
Brian Roth, Chief Executive Officer and Chief Investment Officer of Rocade, said, “We are grateful to our investors for their strong support and are pleased to welcome new institutional investors to the Rocade platform. We believe Rocade is well-positioned to leverage the team’s deep sector expertise, flexible structuring capabilities, and long-term investment approach to best serve our law firm clients.”
Emanuel Friedman, Co-Founder and Co-CEO of EJF Capital, added, “We are pleased to support Rocade’s continued growth. This expanded capital base will allow Rocade to quickly scale its platform and enable EJF to offer investors access to what we believe is an uncorrelated asset class with a credit-focused approach that offers attractive risk-adjusted returns.”
About EJF Capital
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China. As of March 31, 2023, EJF manages approximately $6.9 billion across a diverse group of alternative asset strategies. EJF has 50 employees, including a seasoned investment team of 20 professionals. The firm was founded in 2005 by Manny Friedman and Neal Wilson. To learn more, please visit http://ejfcap.com and please read additional Risks and Limitations located here.
About Rocade
Rocade LLC is a private credit firm which provides flexible growth capital for plaintiff law firms in order to finance case acquisition, manage working capital or realize settled cases. Its flexibility, industry expertise, track record and long-term focus position it to be a leading credit provider in the litigation finance space. Rocade has an experienced team of professionals, located in the Washington, D.C. area and Houston, TX, which includes both finance industry veterans as well as litigation experts. For more information, please visit https://rocadecapital.com/.
About Barings
Barings is a $362+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
*Assets under management as of March 31, 2023.
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