Novarex Capital Partners has completed a £16 million second financing round as the London-based private credit and structured capital platform expands its financing program. The round was completed on terms providing a stated return of 20%, according to the company.
It follows an initial £5 million financing, bringing the total generated across the two completed rounds to £21 million.
The capital program supports the working-capital needs of a Solicitors Regulation Authority-regulated law firm preparing eligible legal claims.
Novarex said the underlying firm operates under applicable SRA requirements and maintains professional indemnity insurance.
The second round represents a substantial increase from the initial £5 million tranche and forms part of a sequential financing strategy in which each round supports the operating requirements of the underlying legal business.
Novarex said the legal operation maintains a pipeline of contracted work and focuses on claims meeting established eligibility criteria. Client money and case processes are handled within the applicable regulatory framework.
The company is already planning another financing round structured around a stated return of 16.5%.
Timing and other terms of the future financing have not yet been disclosed.
Novarex has also not disclosed the identities of participants in the completed £16 million round or detailed contractual terms of the financing.
The company describes itself as a specialist introduction platform focused on private credit, litigation finance and structured capital, connecting sophisticated investors with private-market opportunities structured around defined transaction parameters.
