Burford Capital has released a trading update covering the six month period to the end of June. They say that, since the inception of the fund, 26 investments have generated $173.9 million in gross investment recoveries and $67 million net of invested capital, producing a 63% net return on invested capital. They go o to say that this is $27m higher than at 30 June 2013. During the period they generated $41.9m of cash (almost twice the amount generated in the equivalent period in 2013) and they committed $62m to new investments. The statement highlights one deal with Rurelec where they provided recourse financing linked to an arbitration claim, which provided an $11 million profit to Burford (a 73% return and a 34% IRR) while providing Rurelec with expansion capital.
Burford Capital says its interim results will be published on 4 September.