Litigation Finance Firm Contingency Hires Southpaw’s Jeff Cohen

Contingency Capital, a litigation finance firm founded last year, said it hired Jeff Cohen from distressed debt fund Southpaw Asset Management as partner and managing director.

New York-based Cohen was partner and managing director at Southpaw since its inception in 2005, according to an emailed statement from Contingency. He focused on distressed and special situations investments, including litigation opportunities.

Cohen couldn’t immediately be reached for comment.

In litigation financing, funds back lawsuits in return for a slice of the proceeds if they win. The appeal of the illiquid asset class is growing amid a global shortage of yield-bearing assets for investors seeking to generate income. Assets under management in the industry doubled in the last three years to more than $10 billion, according to the International Legal Finance Association.

Former Fortress Investment Group partner Brandon Baer started Contingency Capital late last year with as much as $1.45 billion in commitments.

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Katie Linsell in London at klinsell@bloomberg.net

To contact the editors responsible for this story:
Dana El Baltaji at delbaltaji@bloomberg.net

Abigail Moses, Bruce Douglas

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