Ex-Fortress Partner’s Firm Raises $490 Million for Legal Assets

The investment firm of former Fortress Investment Group’s partner Brandon Baer has raised more than $490 million to lend to law firms and buy other esoteric legal assets.

Contingency Capital’s new fund will target credit-like returns by investing in diversified pools of legal assets, according to an emailed statement. Baer launched New York-based Contingency in November 2020, and the firm has deployed $700 million since then.

Interest in litigation funding has been growing in recent years, with pension funds and other investors looking for higher-yielding returns diversified from traditional asset classes. There was around $17 billion invested in litigation funding ...