Therium Capital Advisors Brings Investment Banking Discipline to Litigation Finance

Therium co-founder Neil Purslow has launched Therium Capital Advisors (TCA), an independent advisory firm he describes as “investment banking for the funding market.” The new venture, co-founded with investment banker Harry Stockdale, aims to professionalize how claimants, law firms, and corporates access litigation finance by providing end-to-end advisory support—from funding strategy and investor engagement to post-funding management and secondary market services.

Purslow, a pioneer of the UK litigation funding industry, said the launch follows a restructuring of Therium Capital Management earlier this year, under which Fortress Investment Group was appointed sub-adviser to manage much of the firm’s existing portfolio. “The changes announced earlier this year were just some of the many steps we’ve taken over the course of this year in the lead-up to today’s launch,” he explained. “The changes addressed the optimal way for existing investments to be managed for the benefit of all investors and how resourcing should look going forward for Therium, which continues to be the manager of the Therium funds now serviced by Fortress.”

“Investment banking for the funding market”

Purslow sees TCA as bridging the gap between traditional litigation funders and the growing universe of institutional investors looking to deploy capital into legal assets. “We are knitting together two disciplines: a deep litigation investment experience with quality investment banking expertise,” he said.

Rather than operating as a broker, TCA will represent clients throughout the full funding lifecycle—conducting due diligence, structuring deals, modelling returns, and managing investor engagement. “We are developing investment propositions for cases and portfolios as if we were going to fund them ourselves, doing the due diligence and the structuring, and working to make them as resilient and as successful as possible,” Purslow said. According to Purslow, this more analytical, front-loaded approach will improve outcomes for both claimants and investors. “Instead of bringing opportunities to Therium funding entities, we are representing the clients, developing their best investment propositions so that they are ready before a suitable pool of investors is engaged. That’s the game changer for how clients and investors interact.”

Expanding the investor universe

Purslow said the firm’s creation reflects the rapid diversification of capital interested in litigation finance. “Therium Capital Advisors is a response to the widening investment interest in legal assets, the different nature of these investors, and how they want to invest,” he said.

While traditional funders remain vital, Purslow sees significant opportunity among newer entrants—from credit funds and family offices to institutional investors seeking exposure to uncorrelated assets. “The universe of investors that is potentially interested in legal assets is much wider and more diverse than before, and they have a different mindset,” he said. “Our services are dedicated to ensuring that claimants and their law firms have the necessary tools and an experienced team by their side to access this wider pool of capital and that they get the right deal.”

Global reach and deal experience

TCA’s initial work spans the UK, Europe, and Australia, combining single-case and portfolio financings with both equity and credit-type return profiles. “We are bringing a deep understanding of where the interesting opportunities lie, what is needed to make those investments successful, and for which investors these will resonate,” Purslow said.

That insight draws on more than 16 years of experience funding landmark cases such as Volkswagen and Bates v. Post Office. “That experience is invaluable and is the bedrock of what we are doing going forward,” he said. “It’s not just the deployment experience that is vital but also the fundraising experience—hundreds, if not thousands, of investor conversations give us insight into how investors think, what they need to see, and the questions they will ask.”

Independence as a competitive advantage

Conflicts are a recurring challenge in a market where advisory work is often tied to fund placement. Purslow stressed that TCA’s independence—advising only claimants, law firms, and corporates—is central to its model. “Our independence means clients can trust our advice on funding,” he said. “We are aligned with them in getting the right deal done, but the work we are doing is also intended to make the investors’ life easier—and the fact that this is part of Therium’s DNA gives us credibility when we bring them investment propositions.”

Professionalizing an evolving market

Looking ahead, Purslow sees TCA’s mission as part of a broader evolution in how litigation finance operates. “If, through our work, good opportunities can attract investment in a timely and efficient manner and we have a competitive market of investors deploying capital into high-quality legal assets with confidence in achieving their returns, then we will have achieved what we set out to do,” he said.

For a market still maturing as an institutional asset class, Purslow’s ambition is clear: to bring the structure, discipline, and transparency of investment banking to litigation funding.