International law firm Brown Rudnick advised credit investment firm NorthWall Capital on a refinancing and successful exit from its investment in law firm Pogust Goodhead, which has announced a $552.5 million secured loan from Gramercy Funds Management.

Brown Rudnick previously advised NorthWall on two rounds of investment in Pogust Goodhead in March 2021 and July 2022 respectively, totaling £150 million, which was at the time the largest investment in a U.K. law firm.

Gramercy’s loan to Pogost Goodhead refinanced NorthWall previous investments, enabling NorthWall to exit with a profit. Following the transaction NorthWall will retain an ongoing partnership with Pogust Goodhead with substantial exposure to the firm and future potential upside.

London-based NorthWall Capital invests in Western European special situations and manages several funds on behalf of global institutional investors.

Pogust Goodhead is an international law firm headquartered in London focused on environmental, social and corporate governance litigation.

Elena Rey, Partner and Industry Group Leader of Litigation Funding at Brown Rudnick, said: “NorthWall is a longstanding client and having advised the firm on its prior investments in this law firm, we are thrilled to have advised our client on the refinancing and successful exit.

This complex transaction signals the maturity of the litigation funding market and the breadth of investment interest in the asset class, as well as the potential for funders to make significant returns by providing law firm financing.”