Sydney-based litigation funder IMF Bentham Ltd. has launched a $500 million fund to underwrite disputes outside the United States.

The fund, called Fund 5, is IMF Bentham’s second non-U.S. fund and is launching just two years after the litigation funder launched the first, which had an aggregate capital of about $115 million focused on investments in Australia, Asia, Canada and Europe. That fund was upsized in January to about $125 million.

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