Pollen Street and Capricorn fund legal lending specialist
Pollen Street Capital has joined forces with Capricorn Capital to provide £105m in funding to Level, a non-bank lender specialising in the probate, family law and private client sectors.
The funds involve a combination of equity from Capricorn Capital and a senior secured facility from Pollen Street Capital.
Robert Gottlieb, chief executive of Capricorn Capital and Ricardo Delgado, principal of Capricorn, have also joined Level’s board of advisers. Meanwhile Level has appointed former Fluro executive Harvey Bowman as its new finance director.
Read more: Pollen Street appoints Crispin Goldsmith as chief financial officer
“The combined equity and debt investment from Capricorn Capital and Pollen Street Capital puts us in an excellent position to continue our mission to provide financial support to people when they need it most,” said George Williamson, founder and chief executive of Level.
“It also allows us to meet the rapidly growing demand for our services, within the context of probate delays, rising inheritance tax bills and continued cost of living pressures. We are delighted to partner with such high calibre investors.”
Read more: 365 Finance secures £150m debt raise with Pollen Street Capital
Since its launch in 2017, Level has provided funding worth more than £175m to more than 1,650 clients with family law and probate issues. The value of Level’s lending book has grown by 71 per cent over the past financial year and, with its new debt raise, it expects to see very strong growth in the value of funds it lends to clients.
“We are delighted to be working with Level, with this investment being a perfect fit for Pollen Street’s asset-backed credit strategy,” said Paul Varty of Pollen Street Capital.
“The probate and family law lending space offers significant growth potential, and Level has built an impressive business addressing these clear market needs. We look forward to building a long-term relationship that supports their continued expansion”
Read more: Pollen Street credit fund to reach £1bn by 2025
