IMF Australia co-founder raising for new litigation fund

From the AFR:

IMF Australia co-founder raising for new litigation fund
Edited by Sarah Thompson, Anthony Macdonald and Joyce Moullakis


February 14, 2017, 7:52pm

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John Walker, formerly of IMF Australia, is in the market with a new unlisted litigation fund. Dom Lorrimer
Bell Potter has kicked off a $20 million fundraising for new class action firm, Investor Capital Partners (ICP).

ICP is seeking to raise $20 million at $1 a share in for an unlisted fund that would seek to run shareholder actions against the likes of Spotless Group, Bellamy's Australia, Dick Smith and Wellard.

ICP was set up by John Walker, who is one of the founders and a former chief executive officer of the listed IMF Bentham.

It's understood Bell Potter started roadshowing ICP to potential investors on Tuesday, to kick off the raising. Walker is said to have already committed $1 million to the fund.

ICP told potential investors it was building a book for potential claims against Sims Metal Management, Spotless and Bellamy's, while it was in diligence on poorly performed initial public offerings Dick Smith and Wellard.