Y Combinator Alum Legalist Seeking $400M for Fourth Credit Fund

Tech-forward institutional alternative asset manager Legalist is aiming to raise $400M for its fourth credit fund, Legalist Fund IV.

In a January 10 filing with the SEC, the San Francisco-based firm indicated that it commenced sales of the fund on December 31, 2024, and has so far secured $322.2M in commitments from 77 investors. The minimum investment is set at $1M, as was predecessor Legalist Fund III, which had a target of $300M. As of its most recent SEC filing in November 2024, the third fund had raised $218.6M from 35 investors, though Legalist has not provided an official announcement on a final close amount or date.

Legalist was founded in 2016 by Eva Shang and Christian Haigh and uses proprietary sourcing technology to identify credit opportunities across strategies in litigation finance, debtor-in-possession (DIP) financing in bankruptcy, and government receivables lending. The firm was incubated at Y Combinator and launched its first fund in 2017, since then growing to over $1B in AUM. According to its website, Legalist’s primary investors are endowments, foundations, hospitals, insurance companies and family offices.

Written By: Dakota

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