--- title: "Omni Bridgeway Review 2026: What the Funds Have Returned, Who Can Invest, and What the Manager Earns" url: https://altstreet.investments/platforms/reviews/omni-bridgeway kind: platform-review updated: 2026-10-31 description: "Omni Bridgeway review 2026: ASX-listed legal finance manager with closed-end funds for non-retail investors (US$1m minimum), a 2.4x gross multiple on completed investments that excludes its largest investments, no public net fund returns located, and a 2025 continuation fund with Ares." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Omni Bridgeway Review 2026: What the Funds Have Returned, Who Can Invest, and What the Manager Earns Omni Bridgeway is an ASX-listed legal finance manager: it funds litigation, arbitration and the enforcement of judgments in exchange for a share of what is recovered, through closed-end funds for non-retail investors (US$1 million minimum on its US adviser's Form ADV) and its own capital. It reports a gross multiple of 2.4x on 822 completed investments, unaudited and before fees, on a basis that leaves out its largest investments (2.3x with them). It reported an accounting loss attributable to shareholders in each year from FY2019 to FY2024; the first annual profit in the FY2019 to FY2026 period reviewed came in FY2025, mainly from selling its co-investments to a continuation fund, bought 70% by Ares, that Omni Bridgeway advises. AltStreet score: 52.1 (B-), scored October 31, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Omni Bridgeway | | What it is | Legal Finance Fund Manager: Closed-End Institutional Funds, Continuation Fund and Sidecars, ASX-Listed Parent | | Asset class | Litigation, arbitration and judgment-enforcement finance (returns from case outcomes) | | Website | omnibridgeway.com | | Review first published | October 31, 2026 | | Last updated | October 31, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Omni Bridgeway invests in other people's lawsuits and in enforcing judgments, and earns a share of what the cases recover. Three questions frame the review. What has it returned: across 822 completed investments it reports 2.4x the money deployed, gross of fees, unaudited, and excluding the twelve investments over A$20 million, which returned 1.54x. These are multiples on completed investments, not returns on the capital committed to a fund, and AltStreet located no public net-of-fee record for any fund. Who can invest: the funds are for non-retail investors only, with a US$1 million minimum on the US adviser's Form ADV; individuals can buy the ASX-listed shares, except that US persons who are not qualified purchasers can be required to sell them. What the manager earns: on the newest funds, about 2% a year, transaction fees targeted at 2.5% to 3.0% of commitments, and 20% to 30% of profits above an 8% hurdle. In 2025 Omni Bridgeway sold most of its own co-investments to Fund 9, a continuation fund it advises, with Ares buying 70%, which raises questions about how the price was tested and how alignment works now. - **2.4x** Gross multiple on 822 completed investments at June 30, 2026, per the company, excluding secondary sales and the 12 investments over A$20 million (which returned 1.54x). Including them, the company gives 2.3x. Not audited, not net of fees, and not a return on all capital committed. - **179 of 822** Completed investments that lost, 17% of the capital deployed, recovering 0.15x. Average time to completion by completion vintage rose from 2.7 years (FY2019) to 4.6 years (FY2026). - **A$(238)m** Cumulative accounting loss attributable to shareholders FY2019 to FY2024, a loss in each year (AltStreet's sum of the annual reports). An accounting result, not a share-price return. FY2025's A$350m profit came mainly from the Fund 9 transaction; FY2026 earned A$54m including a A$62m fair value gain. - **~43%** Omni Bridgeway's share of gross investment profit in its own illustration: of $140, $28 is the return on its own 20% co-investment, $6 management fees and $26 carried interest. On outside investors' capital, fees and carry are $32 of $112, about 29% (AltStreet's arithmetic). Assumes 2.4x over four years; not a fund result. - **US$1m** Minimum on each of the 14 private funds on the US adviser's Form ADV Schedule D. The website publishes no minimum and offers only an expression-of-interest form for 'non-retail investors'. - **None** Enforcement actions located in the sources searched (AltStreet's tables, ASIC's banned lists, IAPD and the European registers) against any group entity, director or executive. Australian federal court records could not be reached. Data note: Return figures are Omni Bridgeway's own, gross of fees and carried interest, non-IFRS and unaudited. The company changed its headline measure from ROIC (profit over cost) to MOIC (proceeds over cost) in FY2024, widened its base in FY2025 and excluded large investments from 2026; figures from different years are not on one basis. Fund multiples cover completed and partially completed investments within each fund, not all capital committed or called. Financial statement figures are from the audited annual reports (BDO, unmodified). A$ figures are quoted as printed. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 2.3x | The headline leaves out the largest investments, which underperformed the rest. | Life-to-date gross multiple including the 12 investments over A$20 million, which the 2.4x headline excludes. Those 12 returned 1.54x. Gross of fees and carry; unaudited. | | A$(238)m | Accounting loss attributable to shareholders, FY2019 to FY2024 combined. | AltStreet's sum of six annual reports; not a share-price return. First annual profit in the period reviewed: FY2025, mainly the Fund 9 transaction. | | ~43% | Omni Bridgeway's share of gross investment profit in its own illustration, including the return on its own capital. | $28 co-investment return, $6 fees and $26 carry of $140; on outside capital, fees and carry are about 29%. Assumes 2.4x over four years; not a fund result. | | 0 | Enforcement actions located in the sources searched against any group entity, director or executive. | AltStreet tables, ASIC banned lists, IAPD, ESMA, AFM, MAS; Australian federal court records not reachable. | ## Verdict Omni Bridgeway has a long legal finance record and publishes more about its book than most private fund managers. Every return it prints is gross, unaudited and on completed investments, its headline multiple has been redefined and leaves out its largest investments, and AltStreet located no public net-of-fee record for any fund. The funds are for non-retail investors with US$1 million or more. In 2025 it sold its own co-investments to a continuation fund it advises, with Ares as the outside buyer, and the proceeds repaid its debt. **Best for** - Institutions that can negotiate terms, obtain fund-level net reporting and diligence the Fund 9 arrangements. **Look elsewhere if** - You are a retail investor. - You need a net-of-fee track record. - You need liquidity before a fund winds up. **Strengths** - 822 completions over 25 years, with fund-by-fund gross tables and quarterly portfolio reports. - Published nominal fee terms and an explicit model of the manager's share. - No enforcement action located in the sources searched; SEC-registered US adviser with no disclosures; unmodified audits. **Limitations** - Gross, unaudited multiples on completed investments under a redefined measure; no public net return located. - US funds the weakest on completed investments (Fund 1 1.35x, Fund 4 Series I 1.4x). - Fund 9: the manager sold to a fund it advises; the preferred return and carry steps are not public. - Accounting losses attributable to shareholders FY2019 to FY2024; fee income below cash operating costs. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Institutions seeking uncorrelated legal finance exposure with a long-tenured manager | neutral | | | Individuals wanting legal finance exposure | poor-fit | | | Investors who need liquidity | poor-fit | | ## Questions **Is Omni Bridgeway legit?** Omni Bridgeway is an ASX-listed company (formerly IMF Bentham) that has funded litigation since 1998; its Australian manager holds an AFS license and its US manager is an SEC-registered investment adviser with no disciplinary disclosures. AltStreet located no enforcement action against the group or its directors in the sources it searched. Its audits are unmodified; in 2024 a defect in the auditor's appointment was validated by a Western Australian court. **Can I invest in Omni Bridgeway's funds?** Only as a non-retail investor. The website offers an expression-of-interest form; the US adviser's Form ADV lists a US$1 million minimum on each fund, and the US fund relies on the qualified-purchaser exemption. Individuals can buy the ASX-listed shares, but US persons who are not qualified purchasers can be required to sell them. **What returns has Omni Bridgeway made?** The company reports 2.4x on 822 completed investments at June 30, 2026, gross of fees and unaudited, excluding its 12 largest investments (2.3x with them). On completed investments within each fund, results range from 1.35x (Fund 1) and 1.4x (Fund 4 Series I) to 3.5x (Fund 6). AltStreet located no public return after fees for any fund. **What fees does Omni Bridgeway charge?** On its newest funds, about 2% a year on active commitments, transaction fees targeted at 2.5% to 3.0% of commitments, and carried interest of 20% above an 8% hurdle, rising to 30% above a 20% IRR. In the company's own illustration, Omni Bridgeway takes about 43% of gross investment profit including the return on its own 20% co-investment; on outside investors' capital, fees and carry are about 29% of gross profit. **What was the Fund 9 transaction?** In 2025 Omni Bridgeway moved its own co-investments in several funds into a new continuation fund of about A$550 million, sold 70% to Ares for A$320 million equivalent upfront, kept 30% and advises the fund for fees and carry. Ares holds a preferred return, warrants and a put option measured on the net proceeds it has received by June 30, 2029. The proceeds repaid the company's debt. ## Evidence appendix Platform website captured October 31, 2026. omnibridgeway.com (19 pages); 80 company documents (annual reports FY2019 to FY2026, half-year reports, results decks, analyst data packs, 28 quarterly portfolio reports, ASX announcements); Form ADV of Omni Bridgeway Management (USA) LLC and Schedule D; EDGAR Form Ds via the SEC structured data sets; ASIC datasets and ASX records; court dockets; AltStreet's enforcement tables. The Wayback Machine served four historical snapshots before refusing further requests, so the history of the site's claims is drawn from the company's own decks. **Highlights** - Data pack footnote: 'Returns reflect gross fund returns.' - FY2026 results footnote: 'If included in the total, the LTD MOIC is 2.3x.' - Fund 9 presentation: 'Ares will have a put option to recover any shortfall between the net proceeds received by 30 June 2029 and the initial investment.' - Fund-investor page: 'any such investment opportunity is only available to non-retail investors.' - EY resignation: 'the funding by an Omni Bridgeway fund of a class action on behalf of shareholders of Wirecard AG against EY could give rise to a material independence threat'. **Primary source pages** - Analyst Data Pack at June 30, 2026 (ASX, August 27, 2026): completed book, gross results on completed investments by fund, nominal fund terms, footnotes 13 to 15. - Intro and Analyst Data Pack, March 2026: the manager-share illustration (p30). - Annual reports FY2019 to FY2026: income statements, balance sheets, debt notes, audit opinions. - ASX announcements: Fund 1 sale (May 2023), Fund 8 (2022, 2023), Series II (December 2023), Fund 9 (December 2024, February and April 2025), EY resignation (May 2021), auditor appointment (April 2024). - Quarterly investment portfolio report to September 30, 2026: Series II final close; quarter MOIC 3.9x, 1.9x including a 2011 legacy loss. - Form ADV Part 1, Omni Bridgeway Management (USA) LLC, September 25, 2026: RAUM, Schedule D funds, no disclosures. - Form D, Omni Bridgeway (Fund 4) S2 L.P., January 16, 2024. - Supreme Court of Western Australia orders, COR/58/2024, April 12, 2024 (as announced to the ASX). ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/omni-bridgeway - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/litigation-finance --- Source page: https://altstreet.investments/platforms/reviews/omni-bridgeway Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. 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