Spotlight on Justin Maleson, Managing Director, Co-Head of Legal Credit Strategy, Victory Park Capital
Global Thought Leader Spotlight
Justin Maleson, Managing Director, Co-Head of Legal Credit Strategy, Victory Park Capital
In my role as Managing Director, Co-Head Legal Credit Strategy at Victory Park Capital Advisors, LLC (VPC), I am responsible for sourcing, analysing, executing, and managing investments within the legal industry. More broadly, I am responsible for constructing a thoughtfully diversified portfolio of asset-backed legal transactions, underpinned by VPC’s disciplined investment process and rigorous risk management framework. Leveraging a unique combination of legal experience (as a former AmLaw100 litigation partner) and investment experience (as a director at a prominent legal finance firm), I’m able to evaluate and pursue the full spectrum of legal credit opportunities and then structure investments to ensure resilience against market volatility and delivering long-term value for investors.
Shift towards legal credit
Legal credit investing is a rapidly expanding and increasingly important segment of the private credit market, with over US$1 trillion in settlements and judgements paid each year. Due to longstanding restrictions on non-lawyer ownership and a lack of traditional debt financing from banks, law firms are increasingly turning to third-party capital sources for financing, unlocking a steady stream of new opportunities for financially sophisticated investors.
A key part of the VPC ethos is investing where the world is going, not where it has been. We believe legal credit is where the market is headed, VPC is uniquely positioned to leverage its credit-focused infrastructure, experienced and uniquely constructed team (legal and credit expertise), and extensive direct sourcing capabilities to capitalise on this large and growing opportunity.
Legal credit is asset-backed lending, not litigation finance
VPC does not take single-case risk or make venture-style bets on case outcomes: this is a credit strategy where the assets are simply legal in nature. The team applies structured credit principles to systematically identify, underwrite, and manage legal assets while prioritising capital preservation, downside protection, and attractive risk-adjusted returns.
Uncorrelated safe haven for investors
Given the recent economic and geopolitical volatility, the safe haven of legal credit offers an attractive value proposition for investors. Legal credit returns are driven by legal receivables, which are uncorrelated to financial markets, macroeconomics, and geopolitical conditions. Thus, legal credit offers a structural hedge and a truly uncorrelated income stream, which can act as a diversifier within any portfolio.
Implications for sophisticated investors
Legal credit is attractive for several reasons:
Uncorrelated. Returns are driven by legal receivables, which are uncorrelated to financial markets, macroeconomics, and geopolitical conditions.
Income generation and downside protection. Asset-backed credit strategy focused on (i) income-generating assets that provide interim liquidity to investors, and (ii) downside protection achieved through highly structured and senior-secured credit investments, rigorous underwriting, credit enhancements, and active hands-on monitoring and management throughout the life of each investment.
Above-market returns. Inefficiencies in the legal asset class, driven by a lack of traditional debt financing from banks, regulatory restrictions, and high specialisation, have created an environment to capture sustained above-market returns.
Large and steadily growing addressable market. US$1+ trillion of settlements and judgements paid annually (>10x size of the global music royalties' market) with consistent growth.
Differentiated deal flow. Provides investors access to unique deal flow, originating from law firms, legal service providers, and legal asset platforms, with no overlap or competition from M&A activity and traditional private credit markets.
Portfolio enhancer/diversifier. Allocating to legal credit strategies enables investors to capitalise on market inefficiencies that offer 500–600 basis points of excess returns over other senior-secured credit strategies.
Justin will be presenting at Global Investment Institute’s upcoming Family Office Investment Forum, taking place on Tuesday, 9 September 2025 at the Grand Hyatt Melbourne, Victoria. To register your interest in attending, click here or for more information email zlatan@globalii.com.au.
Justin Maleson, Managing Director, Co-Head of Legal Credit Strategy, Victory Park Capital
Justin joined Victory Park Capital (VPC) in 2024 and is a Managing Director and the Assistant General Counsel. He co-heads the legal credit investment strategy and is responsible for sourcing, analysing, executing, and managing investments within the legal industry. Justin is a member of the Firm’s Legal Credit Investment Committee.
Previously, Justin was a director at Longford Capital, where he was responsible for originating litigation finance opportunities, conducting due diligence, and managing commercial investments. Before Longford, he was a litigation partner at Jenner & Block, where he advised and represented clients on a wide-array of complex and high-value commercial and intellectual property matters across the U.S. and abroad.
Justin received his B.S. from the University of Maryland’s Smith School of Business, and his J.D. from the University of New Hampshire, where he graduated with the highest honours. He is an active member of the Illinois Bar and is also admitted to practice in New Hampshire and Maine (both inactive).
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