Augusta Ventures, the U.K.'s largest litigation and disputes funder by case volume, has raised $115 million from an unnamed multibillion-dollar U.S.-based investment manager.

The latest sum is the second major capital investment for the litigation funder, following a £150 million capital raising in 2018 from another anonymous global investment fund.

Augusta works with a number of law firms across the U.K. and internationally, providing capital to fund litigations in return for a percentage of successful payouts.

Earlier this year, the firm announced two £25 million firm-wide case-funding deals, with Pinsent Masons and HFW.

It follows the news earlier this week that global investment manager Fortress Investment Group announced plans to acquire litigation funder Vannin Capital, almost a year after Vannin put its plans for an IPO on hold.

The litigation funding industry has received much attention recently following allegations made by U.S. shortseller Muddy Waters against one of the world's biggest litigation funding firms, Burford Capital.

Augusta has lately turned to law firms as part of its hiring strategy, as it looks to continue its growth trend.

In March, the firm announced that Gowling WLG James Foster would join as head of international arbitration. The firm also appointed Proskauer Rose director Polly Bahl as its chief operating officer.