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Seven Stars Fund CEIC Limited, a closed-ended private credit fund in the Dubai International Financial Centre (DIFC), opened on 27 October to subscriptions from professional clients, the fund’s backers said. It targets £250 million, with a hard cap of £400 million, and issues its interests as ERC-3643 security tokens. The minimum investment is US$50,000.
Key takeaways
Seven Stars Fund CEIC Limited, a DIFC closed-ended private credit fund, opened for subscriptions from professional clients on 27 October 2026. It targets £250 million with a hard cap of £400 million and a US$50,000 minimum.
It lends to UK law firms and claims management companies pursuing consumer redress claims, and issues its interests as ERC-3643 security tokens on Tokeny. Apex Group is the administrator, and Truleum Venture Partners is the DFSA-authorised manager.
The companies say it is the first DFSA-regulated fund providing specialty private credit for UK law firms.
What the fund does
The fund provides full-recourse, senior-secured lending to UK law firms regulated by the Solicitors Regulation Authority (SRA) and to claims management companies authorised by the Financial Conduct Authority (FCA). Borrowers use the money to run consumer redress claims over motor finance mis-selling, payment protection insurance, irresponsible lending, pension transfers and housing disrepair. The companies say the respondents are liquid entities such as banks, insurers, housing authorities and government-backed compensation schemes.
The borrowing firm remains liable for repayment whatever the outcome of an individual claim, the companies say, secured by a general debenture or an assignment over case proceeds. They describe this as materially different from limited-recourse litigation funding. The fund has a six-year term with two one-year extensions at the manager’s discretion.
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Who is involved
The fund was incorporated in the DIFC on 29 June 2026 and is described as a DFSA-regulated Exempt Fund classified as a Credit Fund. Truleum Venture Partners manages it. The Dubai Financial Services Authority’s public register lists Truleum as licensed since December 2023, with fund management restricted to qualified investor funds and exempt funds and an authorisation covering investment tokens.
Seven Stars Legal Group, a UK specialty finance company, is the sponsor and originator. Apex Group administers the fund, and Tokeny, part of Apex, provides the token infrastructure. Primary distribution is through Apex Invest. The fund is planned for listing on exchanges in the UK, mainland Europe and Singapore, and in VARA and ADGM once passported, all subject to regulatory approval.
Peter Hughes, Apex Group’s founder and chief executive, said:
“The future of private markets will combine institutional-quality investment solutions with modern digital infrastructure.”
Dolly Ramaiya, Truleum’s founder and chief executive, said that independent administration, quarterly valuation, an annual audit and a regulatory veto held by the manager “all sit underneath the token.”
A year in the making
Apex was first reported as selected in November 2025 to support a Seven Stars tokenised litigation fund, then targeting £50 million to £250 million with a first close of £50 million by 31 March 2026. It also cited a capped 16% annual return. The October announcement gives no return target or close date.
The sponsor’s figures have changed. The 2025 report said Seven Stars had funded more than 56,000 claims and deployed over £44 million. The announcement says its companies have lent more than £19 million supporting over 73,000 claims since 2023.
The UK regulatory backdrop
The SRA and the FCA jointly warned law firms and claims management companies in July 2025 about motor finance claims, including misleading marketing and failing to mention a possible free redress scheme. The SRA had 89 live investigations into 73 firms over high-volume claims work at the end of June 2025. The announcement doesn’t mention this.
What’s next
The announcement doesn’t state how much has been raised, who the first borrowers are, or the expected return. Secondary trading is subject to venue admission and available counterparties.
FAQs
What is Seven Stars Fund CEIC?
A closed-ended investment company in the DIFC that provides senior-secured, full-recourse loans to UK law firms and claims management companies, with interests issued as security tokens.
Who can invest?
Professional clients, with a minimum of US$50,000, the DFSA’s exempt fund floor, according to the announcement.
What is ERC-3643?
A token standard for regulated securities in which transfers are limited to verified eligible investors, enforced in the smart contract. Tokeny created it and provides the platform.
Is the fund regulated?
The announcement describes it as a DFSA-regulated Exempt Fund managed by a DFSA-authorised firm. Exempt Funds can be offered only to professional clients.
Can the tokens be traded?
Transfers between eligible holders are permitted, and exchange listings are planned. Both depend on venue admission, counterparties and regulatory approval.
Editor’s Take: The fund opens about a year after its first announcement and seven months after the first-close date then targeted, with no figure on what has been raised. The token layer governs how interests are issued and transferred between eligible holders. The credit exposure is lending to UK law firms and claims companies, whose motor finance work is under joint SRA and FCA scrutiny. The sponsor’s lending figures differ between the 2025 report and the October announcement, and no return target is published. Those numbers, and the first borrowers, would show how the structure performs.