Understand before requesting access
Litigation funding as an alternative investment.
A solid case is an asset: a claim founded in law, whose value is realised through a judgment or a settlement. The funder pays the fees and is paid out of the sums recovered, only in the event of success.
Hello Justice Capital 1 is offered as a private placement (article L. 411-2 of the French Monetary and Financial Code), from €100,000, once each investor’s eligibility has been verified. The capital invested can be lost, in part or in full.
How a funder makes money.
The funder is paid through a commission on the sums recovered, and only if the case is won or settled.
Before the case
The agreement is signed.
During the case
The funder pays the fees.
Until the decision
The lawyer runs the case.
Case won or settled
A commission on the sums recovered.
Case lost
The funder recovers nothing.
What the outcome depends on.
Before committing, the funder analyses the evidence, the applicable law, the opposing party’s solvency and the likely length of the proceedings.
The evidence.
The funder checks the documents in the case, their completeness and their dates. An incomplete or time‑barred case is not funded.The law.
These are the statute and the case law that apply to the dispute. A reversal can affect several cases at once, especially within a series of similar cases.The opposing party’s solvency.
A favourable judgment brings in nothing if the losing party cannot pay, and enforcing it can take time.The length of proceedings.
A case often lasts two to four years, sometimes longer. A settlement can shorten it, an appeal can lengthen it.The financial markets.
The outcome of a case does not depend on the financial markets. A case can be lost, and diversification limits the risk without removing it.
Statutes and rulings
The framework in France.
The Versailles Court of Appeal recognised the validity of a litigation funding agreement on 1 June 2006: such an agreement rests on freedom of contract and on the lawyer’s professional rules. Article 16 of the Act of 30 April 2025 is the first French statute to refer expressly to third‑party funding, for group actions, and decree no. 2025-1191 of 10 December 2025 sets out the related disclosure rules.
The contract and the lawyer.
Three sources govern the funding of an individual case, like those the fund finances: a court ruling, the Civil Code and the lawyer’s professional rules.
- Versailles Court of Appeal, 1 June 2006
- The first French ruling on a litigation funding contract (Foris AG v Veolia Propreté): a contract of its own kind, accepted under freedom of contract. It is the basis for funding an individual case.Source: Versailles Court of Appeal, 12th chamber.
- French Civil Code, article 1102
- Everyone is free to contract and to determine the content of the contract, within the limits set by law. No statute prohibits or organises the funding contract for an individual case.Source: Légifrance.
- Act no. 71-1130 of 31 December 1971, articles 10 and 66-5
- The lawyer’s fees are set with their client, in a written agreement, and professional secrecy covers their exchanges. The funder is neither the lawyer nor the lawyer’s client: it pays the fees set in the agreement, and the client remains free to choose their lawyer.Source: Légifrance.
- National Bar Council (CNB), 20 and 21 November 2015
- Resolution on third‑party litigation funding: the practice is considered favourable to access to justice, provided the lawyer keeps their independence and the litigant remains their only client.Source: Conseil national des barreaux.
- Paris Bar Council, 21 February 2017
- Resolution on third‑party litigation funding: the lawyer runs the case and takes instructions only from their client, who may allow them to exchange with the funder.Source: Paris Bar.
Group actions.
Since 2025, French law refers expressly to third‑party funding, for group actions only and subject to conditions. These texts do not govern an individual case.
- Directive (EU) 2020/1828 of 25 November 2020, article 10
- For consumer representative actions: a third‑party funder must not influence the decisions of the entity bringing the action, nor fund an action against a competitor, and the source of the funds is disclosed to the court.Source: EUR‑Lex.
- Act no. 2025-391 of 30 April 2025, article 16
- The first French statute to refer expressly to third‑party litigation funding: it allows it for group actions, subject to transparency towards the court and the independence of the entity bringing the action. It does not govern the funding of an individual case.Source: Légifrance.
- Decree no. 2025-1191 of 10 December 2025
- Implementing decree for the group action regime: it sets out the procedure and the disclosure requirements, third‑party funding included.Source: Légifrance.
Soft law and European initiatives.
These transparency rules and principles of good conduct are not binding on an individual case in France: Hello Justice uses them as a benchmark.
- ICC Arbitration Rules, 2021, article 11, paragraph 7
- Each party discloses to the arbitral tribunal any third party funding its claims with an economic interest in the outcome: the most widespread transparency rule in international arbitration.Source: International Chamber of Commerce.
- European Parliament, resolution of 13 September 2022
- Parliament asks the Commission for a directive on the private funding of litigation: authorisation of funders, transparency, limits on their share and their influence. No directive has followed to date.Source: European Parliament.
- European Law Institute, principles of 8 October 2024
- Twelve principles for third‑party litigation funding: capital adequacy, information for the funded party, independence of the lawyer, handling of conflicts of interest, transparency towards the court. A reference, with no binding force.Source: European Law Institute.
- European Commission, study of 21 March 2025 and forum of 18 November 2025
- The study maps litigation funding across the Member States and does not recommend legislating at this stage. The forum continues the consultation of funders, lawyers and litigants.Source: European Commission.
The fund
French Monetary and Financial Code, article L. 411-2: Hello Justice Capital 1 is offered as a private placement, from €100,000, once each investor’s eligibility has been verified. This text governs the offer of the fund’s units, not the contracts the fund finances.
Sources
Versailles Court of Appeal, 12th chamber, Légifrance, Conseil national des barreaux, Paris Bar, EUR‑Lex, International Chamber of Commerce, European Parliament, European Law Institute, European Commission. The texts can be read on their publishers’ websites. The fund is not a law firm and gives no legal advice.
Third‑party data
The market.
Litigation funding is an established activity in the United Kingdom, Australia and the United States, with listed funders. These data are unrelated to the fund’s performance.
| Year | Amount | Source |
|---|---|---|
| 2018 | ≈ $11bn | Facts & Factors, McKinsey |
| 2024 | $19bn | SNS Insider, Research Nester, Market Research Future |
| 2035 | $51 to 65bn, projection | SNS Insider, Research Nester, Market Research Future |
Where litigation funding is practised.
In each of these jurisdictions, a ruling or a statute allows third‑party litigation funding. The rules differ from one country to the next: arbitration in Singapore, collective actions in the Netherlands, an individual case in France.
Place 1, France · 2006
The Versailles Court of Appeal recognised the validity of a litigation funding agreement on 1 June 2006. Since 2025, statute has referred expressly to third‑party funding for group actions.
Versailles Court of Appeal, Légifrance
Place 2, United Kingdom · 2023
The market has been established there since the 2000s, with listed funders. The Supreme Court’s PACCAR ruling (26 July 2023) called into question the form of agreements linked to the sums recovered, and the Civil Justice Council recommended legislation in June 2025.
UK Supreme Court, Civil Justice Council
Place 3, Netherlands · 2020
The practice is accepted, above all in collective actions under the WAMCA act (in force since 1 January 2020), where the court reviews the funding of the entity bringing the action. The Claim Code 2019 sets the rules of good conduct.
Staatsblad, Claim Code 2019
Place 4, Germany · 2023
The practice has been accepted since the late 1990s. The act of 13 October 2023 on collective actions (VDuG) regulates third‑party funding: the funder’s share is capped, and it may not influence the conduct of the action.
Bundesgesetzblatt
Place 5, Switzerland · 2004
The Federal Supreme Court ruled on 10 December 2004 that a canton cannot prohibit litigation funding (ATF 131 I 223). The practice is accepted, under the lawyer’s professional rules.
Swiss Federal Supreme Court
Place 6, United States · 2018
It is the world’s largest market, governed state by state. Several states require disclosure of funding in civil cases, including Wisconsin (2018) and Louisiana (2024). Burford Capital is listed there.
State legislatures, reports of listed funders
Place 7, Canada · 2020
The courts accept it case by case, above all in class actions and insolvency: the Supreme Court approved litigation funding in the Callidus case (2020).
Supreme Court of Canada
Place 8, Australia · 2006
The High Court ruled on 30 August 2006 (Fostif) that third‑party funding of a case is neither an abuse of process nor contrary to public policy. Omni Bridgeway is listed there.
High Court of Australia
Place 9, Singapore · 2017
Statute has allowed funding since 1 March 2017 for international arbitration, and extended it in 2021 to proceedings before the Singapore International Commercial Court and related mediation.
Singapore Statutes Online
Place 10, Hong Kong · 2019
The 2017 ordinance, in force since 1 February 2019, allows the funding of arbitration, with a code of practice for funders. Court litigation remains outside this framework.
Hong Kong e‑Legislation
Hello Justice Capital 1
What the fund does.
Hello Justice Capital 1 is a fund dedicated to litigation funding in France, managed by Hello Justice SAS, the first French company dedicated to mid‑market litigation funding.
Selected proceedings.
Each case is selected after analysis by a specialised partner lawyer, then by Hello Justice. Not every case is accepted.Series of similar cases.
The fund’s first programme, Swiss franc loans, is one: each case remains individual, with its own lawyer and its own agreement, and the standard documents are shared.Collective governance.
The members vote on each major dispute (article 10.2 of the articles of association). Distributions first repay the capital, before any share goes to the manager.A private placement.
Hello Justice Capital 1 is offered from €100,000, once each investor’s eligibility has been verified. The full documentation, terms and fees included, opens in your space.
The risks.
A case can be lost, and redemptions are locked for ten years.
Capital loss.
The capital invested can be lost, in part or in full, and nothing guarantees it.Duration and liquidity.
Redemptions are locked for ten years. Distributions are paid as cases conclude. There is no secondary market for the units.Case law.
The Swiss franc loan cases rest on the Cour de cassation rulings of 9 July 2025, recent case law, liable to change, which open unfair‑terms protection to borrowers paid in Swiss francs and, on the same day, uphold the clause of a bank that had informed its client clearly.Track record.
Hello Justice Capital 1 was incorporated on 15 July 2025 and does not yet have a distribution history.
Frequently asked questions.
No. Redemptions are locked for ten years. Distributions are paid as cases conclude, and there is no secondary market for the units. This investment does not suit you if you may need the money within ten years.
No. A case can be lost, a settlement can fall short of what was expected, and a losing party may not pay. The capital invested can be lost, in part or in full.
Hello Justice Capital 1 is offered as a private placement (article L. 411-2 of the French Monetary and Financial Code), from €100,000, once each investor’s eligibility has been verified. An individual, a company, a family office or a fund can request access to the documentation.
In the fund documentation, provided in your space after eligibility has been verified. It includes the fund presentation, the articles, the terms and the fees, the 2026-2035 business plan and the report to subscribers.
Regulatory information
Marketing communication. It is neither a public offer of financial securities nor investment advice.
Hello Justice Capital 1 is offered as a private placement (article L. 411-2 of the French Monetary and Financial Code), from €100,000, once each investor’s eligibility has been verified. Its documentation is provided only after that verification.
The capital invested can be lost, in part or in full. Redemptions are locked for ten years. Distributions are paid as cases conclude. Past performance is no guide to future performance.
Hello Justice is not a law firm and does not provide legal advice. It is neither a credit institution nor an investment services provider.
Hello Justice Capital 1, a French variable‑capital civil company (société civile à capital variable), RCS Créteil 989 268 917, 32 A avenue Pierre Sémard, 94200 Ivry‑sur‑Seine. Manager: Hello Justice SAS, RCS Lyon 931 111 108, 44 quater rue Saint‑Isidore, 69003 Lyon.
Related pages.
The other pages on the fund complement this one.
Uncorrelated assets.
The outcome of a case does not depend on the financial markets, and the investment calls for a ten‑year horizon.The risks.
Capital loss, duration, liquidity and case law: each risk is set out with the fund’s response.The Hello Justice Capital 1 fund.
Hello Justice Capital 1 funds court proceedings in France. It is offered as a private placement, from €100,000.
Request access to the fund documentation.
An email address is all you need to create your space, with no password. The terms and the fees are set out there in full once your eligibility has been verified.