Single-Case Financing

A litigation funding arrangement in which capital is committed to fund one discrete claim or proceeding, with the funder's return dependent entirely on the outcome of that specific matter. Single-case financing exposes the funder to concentrated binary risk — unlike portfolio structures, there is no diversification benefit across multiple claims — which typically results in higher required return multiples. This structure is the default for high-value, standalone commercial disputes where the claimant does not have a broader docket to offer. Underwriting rigor is particularly demanding in single-case financing because there is no portfolio-level offset if the case is lost or produces a disappointing recovery.

Because there is no portfolio-level offset if the case is lost, funders apply the most intensive due diligence and the highest required return multiples to single-case commercial financing — every risk factor is borne in full by that one position. Funders often require independent legal opinions on liability and damages before committing capital to a single large matter, a step that is less common in diversified portfolio deals where individual case failure is an expected and priced-in outcome.