For Investors

A category-defining opportunity.

Access India's most underpenetrated alternative asset class — delivering uncorrelated, event-driven returns independent of market cycles.

Five Rivers Capital Fund I is a SEBI-registered Category II Alternative Investment Fund (Reg. No. IN/AIF2/24-25/1652), managed by Fivcap India Advisors Private Limited. The Fund finances high-value legal disputes in India on a non-recourse basis, targeting a base-case IRR of 66.82% and a 3.5x return on invested capital.

The global litigation finance market — now valued at over US$19 billion and growing at 14% CAGR — is increasingly adopted by institutional investors seeking returns uncorrelated with equity and fixed-income markets. Returns are driven by legal outcomes, not interest rates or economic cycles. Asia Pacific is the fastest-growing region, and India is its most compelling frontier.

The Fund is backed by the world's leading litigation finance company as anchor investor, bringing global expertise, institutional validation, and an unmatched track record to the Indian market. The Indian Supreme Court and multiple High Courts have confirmed that third-party litigation finance is legally recognised and essential to access to justice.

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66.82%

Base Case IRR

3.5x

Return on Invested Capital

₹500Cr

Target Fund Size

100%

Non-Recourse Financing

The Asset Class

Why institutional investors are allocating to litigation finance.

US$19B+

Global Market Size

The global litigation finance market exceeded US$19 billion in 2024 and is projected to reach US$53 billion by 2032, growing at 14% CAGR. Asia Pacific is the fastest-growing region.

Zero Correlation

With Public Markets

Returns are driven by legal outcomes — not interest rates, equity valuations, or macroeconomic conditions. The asset class has delivered 20%+ annual returns with near-zero correlation to stocks and bonds.

10.9M+

Pending Cases in India

India has over 10.9 million civil cases pending, with the Supreme Court and multiple High Courts confirming that third-party litigation finance is legally valid and essential to access to justice.

ESG Aligned

Impact & Access to Justice

Litigation finance enables parties without resources to pursue legitimate claims. This access-to-justice mandate aligns with ESG investment priorities increasingly adopted by institutional allocators globally.

Scenario Analysis

Compelling risk-adjusted returns across all scenarios.

Returns are modelled across four outcomes — stress, downside, base, and upside — based on assumptions around deal volumes, success rates, and claim sizes. All scenarios assume a 12-year fund life with a 24-month commitment period.

Scenario	Deals Funded	Success Rate	Net IRR	ROIC
● Stress	5	50%	19.23%	1.5x
● Downside	8	60%	38.62%	2.5x
● Base	12	70%	66.82%	3.5x
● Upside	18	80%	123.61%	5x+

Returns shown are net of all fees and expenses. Past projections are not a guarantee of future performance. Investments in the Fund are subject to regulatory and market risks.

Fund Terms

Structure & Economics

Fund Vehicle

Five Rivers Capital Trust I
Category II AIF (Closed-End)

Investment Manager

Fivcap India Advisors Private Limited
SEBI Reg. IN/AIF2/24-25/1652

Fund Size & Closing

₹500 crore target
Initial close: 4 Dec 2025 · Final close: 4 Dec 2027

Minimum Commitment

₹5 crore / ~US$563,000
Drawdown up to 5% of commitment per month

Fund Term

12 years from final close
Commitment period: 24 months + 12-month extension

Fees

2% p.a. management fee
20% performance fee · 1.5% expense cap

Anchor Investor

World's leading litigation finance company
NYSE & LSE listed · Global anchor investor

Trustee

Orbis Trusteeship Services Pvt. Ltd.
SEBI-registered Category I Debenture Trustee

Auditor & Legal

Deloitte Haskins & Sells LLP (auditor)
Khaitan & Co (legal advisors)

Secure digital interface representing investor portal

Full alignment of interests.

The manager has committed INR 10.2 crore of its own capital alongside investors — meaningful skin in the game from day one.

Non-Recourse Capital — True Downside Protection

If a funded case is lost, the claimant owes nothing. The Fund bears the legal cost risk — a feature that insulates claimants and creates a disciplined selection incentive for the manager, aligning risk with reward for all parties.

Portfolio Construction — Industry Best Practice

Industry research shows that portfolio funding now makes up around two-thirds of all litigation finance deals globally. The Fund targets 10–18 investments across multiple case types and tribunals, consistent with global best practices for risk diversification.

Institutional-Grade Governance & Transparency

All investments are approved by an independent Investment Committee. India's courts increasingly require disclosure of funding arrangements. SEBI oversight, a registered trustee, and a Big Four auditor ensure full compliance with the highest transparency standards.

Interested in investing in Five Rivers Capital Fund I?

The Fund is currently in its fundraising period. Minimum commitment is ₹5 crore (approximately US$563,000). Contact our investor relations team to request a copy of the Private Placement Memorandum.

Important Notice: This page is for informational purposes only and does not constitute an offer or solicitation to invest. Five Rivers Capital Fund I is a SEBI-registered Category II AIF (Reg. No. IN/AIF2/24-25/1652) and is available only to eligible investors as defined under SEBI AIF Regulations, 2012. Investment in the Fund involves risks, including the possible loss of principal. Please read the Private Placement Memorandum carefully before investing.