SNA Litigation Fund I
(Stephen New & Associates)Litigation financeClosed-endedApproved investors
PRIORITY RETURN
25.00%
of principal, after principal is returned
Deposit:
USDCNetwork:
HyperEVM
USDCNetwork:HyperEVMRaised —
RAISE CAP
—
MIN DEPOSIT
—
FIRST RELEASE
$5.00M
SECOND RELEASE
Up to $15.00M
Stages
Open
Approved investors deposit
Closed
Every share is final
First release
$5.00M to SNA custody
Second release
Up to $15.00M on certified milestone
Paying out
Settlements deposited, investors collect
Payout waterfall
- Return of principal
- Paid first
- 25% priority return
- Paid once principal is returned
- Upside share
- Locked until priority return is full
Shared between investors and the firm under the offering terms. There is no fixed cap on this tier.
Nothing reaches a later tier until the one before it is full.
Terms
- Structure
- Closed-ended raise
- Deposit currency
- USDC
- Raise cap
- —
- Minimum deposit
- —
- First release
- 5,000,000.00 USDC at close
- Second release
- Up to 15,000,000.00 USDC on certified milestone
- Milestone deadline
- 30 days from first close
- Pay-back order
- Principal → 25% priority return → upside share
- Withdrawals
- None. Capital is returned from settlement proceeds
- Governance
- Partners key (2-of-3) · Compliance key · Finance key
- Litigation outcome risk.
- Funded cases can be lost, settle for less than anticipated, or produce no recovery at all.
- Timing risk.
- Litigation can take years longer than expected; settlement proceeds arrive on the case’s timeline, not the investor’s.
- Loss of capital.
- Principal is repaid only from settlement proceeds. If proceeds fall short of the raise, principal is not made whole from any other source.
- Concentration.
- This fund finances a defined set of cases handled by a single firm; there is no diversification across firms.
- Smart-contract and custody risk.
- Capital is held in an on-chain vault governed by the three keys described above; software and key-management failures are risks distinct from the litigation itself.