Crux Capital is a U.S.-based private equity fund that invests in business litigation. Crux was formed in 2013 based on its founders’ conviction that they could create value by assisting companies with litigation risk. Crux uses its founders’ investigatory and litigation experience to rigorously analyze each dispute with an eye towards locating inflection points likely to drive exceptional outcomes.  Through this disciplined approach, Crux selects matters that are economically meritorious.

Crux believe that the merits – not the availability of capital – should dictate the outcome of litigation. We therefore seek cases where there is an asymmetry of available resources.

Businesses Lawyers


Litigation is not your core business. It is risky, expense lumpy, and resource intensive. You are not willing or able to risk the costs associated with litigating your claim even though it is meritorious. And your attorneys are not willing or able to cost-share with you. You may have already spent more than you planned and now have decided to hedge.

Crux deploys capital to assist its clients in leveraging favorable litigation resolutions. Crux offers solutions that limit the financial risks of litigation, reduce and smooth the expenses associated with it, while still leaving the client in control of its legal destiny.

Crux finances litigation expense so its clients may allocate capital to their businesses instead of their attorneys.


Lawyers routinely have difficult conversations with their clients concerning how much litigation may, or less comfortably, already has, cost. And clients increasingly demand fee structures that do not mesh with the law firm’s risk profile. And sometimes clients do not remain current notwithstanding the merits of a case.

Crux offers solutions that restore comity to the attorney-client relationship while assuring the financial interests of clients and lawyers do not become adversarial. Reducing the client’s out-of-pocket legal costs permits lawyers and clients to focus on the litigation’s merits. The introduction of litigation financing telegraphs that the attorney is looking out for the client’s economic as well as its legal interests.


We invest in any phase of non-patent business litigation. Our investments are typically non-recourse: if the litigation is not successful then neither are we. As a result, we only invest in litigation that we are convinced is meritorious.

It is core to our business that our clients retain exclusive control of all litigation and settlement decisions.


1. Threshold Review

We gather the basic documents relating to the case and look to see if the matter meets our investment criteria.

2. Preliminary Ethics Review

We confirm that there are no ethical or legal barriers to pursing either the investment or the comprehensive case evaluation.

3. Comprehensive Case Evaluation

We analyze the case to for its strengths and weaknesses.  This is an intensive review that entails a substantial commitment of resources on our part.  We will usually require exclusivity while this process is ongoing.

4. Term Sheet

We prepare a term sheet outlining the investment we believe makes sense.

5. Final Disclosures and Ethics Determination

You certify that we’ve been provided all the facts – good and bad– relating to your case.  We then take the finished deal to our ethics advisor and confirm it passes ethical and legal muster in all relevant jurisdictions.

6. Funding and Monitoring

We fund your matter and monitor it for developments.


Andrew StolperAndrew Stolper

Andrew co-founded Crux Capital following a decade as one of the nation’s leading white-collar federal prosecutors. Andrew was selected to prosecute some of the largest and most complex corporate fraud cases…

Read more

Peter NorellPete Norell

Pete co-founded Crux Capital following over 14 years as an FBI Special Agent and Supervisor working white-collar investigations and prosecutions. Since 2010, Pete has operated a commercial litigation due diligence and investigative firm…

Read more