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Funder Spotlight: Hedonova

February 23, 2023

Funder Spotlight: Hedonova

Hedonova is a hedge fund that was established in 2020, and it specializes in alternative investments. The company has offices located in various parts of the world, making it accessible to investors from different regions. Alternative investments are unique investment opportunities that do not conform to the standard categories of investments such as stocks and bonds. Hedonova’s portfolio of alternative investments encompasses a diverse range of assets, including startups, real estate, fine art, wine, and cryptocurrencies. The fund structure of Hedonova is based on a single fund structure that provides an excellent investment option for shareholders who wish to invest without the burden of managing the day-to-day distribution of their investments. This structure provides an added advantage to investors who have limited knowledge or experience in managing investments. Hedonova’s focus on alternative investments means that its portfolio diversifies risk, offering investors an excellent hedge against the volatility of conventional investment categories. The unique combination of alternative investment and the single fund structure makes Hedonova an attractive investment option for savvy investors looking for high-yield, low-risk investments. Website: https://www.hedonova.io/ Founded: 2019 Headquarters: Los Angeles, CA USA About Hedonova At Hedonova, our mission is to provide high-yield, low-risk investment opportunities to investors who are looking to diversify their portfolios beyond traditional investment categories. We specialize in alternative investments, which are unique and offer an excellent hedge against the volatility of conventional investment categories. We believe that by offering a diverse range of alternative investments, we can create a portfolio that will protect investors from market fluctuations and generate consistent returns over the long term. Our single fund structure is designed to make investing in alternative assets accessible and hassle-free for all types of investors. We are committed to building long-lasting relationships with our investors based on trust, transparency, and open communication. We believe that by fostering a strong partnership with our clients, we can better understand their unique needs and investment goals, and provide tailored investment solutions that meet their expectations. Our team of seasoned professionals has extensive experience in alternative investments and a deep understanding of market dynamics. We are dedicated to utilizing our expertise to identify and pursue investment opportunities that deliver optimal returns while minimizing risk. Our ultimate goal at Hedonova is to generate consistent and sustainable returns for our investors over the long term. We believe that by combining our expertise, ethical values, and active portfolio management, we can provide our clients with a superior investment experience that empowers them to achieve their financial goals. Points of Differentiation: Alternative Investment Expertise: Hedonova specializes in alternative investments, which are unique investment opportunities that offer high returns and diversify risk. Our portfolio includes a range of assets, such as startups, real estate, fine art, wine, and cryptocurrencies, to provide our investors with a diverse range of investment opportunities. Global Accessibility: Hedonova has offices located in various parts of the world, making it accessible to investors from different regions. We believe that by having a global presence, we can offer unique investment opportunities that are not available in local markets. Single Fund Structure: Our single fund structure provides an excellent investment option for shareholders who wish to invest without the burden of managing the day-to-day distribution of their investments. This structure provides an added advantage to investors who have limited knowledge or experience in managing investments. High-Yield, Low-Risk Investments: At Hedonova, we are committed to providing our investors with high-yield, low-risk investment opportunities. Our focus on alternative investments means that our portfolio diversifies risk, offering investors an excellent hedge against the volatility of conventional investment categories. Active Portfolio Management: Hedonova’s experienced investment team actively manages our portfolio of alternative investments, staying up to date with market trends and seeking out new opportunities to optimize returns for our investors. This approach ensures that our portfolio is well-positioned to adapt to changing market conditions. Ethical Investing: At Hedonova, we believe in investing ethically and sustainably. We carefully evaluate each investment opportunity to ensure that it aligns with our values and standards. By investing in socially responsible assets, we aim to generate returns that not only benefit our investors but also contribute to the betterment of society and the environment.  Key Stakeholders  Suman Bannerjee Chief Investment Officer  Suman Bannerjee is a highly accomplished Chief Investment Officer (CIO) with over 20 years of experience in the financial industry. He currently serves as the CIO at Hedonova, a global alternative investment management firm, where he is responsible for managing the firm’s investment strategies and ensuring the performance of its portfolios. Before joining Hedonova, Suman held senior roles at several leading financial institutions, including Millennium and Société Générale Equipment Finance (SGEF). At Millennium, he served as the Global Portfolio Manager. In this role, he was responsible for designing and implementing investment strategies, managing the firm’s risk exposures, and generating returns for investors. At SGEF, he was the Vice President of Equipment Finance and Supply Chain Finance, where he oversaw the origination, underwriting, and management of equipment and supply chain finance transactions, and was responsible for ensuring the profitability and growth of the business. Suman earned his Bachelor’s degree in Philosophy from the University of Cambridge, where he was a recipient of the prestigious Gates Cambridge Scholarship. He is also a Chartered Alternative Investment Analyst (CAIA) charter holder and a member of the CAIA Association, which is the leading professional association for alternative investment professionals. Throughout his career, Suman has demonstrated deep expertise in investments, risk management, and portfolio management. He is highly regarded for his analytical skills, strategic thinking, and ability to identify and execute profitable investment opportunities. He has a track record of generating significant returns and has a reputation for being a trusted advisor to his clients. Jurisdictions and Sectors Served At Hedonova, we pride ourselves on being a truly global organization with a presence in some of the world’s most prominent financial centers. We have strategically chosen our office locations in Los Angeles, Delaware, Tallinn, and Paris to ensure that we can offer our investors unique investment opportunities that are not available in local markets. Our team members are spread across every continent, and we believe that diversity is our strength. They come from various backgrounds and bring different perspectives, experiences, and expertise to the table. We believe that this diversity enables us to evaluate investment opportunities from multiple angles and make informed decisions that are in the best interest of our clients. At Hedonova, we are open to everyone. We believe that everyone should have access to alternative investment opportunities, regardless of their location, background, or level of investment expertise. Our mission is to make investing in alternative assets accessible, hassle-free, and rewarding for all types of investors. Whether you are a seasoned investor or just starting, we are here to help you achieve your investment goals. We are committed to fostering a culture of inclusivity, respect, and open communication. We believe that by listening to our client’s feedback, we can continuously improve our services and better serve their unique needs. We are dedicated to building strong, long-lasting relationships with our clients based on trust, transparency, and mutual respect. Key Metrics Our investment strategy has generated a return of 32% in 2022, which significantly outperformed the market average for conventional investment categories such as stocks and bonds. This metric reflects our ability to identify and invest in alternative assets that deliver high returns while minimizing risk. We believe that this level of performance is a testament to our active portfolio management, ethical investing principles, and commitment to delivering exceptional value to our clients. Quotes from Key Stakeholders “If you want to be wealthy, spend your time earning, learning, or relaxing. Outsource or ignore everything else.” “Investing because you are scared to miss out on gains will leave you with larger losses.” “Wealth is created by leverage. Leverage has different forms. Labor leverage is when you use someone else’s time, capital leverage is when you use someone else’s money. In the last two decades, code was leverage used to automate service delivery to billions. Now there’s another form of leverage – audience. “Code, content, and capital is the new land, labor, and capital.” “The best way to think about asset allocation between stocks and alternatives is timing. It’s best to invest in stocks when markets are at historical lows, and it’s best to invest in alternatives when inflation is high. “
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Commercial Legal Innovation

Getting Work Done: The Simpler, Smarter Way to Grow Your Firm

By Kris Altiere |

The following article was contributed by Kris Altiere, US Head of Marketing for Moneypenny.

Law firms are busier than ever. With new systems, dashboards, and automation tools launched in the name of efficiency, you’d think productivity would be soaring. Yet for many, the opposite is true. Complexity creeps in, admin increases, and clients still end up waiting for answers.

At Moneypenny, we’ve learned that true progress doesn’t come from doing more, it comes from doing what matters. Our philosophy is simple: Get work done, don’t just perform, don’t just present. Instead deliver, clearly, quickly, and with care.

Whether it’s a client seeking reassurance, a paralegal managing a mounting caseload, or a partner steering firm strategy through change, the goal should always be the same: solve the problem and move forward.

Efficiency might be driven by data, but in law, trust and momentum are still powered by people.

The Trust Factor

Clients don’t just want results; they want to know their matter is in good hands. The best partnerships, whether between a legal firm and its clients or between colleagues, are built on accountability and trust.

Getting work done isn’t about checking boxes or sending updates for the sake of optics. It’s about ownership. Doing what you say you’ll do, every single time. Following through with integrity. In short: treat people how you’d like to be treated. That’s how client confidence is built and why trust remains a competitive differentiator for firms now and in the future.

Focus on What Only You Can Do

Law firms today face growing operational pressures: administrative backlogs, client onboarding delays, endless meetings. Many assume the answer is to do more in-house, hire more people but the most successful firms know when to outsource to a trusted partner.

That doesn’t mean losing control, however. It means surrounding your firm with trusted partners who amplify your capabilities and free your team to do what only they can do, advise clients and win cases. When done right, it creates focus.

At Moneypenny, we see this daily. We handle client calls, live chats, and digital communications for thousands of businesses in the legal industry. We take care of the admin that slows teams down so they can accelerate the work that matters most: serving clients and growing their firm. It’s partnership in its purest form: freeing their people to deliver their best.

Pragmatism Over Perfection

Grand digital transformation projects often sound impressive, but the real progress comes from consistent, pragmatic improvement. The best firms are selective about innovation. They adopt technology not for the headlines, but for the results.

These are the firms that deliver, time and again, because they know progress isn’t about chasing every new idea, it’s about using the right ones well.

They ask simple, powerful questions:
• What’s the work that needs to be done?
• Who’s best to do it?
• How can we do it well?

It’s a balanced approach, blending smart innovation with everyday pragmatism and one that turns productivity from a KPI into a true competitive advantage.

Tech That Enables, Not Overcomplicates

Technology has enormous potential to streamline legal operations but only when used intentionally. Too often, new systems add friction instead of removing it.

The smartest firms blend automation with human oversight, letting technology enable people rather than replace them. For example, at Moneypenny, our AI Receptionist handles routine client inquiries with speed and accuracy. But when a conversation requires empathy, nuance, or reassurance, one of our experienced receptionists steps in seamlessly. 

The result is humans and AI together, each doing what they do best. Because in the end, emotional intelligence, the ability to listen, reassure, and build trust, remains a uniquely human strength, even as AI continues to evolve at a rapid rate.

Four Rules for Getting Work Done

This philosophy isn’t about going backwards or simplifying for the sake of it. It’s about cutting through the noise, building with intention, and putting resources where they’ll have the most impact.

It’s about following four simple objectives:

  1. Focus on what only you can do.
    Concentrate on the work that truly requires your expertise.
  2. Outsource with trust.
    Partner with people who treat your clients as their own.
  3. Use technology to enable, not to replace.
    Automation is a tool — not a solution in itself.
  4. Measure outcomes, not optics.
    Progress is about results, not noise.

Clarity Over Complexity

Getting work done isn’t flashy but it is how great firms grow. One resolved issue, one clear decision, one satisfied client at a time.

Because when brilliant legal teams are supported by smart technology and the distractions fall away, exceptional things happen. Clients feel the difference, teams perform at their best, and the firm builds a reputation for service and sustained excellence. 

For law firms navigating the fast-changing landscape, success will come from what matters most. Clarity over complexity. Trust over busyness. Action over appearance. And that is how law firms will truly move forward and stay ahead of the crowd.

Case Developments Commercial

Pogust Goodhead Defeats BHP Bid To Block Deposition Of Former Renova Chief

The High Court has rejected mining giant BHP’s application for an anti-suit injunction (ASI) that sought to prevent Pogust Goodhead from pursuing lawful evidence-gathering measures in the United States against the former president of the Brazilian redress scheme foundation set up after the Mariana dam collapse.

The Court found no basis to characterise Pogust Goodhead’s use of Section 1782 to seek a deposition of Mr André de Freitas, former CEO of the Renova Foundation[i] as vexatious, oppressive, or unconscionable, as argued by BHP.

In November 2024, Pogust Goodhead filed the §1782 application in the District Court of Arkansas seeking limited testimony from Mr de Freitas in relation to Pogust Goodhead’s claim arguing that BHP unlawfully interfered with Pogust Goodhead’s retainer rights and the compensation due to its Brazilian clients.  The U.S. court granted the subpoenas in January 2025.

Since then, BHP has sought to block the deposition by filing motions to quash the subpoenas in April 2025 and seeking an ASI in the High Court. A ruling from the Arkansas court is pending.

In Wednesday’s judgment, Mr Justice Waksman rejected BHP’s request for an injunction that would have halted the U.S. evidence-gathering process, finding no basis to prevent Pogust Goodhead from continuing with its §1782 discovery efforts.

Justice Waksman wrote in his decision: “I agree with PG that the depositions serve a distinct and legitimate purpose, being to better understand Renova’s role in relation to the various settlements and their form.”

Alicia Alinia, CEO at Pogust Goodhead commented: “We welcome the Court’s clear judgment. BHP has repeatedly attempted to obstruct legitimate investigations into its conduct. Mr de Freitas’s testimony is central to understanding how our clients’ rights may have been undermined. It is essential that he gives evidence. Only by hearing directly from those involved can our clients’ rights be properly safeguarded and the full truth established.”

Key Findings

  • The court held that English courts do not control how parties lawfully obtain evidence abroad, and that the U.S. court is the appropriate authority to decide the scope and propriety of discovery sought under Section 1782.
  • The Court also highlighted BHP’s significant delay in bringing the ASI application — nearly four months after learning of the U.S. subpoenas — which weighed against granting any injunctive relief.
  • Any concerns about the scope of the subpoenas, alleged misstatements, or burden on the witness are squarely matters for the U.S. District Court, which has already engaged with the issues in detailed hearings.

As a result, BHP cannot use the English courts to derail the ongoing U.S. process. The parties now await the District Court of Arkansas’s decision on whether BHP’s motions to quash the subpoenas will succeed.

Commercial Special Features

Third Party Funding 3.0: Exploring Litigation Funding’s Correlation with the Broader Economy

By Gian Marco Solas |

The following article was contributed by Dr. Avv. Gian Marco Solas[1], founder of Sustainab-Law and author of Third Party Funding, New Technologies and the Interdisciplinary Methodology as Global Competition Litigation Driving Forces (Global Competition Litigation Review, 1/25).  Dr. Solas is also the author of Third Party Funding, Law Economics an Policy (Cambridge Press).

There is an inaccurate and counterproductive belief in the litigation funding market, that the asset class would be uncorrelated from the global economy. That was in fact due to a much bigger scientific legal problem, that the law itself was not considered as physical factor of correlation, as instrument to measure and determine cause and effects of economic events in legal systems.

This problem has been solved, in both theoretical and mathematical terms, and in fact – thanks to technology available to date such as AI and blockchain – it looks much better for litig … ehm … legal third-party funders. 

Third Party Funding 3.0© opens three new lines of opportunities:

  1. AI allows to detect and file claims that would otherwise not have been viable / brought forward, such as unlocked competition law claims[2], which represent the largest chunk of the market for competition claims. See funding proposal.
  2. Human law as factor of correlation allows to calculate the unexpressed value of the global economy. Everything that, in fact, can be unlocked with litigation, allowing then a public-private IPO type of process to optimize legal systems[3].
  3. Physical modeling of the law also allows to transform debt / liabilities into new investments, thus allowing to settle litigation earlier and with less legal costs, leaving more room to creativity to optimize the investments[4].

While it may be true that the outcome of one single judgement does not depend on the fluctuations of the financial economy, legal reality certainly determines the ups and downs of the litigation funding (and any other) market. Otherwise, we could not explain the rise of litigation funding in the post-financial crisis for instance, or the shockwaves propagated by judgements like PACCAR.

The flip side is that understanding and measuring legal reality, as well as leveraging on modern technologies and innovative legal instruments, the market for legal claims and legal assets is much bigger and sizeable than with the standard litigation financial model.

In order to test Litigation Funding 3.0, I am presenting the following proposal:

10 MILLION EUR in the form of a series A venture capital type of investment to cover one test case's litigation costs, tech, book-building and expert costs aimed at targeting three already identified global or multi-jurisdictional mass anticompetitive claims in the scale of multi-billion dollars, whose details will be provided upon request.

Funder(s) get:

  • Percentage of claims' return as per agreement with parties involved;
  • Property of the AI / blockchain algorithm;
  • License of TPF 3.0.

The funding does not cover: additional legal / litigation / expert / etc. costs.

Below is the full proposal:

THIRD PARTY FUNDING 3.0© & COMPETITION LAW CLAIMS Dr2. Avv. Gian Marco Solas gmsolas@sustainab-law.eu ; gianmarcosolas@gmail.com ; +393400966871 
AI: Artificial Intelligence                  ML: Machine Learning                    TPF: Third Party Funding
GENERAL SCENARIO FOR COMPETITION LAW DAMAGE CLAIMS – IN SHORT
Competition authorities around the globe are rapidly developing AI / ML tools to scan markets / economy and prosecute anti-competitive practices. This suggests a steep increase in competition claims in the coming years, in both volume and scope.  AI also reduces the costs and time of litigation and ML allows to better assess its risks and merit, prompting for a re-modelling of the TPF economic model in competition claims considering empirical evidence of the first wave(s) of funded litigation.
CODIFICATION© IN PHENOGRAPHY© AND TPF 3.0©
New technology and ‘mathematical-legal language’, a combination of digital & quantum where the IT code is the applicable law modelled as - and interrelated with - the law(s) of nature (‘codification©’ in ‘phenography©’). On this basis, an ML / AI legal-tech algorithm has been built in prototype to learn, build and enforce anticompetitive claims in scale, to be guided by lawyers / experts / managers, with a process tracked with and certified in blockchain. New investment thesis (TPF 3.0©) for an asset class correlated to the global real economy, including the mathematical basis for the development of a complex sciences-based / empirical damage calculation to be built by experts. 
LEGAL / LITIGATION TECH INVESTMENT, COMMITMENT AND PROSPECT RETURN
10 MILLION EUR in the form of a series A venture capital type of investment with real assets as collateral for funding to any competition litigation filed with and through this algorithm, that becomes proprietary also of the funder(s). It aims at covering a first test case (already identified), full-time IT engineer, quantum experts and book-building costs. The funder(s) is(are) expected to provide also global litigation management expertise and own the algorithm. Three global or anyway multi-jurisdictional mass anticompetitive claims in the scale of multi-billion in value have already been identified. Details will be provided upon request. Funder(s) also gets license of the TPF 3.0© thesis.

Below is the abstract and table of contents from my research:

Abstract

This article aims at fostering competition litigation and market analysis by integrating concepts borrowed from physics science from an historical legal and evolutionary perspective, taking the third party funding (TPF) market as benchmark. To do so, it first combines historical legal data and trends related to the legal and litigation markets, discussing three macro historical trends or “states”: Industrial revolution(s) and globalisation; enlargement of the legal world; digital revolution and liberalisation of the legal profession. It then proposes the multidisciplinary methodology to assess the market for TPF: mainstream economic models, historical “cyclical” data and concepts borrowed from physics, particularly from mechanics of fluids and thermodynamics. On this basis, it discusses the potential implication of such methodology on the global competition litigation practice, for instance in market analysis and damage theory, also by considering the impact of modern technologies. The article concludes that physics models and the interdisciplinary methodology seem to add value to market assessment and considers whether there should be a case for a wider adoption in (competition) litigation and asset management practices.  

Table of Contents

Introduction. I. Evolution of the legal services, litigation and third party funding market(s) 1.1. Industrial revolution(s) and globalisation 1.2. Enlargement of the legal world and privatisation of justice 1.3. Digital revolution and liberalisation of the legal profession II. Modelling the market(s) with economics, historical and physics models. Third Party Funding as benchmark 2.1. Economic models for legal services, legal claims and third party funding markets 2.2. Does history repeat itself? Litigation finance cycles 2.3. Mechanics of fluids and thermodynamics to model legal markets? III. Impact on global competition litigation 3.1. Market analysis and damage theory 3.2. Economics of competition litigation and new technologies. Conclusions. Third Party Funding 3.0© and competitiveness.

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1. Italian / EU qualified lawyer and legal scientist. Leading Expert at BRICS Competition Law & Policy Centre (Higher School of Economics, Moscow). Ph.D.2 (Maastricht Law School, Economic Analysis of Law; University of Cagliari, Comparative Law) – LL.M. (College of Europe, EU competition Law). Visiting Fellow at Fordham Law School (US Antitrust), NYU (US Legal finance and civil procedure).

2. G. M. Solas, ‘Third Party Funding, new technologies and the interdisciplinary methodology as global competition litigation driving forces’ (2025) Global Competition Litigation Review, 1.

3. G. M. Solas, ‘Interrelation of Human Laws and Laws of Nature? Codification of Sustainable Legal Systems’ (2025) Journal of Law, Market & Innovation, 2.

4. ‘Law is Love’, at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5694423, par. 3.3.