RPX’s upcoming review of the fourth quarter and 2021 details how the use of litigation finance has become increasingly normalized in the IP space—particularly if the apparent widespread use of the practice by NPEs is any indication. While it is impossible—given the confidential nature of most funding agreements—to confidently estimate the number of litigation campaigns backed by third-party funders, RPX has tied, via publicly available records, more than 30 NPE campaigns launched in 2021 to litigation finance firms, hedge funds, and private equity firms. In Q4 alone, at least nine new campaigns were initiated by such NPEs, targeting a wide range of products and services.