Looking for those elusive uncorrelated assets? How about investing in U.S. lawsuits? Juridica, a closed-end fund, does just that, buying stakes in commercial plaintiffs’ claims and extending credit to law firms in return for interest and a share of the spoils of settlements or court awards.

Juridica’s managers contend that their U.K.-listed fund represents an entirely new asset class, and it has attracted the backing of such high-profile U.K. investors as Invesco Perpetual’s Neil Woodford, Jupiter Asset Management’s Anthony...