01
15+ years of operation
3,000+ judgments acquired
AVANCE · Judicial Receivables · Colombia
Sovereign-linked returns. Zero defaults. 15+ years of origination.
A COP 19.89 trillion receivables market — growing every year.
The Market
The Colombian State owes COP 19.89 trillion in enforceable judgments, arbitral awards and conciliation agreements — approximately 1% of GDP.
284,268 active judicial proceedings against national-level entities.
The gap between enforceable rulings and actual payments by the State creates a sizeable and expanding investment opportunity.
Average payment lag: 3 to 6 years depending on the entity.
2013–2025 · COP trillion
- Judicial debt stock
- Annual judicial payments
Illustrative data — not actual historical figures
| Period | Judicial debt stock | Annual judicial payments |
|---|---|---|
| 2013 | 6.3 | 0.4 |
| 2014 | 7 | 0.46 |
| 2015 | 7.6 | 0.55 |
| 2016 | 8.5 | 0.49 |
| 2017 | 9.1 | 0.66 |
| 2018 | 10.3 | 0.7 |
| 2019 | 11.4 | 0.62 |
| 2020 | 12.2 | 0.81 |
| 2021 | 13.4 | 0.91 |
| 2022 | 14.8 | 0.95 |
| 2023 | 16.5 | 1.04 |
| 2024 | 18.2 | 1.1 |
| 2025 | 19.9 | 1.18 |
How It Works
We manage the full lifecycle — from origination to repayment.
- Step 1
Origination
We source and negotiate directly with judgment holders and their attorneys across Colombia.
- Step 2
Due Diligence
We verify that each title meets all legal requirements for enforceability and payment.
- Step 3
Assignment
We structure the legal transfer of economic rights through our SAS or a regulated trust (fiduciaria).
- Step 4
Monitoring
We track each claim through the government payment process until disbursement.
- Step 5
Repayment
We verify that the State's payment is received correctly and allocated to the fund.
- Step 6
Flowchart
Beneficiary/Attorney→Assignment of rights→Investment vehicle (SAS / Fiduciaria)→Paying entity (State)→Repayment to fund
Why Colombia, Why Now
Structural backlog. Sovereign obligor. Growing pipeline.
Sovereign-grade counterparty.
- The obligor is a national-level government entity.
- The obligation is recognized in an enforceable judgment or arbitral award.
- Colombia combines established public institutions, an independent central bank, and a history of orderly democratic transitions.
Uncorrelated returns.
- Performance depends on the entity's payment timeline, not equity or fixed-income markets.
- Returns are insulated from macroeconomic volatility, providing a hedge against systemic risk.
Attractive premium.
- Historical returns exceed Colombian sovereign debt (TES) by over 50%.
2016-10–2026-10 · % EA
- 10Y TES — Colombian Treasury Bonds (% EA)
- Maximum Statutory Rate / usury cap (% EA)
Illustrative data — not actual historical figures
| Period | 10Y TES — Colombian Treasury Bonds (% EA) | Maximum Statutory Rate / usury cap (% EA) |
|---|---|---|
| 2016-10 | 6.2 | 32 |
| 2017-04 | 6.5 | 33 |
| 2017-10 | 6.6 | 33 |
| 2018-04 | 6.1 | 30.6 |
| 2018-10 | 6 | 29.5 |
| 2019-04 | 6.1 | 27.5 |
| 2019-10 | 5.6 | 26.7 |
| 2020-04 | 5.4 | 25.5 |
| 2020-10 | 6.5 | 24.8 |
| 2021-04 | 7 | 24.5 |
| 2021-10 | 8.4 | 28 |
| 2022-04 | 9.6 | 30 |
| 2022-10 | 12 | 42.5 |
| 2023-04 | 11.3 | 47 |
| 2023-10 | 10.6 | 43 |
| 2024-04 | 11.2 | 35 |
| 2024-10 | 10.8 | 30 |
| 2025-04 | 11.5 | 27 |
| 2025-10 | 12 | 25 |
| 2026-04 | 12.8 | 28 |
| 2026-10 | 13.4 | 30 |
Enhanced sovereign diversification.
- Exposure to public-sector obligations through a differentiated risk-return profile.
- A complement to traditional sovereign debt portfolios.
Growing pipeline.
- Payment backlogs continue to increase across defense, police, and judicial entities.
- New rulings add to the stock of enforceable receivables every year.
- Origination capacity is the bottleneck, not deal flow.
Track Record
15+ years. Zero defaults. One platform.
15+
years of continuous operation in judicial receivables.
3,000+
judgments acquired from attorneys across Colombia.
45,000+
beneficiaries served through direct disbursement.
COP 1T+
disbursed to beneficiaries and attorneys (~USD 250M+).
0
defaults in over 15 years of operation.
Who invests with us
01
International funds
+USD 150M in judgments · +USD 50M in arbitral awards
02
National funds
+USD 160M. Since 2012, we have been originators for Colombia's leading judgment acquisition funds.
03
Individual investors
Qualified investors participating through regulated structures.
- All acquisitions and disbursements executed through a trust company (fiduciaria) supervised by Colombia's Superintendencia Financiera.
- SAGRILAFT compliance (anti-money laundering and counter-terrorism financing).
- Full documentation trail for every transaction.
Social Impact
High Financial returns with measurable social impact.
- Behind each judgment is a person whose claim has been recognized by a court.
- Many beneficiaries have been affected by Colombia's armed conflict, including displaced families and people injured or wrongfully detained.
- Years of waiting can delay housing, education, healthcare, and other essential plans.
- Avance gives beneficiaries earlier access to funds awarded by the courts.
- More than 45,000 beneficiaries have received liquidity through our platform.
Direct cash transfers to vulnerable populations.
Closing the gap between legal recognition and actual reparation.
Accelerating the delivery of judicial reparations to conflict-affected communities.
Safeguards for the beneficiary
- Participation is voluntary in every case.
- The beneficiary is accompanied by their attorney throughout the process.
- Terms and discount rates are explained in writing before any agreement.
- Disbursement is made through a regulated trust company (fiduciaria).
Frequently Asked Questions
What is a judicial receivable?+
An enforceable economic right arising from a court judgment, arbitral award, or conciliation agreement against a Colombian government entity. The obligation is legally recognized and the State is required to pay.
What type of judgments do you acquire?+
Direct reparation claims (reparación directa), nullity and reinstatement of rights (nulidad y restablecimiento del derecho), arbitral awards, and contractual disputes — all against national-level entities.
Who is the counterparty?+
The Colombian State, through its national-level entities: Ministry of Defense (Army, Navy, Air Force), National Police, Attorney General's Office, INPEC, INVÍAS, and others.
What is the risk of non-payment?+
In 15+ years of operation, we have recorded zero defaults. The obligations are enforceable court orders against the State. The risk is timing, not whether the State pays.
How are returns generated?+
We acquire rights at a discount to their face value. The return is the difference between the acquisition price and the amount the State ultimately pays, adjusted for the time to collection.
How long does the State take to pay?+
Between 3 and 6 years on average, depending on the entity and the fiscal year budget allocation. Defense-related entities currently show the longest backlogs.
What legal framework governs these transactions?+
Judicial receivables are governed by Colombian administrative law. Assignments are structured under the Colombian Commercial Code and executed through regulated trust companies supervised by the Superintendencia Financiera de Colombia.
Is there currency risk?+
Judgments are denominated in Colombian pesos (COP). Currency hedging strategies can be discussed during structuring.
What is the minimum investment?+
Discussed on a case-by-case basis depending on the investment vehicle and structure. Schedule a call to review options.
How is social impact measured?+
We track beneficiaries served, disbursement timelines, geographic reach, and alignment with SDGs 1, 10, and 16. Impact data is available upon request.
GET IN TOUCH
Interested in learning more? Schedule a confidential call with our team.
We will walk you through the asset class, our origination model and current pipeline.
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