Niche PE Investment Strategies

I was recently talking with a firm that specializes in PE/HF Secondaries but only targets highly special situations and distress. An interesting strategy they had was to buy-out original participants in litigation finance projects - apparently it can be extremely lucrative to cash these people out if the case is rock solid but they just can't wait out a settlement. Their returns in this space have been 50%+ IRRs.

Any other cool strategies you've heard of?

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