Third-party funding in international arbitration remains a vague and elusive concept. This article posits that the international arbitration community’s struggle to define third-party funding is a consequence of its failure to address broader policy concerns over fairness in international arbitration. The policy concerns over fairness in international arbitration should be seen as a priority and tackled with practical solutions that ensure equality of arms and access to capital. It is only after such policy concerns have been addressed that a rational definition of third-party funding can be achieved.