Vida Capital, which is backed by Reverence Capital Partners, has acquired Avmont LLC, a longevity risk-based asset manager and advisor. No financial terms were disclosed. Previously, Avmont was a portfolio company of RedBird Capital Partners.
AUSTIN, Texas–(BUSINESS WIRE)–Vida Capital, Inc. (“Vida” or the “Firm”), an investment management firm with more than $4 billion in assets under management, together with Vida’s private equity sponsors Reverence Capital Partners and RedBird Capital Partners, today announced the acquisition of the assets of Avmont, LLC (“Avmont”), a leading longevity risk-based asset manager and advisor. The strategic acquisition enhances Vida’s capabilities within its life settlement platform and further strengthens its leadership position in the space. Avmont was previously a RedBird Capital Partners portfolio company. Financial terms of the transaction were not disclosed.
William Tice, President & Chief Investment Officer of Vida Capital Management, said, “We are very excited about this opportunity to significantly enhance our capabilities in the life settlement space by acquiring Avmont, a pioneer in the field. We warmly welcome the Avmont team, who bring extensive analytical capabilities and a deep understanding of life settlements to Vida, complementing our robust asset management infrastructure and unique expertise underwriting longevity risk. Together we look forward to continue growing Vida’s leading life settlements and longevity-risk assets platform and offering our clients compelling risk-adjusted and uncorrelated returns.”
As part of the transaction, key members of Avmont’s senior team are joining the Vida enterprise, including Chief Investment Officer William Ketterer, who has been named Managing Director of Portfolio Management; as well as Director of Operations Brian Barclay who has been named Managing Director, COO for Magna Life Settlements. Vida has also acquired Avmont’s intellectual property and certain client and sub-advisory relationships.
William Ketterer said, “Joining forces with the Vida team, whose work we know and respect, is a tremendous opportunity for all of us at Avmont. As a true pioneer in life settlements, the Avmont team has built unique capabilities and competences, especially around analytics and procedures, which we can now apply to drive superior returns across Vida’s substantial platform. I thank Bill, Jeff Serra and the team at Vida for the warm welcome and look forward to moving forward with our shared vision for originating and managing non-correlated investment strategies.”
Houlihan Lokey served as financial advisor to RedBird Capital on the transaction.
About Vida Capital
Vida Capital, Inc. is the largest vertically integrated platform in the life settlements space with $4.4 billion in assets under management across the different closed-end and open-end funds. Vida has three primary business lines including life settlement funds, a life settlement provider, and insurance linked securities funds. Vida is the largest independent life settlements manager in the space and the third largest overall. Further, Vida’s wholly owned subsidiary, Magna Life Settlements, Inc., has been in the top three secondary market purchasers over the past three years. For more information visit www.vidacapitalinc.com.
About Avmont, LLC
Avmont, LLC, a leading longevity risk-based asset manager, deploys its proprietary underwriting, mortality tables and analytics across life settlements investments, medical underwriting, and longevity-linked consulting engagements. Formed in 2010, Avmont has roots in this specialized market dating back to 1989.