BroadRiver Completes Sale of Life Settlements Portfolio

Houlihan Lokey Manages Sale of High-Quality Life Settlement Assets to Institutional Buyer

Jan 12, 2016, 15:38 ET from BroadRiver Asset Management, L.P.

NEW YORK, Jan. 12, 2016 /PRNewswire/ -- BroadRiver Asset Management, L.P. has finalized the sale of its BroadRiver I, L.P. portfolio of traditional life settlement assets to an institutional buyer for an undisclosed price. BroadRiver decided to sell the 10-year portfolio in its fifth year following rigorous quantitative analysis and review of market conditions. Global investment bank Houlihan Lokey acted as investment banker for the portfolio's sale.

"Our goal is to provide our institutional clients with access to reliable cash flow and highly attractive, risk-adjusted returns from private credit investments. The wide interest shown in this portfolio by a large number of knowledgeable institutional investors testifies to the strength of our investment strategy, asset origination and proprietary research," said Andrew Plevin, Co-CEO of BroadRiver Asset Management. "Given the ongoing volatility in the financial markets, we look forward to continuing to deliver non-correlated solutions to our clients and help seniors address their retirement planning through this longevity-based asset class."

As with all of BroadRiver's funds, the assets acquired by BroadRiver I, L.P. were subjected to the firm's stringent origination and performance standards and selected to minimize volatility. The fund acquired less than 5% of the assets its managers evaluated for investment and was cash-flow positive since its second year. BroadRiver Asset Management continues to invest actively in the secondary and tertiary life settlements markets through BroadRiver II, L.P., which will have its final close in June, 2016. 

"As the life settlements market continues to grow, we have seen a steady increase in institutional interest in high-quality investment opportunities within the asset class," said Jeffrey Hammer, Managing Director and Co-Head of the Illiquid Financial Assets Practice at Houlihan Lokey. "This transaction, which concluded at the end of 2015, is representative of two ongoing market trends—rising institutional interest in life settlements, and greater liquidity for high-quality portfolios dedicated to the asset class."

About BroadRiver Asset Management

Formed in 2009, BroadRiver seeks to provide institutional investors with compelling non-correlated returns and reliable yield to better meet their liabilities. The firm focuses primarily on private credit investment strategies involving life settlements and municipal realty tax receivables. Co-CEOs Andrew Plevin and Philip Siller have more than 15 years of experience investing in life settlements. Prior to founding BroadRiver in 2009, they launched and ran the physical longevity desk at Goldman Sachs.  

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SOURCE BroadRiver Asset Management, L.P.