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RedBird Capital Partners and Reverence Capital Partners to acquire Vida Capital

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RedBird Capital Partners (RedBird) and Reverence Capital Partners are to acquire Vida Capital (Vida), an alternative asset management platform specialising in non-correlated investment strategies. 

Vida’s President and CEO, Jeff Serra, along with members of the management team, will invest alongside RedBird and Reverence in the transaction. The proposed transaction, which is expected to close by the fourth quarter of 2019, is subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.

Vida is positioned to benefit from sustainable life settlements market growth and further institutionalisation of the sector, as well as strong demand from high net worth and institutional investors for niche uncorrelated investment products. The investment from RedBird and Reverence provides the company with greater financial and operational resources to continue building its proprietary analytical capabilities and expanding its product set. With USD4.2 billion in assets under management, Vida is the largest fully-integrated independent life settlements manager in North America.

Jeff Serra, Vida CEO and Founder, says: “Our management team and employees are excited to work closely with Reverence and RedBird to continue our growth and success in the life settlements space. Both firms have proven to be thoughtful partners who thoroughly understand our business and share our commitment to expanding our platform and investing in processes that will enable us to deliver market leading returns. Our company’s industry leadership is a testament to the commitment and vision of our limited partners with whom we have had a successful long-term investing relationship. As we move forward with our new partners, our emphasis on LP satisfaction will remain core to our business and investment philosophy. In addition, for 10 years we have enjoyed a great partnership with Austin Ventures, who believed in our idea from the very beginning and provided the resources and support to enable us to make this all happen.”

“We are very attracted to Vida due to the strength of the team and platform, and as the firm is a leader in the life settlements space,” says Milton Berlinski, Managing Partner of Reverence Capital Partners. “We believe asset managers such as Vida are well suited to capitalise on the shift in demand for life settlements. In addition, we believe success in the life settlements space requires prudent diligence and effective risk management, which are Vida’s most significant core competencies.”

“Vida is an entrepreneurial asset management platform that we have been watching closely for quite some time. Jeff and the Vida team have built an industry leader in a relatively short period of time – from an idea in 2009 to the largest vertically integrated asset manager in the life settlements industry,” says Gerry Cardinale, Managing Partner of RedBird Capital Partners. “We have been in discussions with Jeff and his senior leadership team for some time – the objective of the partnership is to support their continued returns performance, while also enabling the expansion into new asset management products that leverage the team’s underwriting expertise in non-correlated duration investment strategies. We are also looking forward to working with my former Goldman Sachs partners, Milton Berlinski and Peter Aberg, both of whom bring tremendous financial services expertise to our collective investment underwriting.”

Moelis & Co. served as financial advisor and Vinson & Elkins LLP acted as legal counsel to Vida. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to RedBird and Reverence.

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