BroadRiver Asset Management, L.P. announced today the closing of BroadRiver II, L.P. with committed capital of $366 million, a milestone in the firm’s leadership in institutional life settlement investment management. BroadRiver II includes commitments from a broad range of institutional investors, including public and private pension plans, insurance companies and large family offices in North America, Europe, the Middle East and Australia.
“We’re pleased with the response to our most recent fund from existing and new investors,” said Andrew Plevin, Co-CEO of BroadRiver Asset Management. “The breadth and diversity of our limited partner investors affirms the confidence of institutional investors in life settlements. Institutional interest in this space has expanded dramatically in recent years and we expect to see continued long-term growth.”
BroadRiver II, L.P. targets attractive risk-adjusted returns with low volatility and negligible correlation to financial markets by holding hundreds of non-contestable life insurance policies, along with other longevity-risk assets, issued primarily by investment-grade insurance companies.
BroadRiver’s highly selective approach to asset acquisition is underpinned by proprietary analytics and a deep commitment to research. As a result, despite their illiquid underlying assets, BroadRiver’s funds comprise carefully structured portfolios with strong, predictable cash flows. Thanks in part to this deliberate portfolio construction, BroadRiver was able to profitably sell its previous portfolio, BroadRiver I, L.P., just five years into a 10-year investor commitment.
“BroadRiver’s rigorous approach to underwriting is informed by a curiosity about what we don’t know, and a healthy skepticism about our own assumptions,” said Philip Siller, Co-CEO of BroadRiver Asset Management. “The result is conservative modeling which reduces cash-flow volatility and risk to principal, without sacrificing returns or the timely deployment of capital.”
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 on private credit investment strategies involving life settlements. Co-CEOs Andrew Plevin and Philip Siller have more than 30 years’ combined experience investing in life settlements. Prior to founding BroadRiver, they launched and managed the physical longevity desk at Goldman Sachs.