Miravast Asset Management, a leading vertically integrated investment manager with deep experience underwriting longevity risk and investing in life settlements, announced that it recently completed fundraising for Miravast ILS Credit Opportunities II LP (Fund II) with $346 million of fund commitments.
Launched in 2012, Miravast is a vertically integrated asset management firm with approximately $1.2 billion of assets under management. And Miravast’s experience in life insurance product design and medical underwriting, combined with a unique perspective on investment structures, enabling them to help institutional investors navigate the complexities of investing in longevity risk, chiefly life settlements.
The firm’s in-house medical underwriters utilize a proprietary view based on a significant population of settled life insurance policies. And the firm’s underwriting model provides interest alignment that differs from the outsourced volume-based models most often utilized by the broader market. Plus, its underwriting and life insurance product experience can lead to significant differences in our view compared to the market’s view.
Miravast’s team members have led the investment of about $6 billion since 2001.
Schulte Roth & Zabel LLP served as legal counsel for Miravast Asset Management and Fund II.
KEY QUOTES:
“Closing Fund II represents an important milestone for Miravast. We continue to believe Miravast offers institutional investors an unparalleled team of medical underwriting and actuarial experts. The LP support we are fortunate to have for Fund II further exemplifies the confidence that the institutional LP community has in the Miravast team.”
– Dave Beckelman, Chief Executive Officer
“As with its predecessor, Fund II has a global institutional investor base. We are grateful to have support from existing and new institutional LP’s as we execute our strategy. We have invested a portion of Fund II’s committed capital and will continue to leverage our in-house expertise as we pursue additional investments.”
– Dave Cherkas, Executive Vice President
