Coventry Capital Plans to Invest in SL Investment Fund, Publication Says
Posted July 30, 2010 5:28PM PST

Coventry Capital plans to originate policies and invest in a fund managed by SL Investment, a U.K. asset manager, according to Hedge Fund Alert.

This is the first time Coventry will invest in a fund that purchases its policies, something that is expected to entice investors because the provider's interests will be aligned with the fund, the article said.

Coventry Capital, an affiliate of Coventry First, a Fort Washington, Pa.-based provider, will buy policies for the Long View Beta Fund, which seeks a 9% to 11% rate of return, according to the Hedge Fund story.

Coventry plans to invest $1 million for every $10 million raised by the fund, but Coventry plans to supply policies instead of cash, the article said.

The fund plans to launch in the fourth quarter and will begin buying policies once SL Investment raises an initial $50 million, the article said. The main fund will be domiciled in Luxembourg, but also plans an Irish version. Both countries have tax treaties with the U.S.

Alan Buerger, chief executive of Coventry First, confirmed the report, but was not available to answer questions from The Life Settlements Wire, including what kind of origination fee Coventry plans to collect for its participation in the program and whether it would handle servicing of the policies.


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