RedBird Capital Partners (RedBird) and Reverence Capital Partners (Reverence) have closed on their acquisition of 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, invested alongside RedBird and Reverence in the transaction. The proposed transaction obtained the necessary regulatory approvals and received overwhelming support from the investors in Vida’s various funds.
Serra says: “Our management team and employees are extremely pleased to have reached the closing of this transaction. We have been looking forward to this day and to working with our new partners at RedBird and Reverence to continue our growth and success as an alternative asset manager. Our goal will be to harness the experience and guidance that both firms will provide to us as we look to expand our platform while retaining our core focus on non-correlated, income producing alternative assets.”
Milton Berlinski, Managing Partner of Reverence Capital Partners, says: “We are excited to be backing a leader in the life settlement space. We believe the platform is well suited to capitalise on the growth of the industry given the team’s underwriting expertise and compelling track record. We look forward to growing the company together with RedBird and the Vida management team and building a successful partnership that benefits all parties.”
Gerry Cardinale, Managing Partner of RedBird Capital Partners, says: “We are very pleased to close this investment in partnership with the Vida team and my former Goldman Sachs partners at Reverence. Jeff and his senior leadership team are world class and we look forward to supporting them in continuing to grow the company and expand into other non-correlated asset classes.”
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.
