Houlihan Lokey Advises LILY-1 Funding LLC (a Coventry Affiliate)

Houlihan Lokey is pleased to announce the successful placement of $250 million of asset-backed notes (the “Notes”) for LILY-1 Funding LLC (the “Issuer”), a newly established bankruptcy-remote SPV and affiliate of Coventry. Proceeds from the Notes will be used to acquire life settlements and related assets. The transaction closed on April 15, 2025.

Founded in 1982, Coventry is the leader and creator of the secondary market for life insurance. Coventry employs a unique, multichannel origination platform that generates a consistent flow of life insurance policies. For more than 30 years, Coventry has played a key role in shaping and expanding the industry, creating value and opportunities for policyowners and investors alike. To date, Coventry has successfully acquired more than 21,000 policies and delivered more than $5.9 billion to policyowners.

Coventry formed the Issuer to acquire and finance a portfolio of life insurance-linked financial assets.

Houlihan Lokey served as an exclusive placement agent to Coventry, assisting the company in arranging, structuring, and negotiating the financing. The financing transaction highlights Houlihan Lokey’s quality of execution in volatile markets, differentiated proficiency in structuring bespoke asset-based financings, and expertise in raising debt capital secured by esoteric assets.

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