Houlihan Lokey Advises LILY-2 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-2 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 November 10, 2025.

Founded in 1982, Coventry is the leader and creator of the secondary market for life insurance. Coventry employs a unique, multi-channel 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 over 21,000 policies and delivered more than $6 billion to policyowners.

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

This represents the second Asset-Backed Notes transaction this calendar year for which Houlihan Lokey has served as the exclusive placement agent to Coventry. The financing transaction highlights Houlihan Lokey’s quality of execution and differentiated proficiency in structuring bespoke Asset-Backed Notes as well as its expertise in raising debt capital secured by esoteric assets.

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