Houlihan Lokey Advises LILY-3 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-3 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 January 21, 2026.

Coventry is the leader and creator of the secondary market for life insurance and a pioneer of the life-insurance-backed asset class, operating an integrated platform across four complementary verticals: the secondary market for life insurance, longevity lending, life insurance and annuity distribution, and insurance technology. Through these businesses, Coventry expands financial options for policyowners, provides capital solutions backed by life insurance policies and other longevity-linked assets, broadens access to protection and retirement products, and applies technology to enhance pricing, risk management, and operational efficiency across the life insurance ecosystem. Guided by a long-standing commitment to consumer rights and market integrity, Coventry leverages its leadership position to raise industry standards, expand consumer choice, and responsibly develop institutional-quality life-insurance-backed investment solutions. Over its history, Coventry has acquired more than 21,000 life insurance policies, completed over $50 billion in longevity-linked transactions, delivered more than $6 billion to policyowners, and originated over $1 billion in life-insurance-linked loans.

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

This represents the third Notes transaction in the past 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 Notes and expertise in raising debt capital secured by esoteric assets.

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