Level Bridge Capital acquires life insurance policies from policyholders at a discount to face value, then collects the death benefit at maturity. The return is a function of what was paid, what premiums cost, and how long the policy is held — not of equities, rates, or sentiment.
The fund is a $25M closed-end vehicle open to accredited investors.
By application only. $100,000 minimum. Offering made solely through the Private Placement Memorandum to verified accredited investors.
Two minutes on the asset class — where the policies come from, why they're sold at a discount, and how the return is generated.
It was bought to protect a family that no longer needs protecting. Now it's a bill that arrives every month.
Surrender value is what a carrier pays to retire a liability early. For decades, that was the only offer on the table.
The insurer is retiring a liability. A buyer is acquiring an asset. Those two things are not worth the same.
Four stages, each one a place where a fund either earns its return or gives it away.
Policies come through established broker networks and direct purchase, and only from well rated carriers. Most of what we see, we pass on.
Every policy gets an independent life expectancy assessment and legal verification of title. Third party estimates get challenged, not accepted.
Premiums are paid on schedule for as long as the policy is held. A reserve is set at the fund's close, so no capital call is ever required.
The carrier pays the death benefit at maturity. There is no buyer to find and no market to time.
A single policy is a probability. A portfolio of them is a distribution.
A life expectancy estimate is a statistical expectation, not a date. Held alone, it can be wrong by years in either direction.
Some mature early, some late. Across a large enough pool, the two offset and the portfolio converges toward what the actuarial tables predicted.
Spread across age bands, health conditions, carriers, and life expectancy tranches. The fund targets a portfolio of 100 to 150 policies for exactly this reason.
Any one policy is unpredictable. Aggregate enough of them, underwritten well, and the realized outcome tends toward the modeled expectation.
The real exposure is longevity: insureds living longer than estimated, which extends the hold and increases premiums paid. That is managed with reserves and diversification, not eliminated.
A decade of life settlement fund data, measured against the markets this asset is supposed to be independent of. These are asset-class figures— not Level Bridge's returns, and not a forecast.
The mechanism is not clever. A policy matures when the insured dies, which is not a decision the market gets to make.
Figures describe the life settlement asset class over the past decade — not the performance of this fund, any Level Bridge vehicle, or any account. Past performance is not indicative of future results, and nothing here is an offer.
That's the asset class. Whether this fund is the right way into it is a conversation.
Request accessA closed-end vehicle. The main terms are below; the complete set is in the Private Placement Memorandum.
Approximately 65–70% of capital is deployed to policy acquisition, with 30–35% retained as a premium reserve. Leverage of up to 40% may be used solely to fund premium obligations. Management fee 2% annually; performance allocation 20%, rising to 30% on returns above an 18% hurdle; flat fee of $1,600 per policy. Average insured age approximately 78, with a targeted average life expectancy of 2.5 years. Full terms, fees, and risk factors are set out in the Private Placement Memorandum.
Returns depend on how actual maturities track the life-expectancy estimates the portfolio was underwritten against. The fund models three scenarios:
Targeted and projected annual figures only — not guaranteed, and not a promise of any result. Actual results will differ and may be materially lower, including loss of principal. Hypothetical projections assume $1,000,000 invested in $120,000,000 of acquired fund assets, with life expectancies distributed evenly across tranches by year. Past performance is not indicative of future results. This is not an offer; any offering is made solely through the Private Placement Memorandum to verified accredited investors.
A life insurance policy, bought from the person who owns it for a fraction of what it will eventually pay, and held until the insurer pays it. Then a hundred more of them.
If she lives longer than estimated, the premiums keep running and that last number falls. That is the risk in this asset class — and the reason the fund holds a hundred policies rather than one.
Each bar is one policy. The full width is what the insurer pays at maturity; the filled part is what the fund paid to acquire it.
Illustrative and hypothetical. Policies, ages, benefits, prices, premiums, and maturities shown here are invented for explanation only. They are not a projection of returns, an actual portfolio, or an offer of any kind. Real maturity timing is uncertain and outcomes will differ materially. Distributions shown follow each maturity to illustrate timing; in practice the fund first retains reserves for remaining premiums and expenses, and the order, timing, and amount of any distribution are governed solely by the PPM.
Ten policies is the idea. A hundred and fifty of them is the fund.
Request accessWhich life expectancies to trust, which carriers to accept, what to pay. Policy selection is where this asset class is won or lost — and four people make those calls.
Including the two most people are too polite to ask first.
Yes. This is an illiquid private investment and you can lose some or all of what you commit.
The likeliest route to a poor outcome is not fraud or a market crash — it is longevity. Insureds living materially longer than they were underwritten to means the fund pays premiums for longer and the return compresses. A severe, sustained extension across the whole portfolio erodes principal, not just return. Leverage, used up to 40% to fund premiums, amplifies that in both directions. The full risk factors are set out in the Private Placement Memorandum, and they are the part worth reading closely.
It is a fair question and we would rather answer it than wait for you to ask it.
GWG raised money through L Bonds: unsecured debt paying a fixed coupon, sold in small denominations, reaching a great many investors who were not accredited, with new sales helping fund existing obligations. It filed for bankruptcy in 2022.
The structure here differs in the ways that mattered there. This is an equity interest in a closed-end fund, not a bond with a promised coupon. It is offered only to verified accredited investors at a $100,000 minimum. Nothing is promised on a schedule, and returns come from policy maturities rather than from new subscriptions.
What is the same is the asset class. So ask us the questions GWG's investors wish they had asked — about leverage, about who values the policies, about what happens when maturities run late. Bring them to the call.
The hold extends, premiums keep being paid, and both the annual and the total return fall. This is the central risk of the strategy and it is not eliminated by anything we do.
It is managed four ways: diversification across 100 to 150 policies and across life-expectancy tranches, so early and late maturities offset; a premium reserve set at the fund's close so no capital call is ever required; regular re-underwriting against updated medical records; and the option to sell a policy into the secondary market. A policy held longer also becomes worth more to a buyer, because the insured is older and the estimate is tighter than it was at acquisition.
The cost of keeping a policy in force climbs as the insured ages, and a fund that has not planned for it can be squeezed badly. At acquisition we model premiums over a ten-year horizon rather than the first year or two, so the cost of carrying a policy across its full expected hold is priced in before we buy. Twelve to fifteen months of premiums are reserved at acquisition on top of that. Neither makes the cost fixed — illustrations rest on carrier assumptions that can change.
No. The fund does not make capital calls: the premium reserve is set at close, so no further money is ever requested from you. Your maximum exposure is the amount you commit.
Assume not. Plan on capital being committed for the full term — five years, with a three-year extension option — and there is no redemption right. The fund may sell policies into the secondary market to manage portfolio liquidity, but that is a decision about the portfolio, not a route out for an individual investor.
Two things reduce that risk at acquisition. Policies are bought only from well-rated carriers, and only once they are past the two-year contestability and suicide periods — after which the carrier can no longer rescind for a misstatement in the original application. That is a hard screen, not a preference.
Carrier insolvency is still a genuine risk. State guaranty associations provide limited coverage, and spreading the portfolio across carriers is the main defense.
A life expectancy is a statistical expectation, not a date, and on any single policy it can be wrong by years in either direction. Each policy gets an independent assessment built from medical records — disease progression, medication burden, hospitalization history, comorbidities — and is re-underwritten as records update. Accuracy at the level that matters comes from the pool rather than the policy: across a hundred or more, early and late maturities tend to offset and the realized outcome moves toward the modeled one.
Every policy closes through a licensed, state-regulated life settlement provider, which brings state-mandated disclosures to the seller, verified identity and authorization, a clean chain of title, and regulated escrow. The seller receives materially more than the carrier would pay to surrender the policy — that gap is the entire reason the market exists, and it is why a policyholder chooses to sell rather than lapse.
Capital returns as policies mature rather than only at wind-up, so distributions can begin before the end of the term. Timing is genuinely uncertain, because it depends on maturities. The fund retains reserves for remaining premiums and expenses first, and the order, timing, and amount of any distribution are governed solely by the PPM. No schedule is promised.
A Regulation D 506(c) offering requires the issuer to take reasonable steps to verify accredited status — your own say-so is not sufficient, which is why the checkbox on the form is a starting point rather than the end of it. In practice that means reviewing tax documents or bank and brokerage statements, or accepting written confirmation from your CPA, attorney, or registered investment adviser. It happens before any offering documents change hands.
A 2% annual management fee, a 20% performance allocation rising to 30% on returns above an 18% hurdle, and a flat $1,600 per policy. Level Bridge co-invests in the fund alongside investors. Full terms are in the PPM.
They depend on your situation and how you hold the investment, and we do not give tax advice. Discuss it with your own tax adviser before committing capital.
Anything not answered here is a good reason to book the call — Adam would rather field a hard question early than late.
Tell us who you are and how you invest. If it's a fit, Adam personally schedules a call and walks you through the briefing and documents.