November 18, 2021
Long Ridge Equity Partners is pleased to announce that SALI Fund Services (“SALI”), a market leading provider of fund services to the Insurance Dedicated Fund (“IDF”) and Separately Managed Account (“SMA”) market. has been acquired by JTC PLC (“JTC”) (LON: JTC). This acquisition represents a full exit for Long Ridge’s Fund II investment in SALI.
Founded in 2002, SALI provides a sophisticated turn-key solution for the creation and administration of IDF’s and has over $15.8bn of Assets under Management (AuM). The business is headquartered in Austin, Texas.
IDFs are investment vehicles that enable a broad range of alternative investment managers to provide institutions, family offices and high net worth individuals with a tax efficient vehicle to invest the long-term capital allocated through life insurance policies into alternative assets. Due to the nature of IDF’s, client relationships are very long-term, with fund lifespans being multi-decade, which in turn provides excellent recurring revenue visibility.
SALI was and continues to be a pioneer of the IDF market, giving it strong first mover advantage and placing it at the heart of an IDF ecosystem that includes over 20 of the world’s leading insurance companies and some of the biggest names in alternative asset management.
Long Ridge led a minority growth capital investment in SALI in 2018 and during Long Ridge’s partnership with SALI, the company achieved exceptional growth and solidified its position as the clear leader in the IDF market. This transaction concludes an active, three-year partnership with SALI, with Long Ridge working closely with CEO Thomas Nieman and Executive Chairman Eric Naison-Phillips. Representative activities include:
- Expanding SALI’s product offering to include Insurance Company-Owned Life Insurance (ICOLI), Bank-Owned Life Insurance (BOLI), and Corporate-Owned Life Insurance (COLI)
- Significant technology investment with the launch of the Company’s SCOPE platform, which utilizes purpose-built software to unlock operational efficiencies through the automation of key business processes
Read the full press release here