A Joint Venture — Paragon Longevity Analytics × Vitaro Group
LONGEVITY STRATEGIES FUND
Capturing Alpha Through Tactical Trading and Strategic Hold-to-Maturity.
2026 · Confidential · For Discussion Only
Longevity Strategies Fund · 2026
01 / 19
Title
Longevity Strategies Fund · 2026
02 / 19
Market Opportunity
Life settlement portfolios — a systematically undervalued asset class.
$40B+
Life settlement policies
Held by institutional funds
$2–5B
Tertiary portfolio trades
Transacted every year
~75%
Eligible tertiary portfolios
Go untraded annually
Well-Seasoned Portfolios
- Portfolios seasoned 5 to 8+ years post-initial settlement.
- Initial selection bias cleared; insureds closer to life expectancy.
- Longitudinal medical data enables direct re-underwriting.
Overlooked in Value
- Portfolio-level pricing masks individual policy alpha.
- Policy-by-policy underwriting surfaces embedded value.
- Funds in wind-down and liquidity-constrained managers drive structural discounts.
Marketed Intransparently
- Decentralised market — deals flow through private bilateral networks.
- Information asymmetry systematically favours sophisticated, well-networked buyers.
Longevity Strategies Fund · 2026
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Life Settlement Explained
What is a life settlement — and how do the secondary and tertiary markets work?
01
Policyholder
No longer needs or can afford the policy
›
02
Broker / Provider
Facilitates the sale, licensed in each state
›
03
Investor / Fund
Pays lump sum, takes ownership of the policy
›
04
Insurance Carrier
Pays out death benefit on insured's passing
Secondary Market
The first-ever sale by the original policyholder to a licensed provider or investor.
- • Policyholder typically aged 65+ with policy of $100K+ face value.
- • Life expectancy and policy structure are the primary value drivers.
- • Licensed provider manages the full origination process.
Tertiary Market
The resale of a previously settled policy between institutional investors.
- • Policies well-seasoned — held 5 to 8+ years since original sale.
- • Trades bilaterally in a highly fragmented market — creating information asymmetry.
- • Sellers often funds in wind-down or with liquidity needs — creating discount situations.
Longevity Strategies Fund · 2026
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Structural Tailwinds
Structural tailwinds across the asset class.
Demographic, capital and regulatory cycles all expanding the opportunity.
$20T+
Total in-force US life insurance
$100B+
Annually lapsed by seniors 65+
$60B
Of annual lapses eligible
$4.5B
Transacted in secondary, 2025
$40B+
Face value in institutional tertiary
Ageing Baby Boomer Generation
76 million baby boomers entering peak lapse age — structurally expanding the supply of eligible policies over the next two decades.
Rising Living & Healthcare Costs
Escalating living expenses and medical costs compelling more seniors to monetise their policies — broadening the eligible seller base.
Institutional Market Validation
Apollo, Blackstone, Oaktree, Fortress and Berkshire Hathaway active — validating the structural return profile.
Data, Technology & Digitisation
Digitisation of medical records and standardised actuarial modelling are enhancing pricing precision and reducing underwriting risk.
Regulatory Maturity
45 of 50 US states now regulate life settlements — a mature, transparent and investor-protected framework.
Longevity Strategies Fund · 2026
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Our Edge
Our edge.
What sets the Longevity Strategies Fund apart.
Proprietary Deal Flow
20+ years of relationships with 75+ global counterparties across brokers, providers and tertiary portfolio holders. Off-market and proprietary acquisition access.
Actuarial Precision
Impairment-specific curve-shape analytics, independent A/E mortality diagnostics, and stochastic simulation. Every acquisition validated against durational curves.
Dual Alpha Strategy
Unique combination of tactical trading (short-term spread capture) and strategic hold-to-maturity (long-duration death-benefit yield). Optimised for risk-adjusted returns.
Full-Stack Expertise
Fully integrated life settlement capability — proprietary origination, underwriting, pricing, servicing and portfolio management across the full lifecycle.
Institutional Infrastructure
25+ specialists with operational depth, institutional-grade compliance, HIPAA-compliant infrastructure and rigorous portfolio monitoring.
Independent Governance
Independent fund structure with third-party actuarial validation on every purchase. Annual independent valuation, audited financials and professional reporting.
Longevity Strategies Fund · 2026
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Analytical Edge
The analytical edge.
Why standard pricing tools systematically misprice mortality — and how we exploit it.
Industry Standard
Constant Mortality Multiplier (CMM)
- ✕Flat scaling of base mortality tables across all durations.
- ✕Ignores impairment-specific mortality dynamics.
- ✕Structurally penalises tertiary purchases.
- ✕Inflates early-duration A/E ratios, creating misleading performance cycles.
- ✕Creates predictable but systematic pricing errors.
Our Approach
Impairment-Specific Curve Shaping
- ✓Durational, impairment-specific mortality curves.
- ✓Captures actual mortality dynamics by condition type.
- ✓Corrects structural tertiary mispricing.
- ✓Normalised A/E by percentage of elapsed life expectancy.
- ✓Identifies policies where the market underprices mortality risk.
This analytical framework is the fund's core differentiator. Every acquisition is validated against curve-shape mortality assumptions — not flat CMM multipliers.
Longevity Strategies Fund · 2026
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Investment Process
A disciplined six-step framework.
From sourcing to exit.
01
Sourcing & Origination
Tertiary market deal flow via 75+ proprietary counterparties, including unique access to special situations and captive acquisitions.
02
Actuarial Underwriting
Medical records review, internal and third-party LE analysis, curve-shape mortality modelling, and sensitivity scenarios.
03
Pricing, Risk & Valuation
Policy-level NPV pricing versus market. Proprietary risk metrics identify and mitigate hidden exposure. Independent actuarial sign-off on pricing and risk.
04
Trade vs. Hold Decision
Near-term resale spread → trading book. Superior hold-to-maturity yield → core portfolio.
05
Portfolio Management
Active cash management, premium optimisation, LE monitoring, A/E mortality tracking, and quarterly IC review.
06
Exit & Distribution
Accelerated distributions toward fund maturity. Structured tail liquidation to maximise returns; orderly return of capital.
Longevity Strategies Fund · 2026
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Portfolio Construction
Diversified, disciplined, dual-track.
Trading Book
30–40%
of deployed capital
Objective
Identify undervalued, mispriced policies in tertiary markets and sell at a premium to intrinsic value within 6 to 24 months.
Policy Criteria
Face value $500K to $10M; insured age 70+; clear intrinsic and quantifiable spread, confirmed through IC.
Exit
Individual or bundled policy sales to tertiary buyers.
Hold-to-Maturity
60–70%
of deployed capital
Objective
Build a diversified hold-to-maturity portfolio of high-quality policies. Death benefit yield is the primary return driver.
Diversification
By sex, age cohort, impairment type, carrier rating and face value size.
Exit
Death benefit collection or tertiary sale upon fund wind-down.
Longevity Strategies Fund · 2026
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Risk Management
Multilevel risk framework.
Protecting capital and optimising returns.
Longevity & LE Extension
Regular medical and LE updates; healthcare innovation monitoring; stochastic stress testing under extended longevity scenarios.
Origination & Concentration
Diversification by sex, age, impairment and carrier; maximum single-policy and single-carrier exposure limits enforced.
Liquidity & Premium Funding
Dedicated premium reserve at all times; premium obligations stress-tested under extended longevity; ongoing optimisation.
Valuation & Illiquidity
Annual independent valuations; rolling LE updates; actual-vs-expected mortality tracking; liquidity stress modelling.
Credit Risk
Carriers rated A− or better; policyholder claims rank senior in the credit structure; state guaranty funds provide insolvency protection.
Legal & Compliance
Standardised due diligence protocols; external legal review; full compliance across all 45 regulated US states; LISA and ELSA membership.
Longevity Strategies Fund · 2026
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Track Record Audit
Track record — independent audit.
Personal portfolio performance — independently validated by Paragon Longevity Analytics.
Tier 1
LE Accuracy (Standard A/E)
Did deaths occur faster than predicted?
Measures whether the certified life expectancies were conservative, accurate, or optimistic. A/E below 100% indicates outperformance.
Result
[Pending]
Tier 2
Curve Shape (Durational A/E)
Was the mortality curve shape correct?
Measures whether deaths occurred at the right time relative to expectations, not just the right total. Captures the CMM distortion effect.
Result
[Pending]
Tier 3
Financial (Financial A/E)
Did returns beat expectations?
Compares actual NPV of realised cashflows against expected NPV at purchase. Captures the financial impact of death timing on portfolio IRR.
Result
[Pending]
Audit in progress. Results to be incorporated upon completion of the independent actuarial analysis of the portfolio's historical mortality experience and financial performance.
Longevity Strategies Fund · 2026
11 / 19
Expertise & Track Record
Two decades of proven execution.
Across the entire life settlement value chain.
Origination & Trading
- 20+ years, $50B+ aggregate face value originated; 2,000+ policies acquired ($4B+ face value).
- Since 2006, ~$4B in face value traded in the tertiary market via structured auctions, private placements and bilateral mandates with 75+ global counterparties.
- Collectively $2B+ in cumulative capital deployed.
Servicing & Tracking
- Recognised industry leader in service excellence.
- 25+ person team, 100+ collective years in post-purchase policy administration for a global client base.
- Servicing track record across thousands of policies totalling $12B+ in tracked death benefits.
Asset Management & Advisory
- Fund manager and investment advisor to North American, European and Middle Eastern funds and family offices.
- Complex structures designed and implemented: lending programmes, structured notes, securitisations and reinsurance solutions.
- Regularly retained for expert analysis and advisory in litigation and distressed situations.
Analytics & Reporting
- Pioneered best-in-class pricing and risk-analytics frameworks for policy acquisitions across two institutional life settlement funds — recognised by a Big Four accountancy for industry-leading analytical rigour.
- Delivered monthly portfolio valuations, fund NAV calculations, investor-performance attribution and individual-holding breakdowns — all independently validated by a Big Four accountancy.
- Published quarterly A/E mortality analysis and secondary-market IRR studies, with monthly stochastic risk-adjusted premium-reserve modelling to ensure adequate liquidity buffers against longevity extension scenarios.
Longevity Strategies Fund · 2026
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Integrated Services
Integrated services.
One fund, complete coverage — no reliance on fragmented intermediary chains.
Deal Sourcing
Proprietary deal flow through established market network and 75+ counterparty relationships.
Medical Underwriting
In-house medical underwriting and life expectancy assessment via ISC Services.
Actuarial Analytics
Curve-shape mortality modelling, A/E studies, market IRR analysis, policy selection intelligence.
Servicing & Administration
Premium payment, policy tracking, carrier liaison, and asset management.
Valuation & Pricing
Independent valuations, with proprietary risk metrics and assessment, and actuarial sign-off.
Escrow & Settlement
Integrated escrow and closing services via First Escrow Corp.
Longevity Strategies Fund · 2026
13 / 19
Senior Team
100+ years of combined expertise.
Moritz Roever
Vitaro Group · Partner, Structuring & Trading
Two decades of expertise in asset origination, product structuring, trading and fund advisory. Facilitated $3.8B+ in face value of life settlement transactions across secondary and tertiary markets.
Chris Conway
Vitaro Group · Partner, Strategy & Investor Relations
30+ years of senior leadership across life settlement operations, strategy and investor relations. Longstanding Chairman of LISA and ELSA. Recognised international industry spokesperson.
Mike Graviss
Vitaro Group · Partner, Operations & Governance
25+ years across life insurance and life settlement industries. Executed 1,000+ transactions across primary, secondary and tertiary markets. Full lifecycle expertise across operations and infrastructure.
Leo Zahneisen
Vitaro Group · Director, Portfolio Management
15+ years in life settlement investment management. Deep specialisation in policy pricing, portfolio analytics and actuarial underwriting. Prior senior roles at Pioneer Investment Management.
Liam Bodemeaid
Paragon Longevity Analytics · Founder, Actuarial Analytics
20+ years in life insurance and longevity, 15 years in US life settlements. Expert in portfolio valuation, purchasing analytics and risk management. Developer of proprietary mortality analytics. Published author. IFoA Diploma, MSc International Finance.
Longevity Strategies Fund · 2026
14 / 19
Fund Terms
Fund terms.
Key structural parameters.
Fund NameLongevity Strategies Fund, L.P.
StrategyOpportunistic life settlements — tactical trading & hold-to-maturity
StructureClosed-Ended Fund
Target Fund Size$10,000,000 to $15,000,000
Minimum Investment$250,000
Management Fee1.25% p.a. on committed capital
DomicileTo be confirmed (Cayman ELP under review)
ValuationAnnual, by independent valuation agent
AuditAnnual, by approved independent auditor
Lock-Up: 6 years with 1-year extension at management discretion · Redemptions: none during lock-up · Target: outperform passive life settlement returns of 6–12% p.a.
Tiered Performance Fee Structure
Aligned with investors — higher fees only at higher return thresholds.
Below 6% net IRR
No fee below hurdle
0%
6% – 12% net IRR
Performance fee
25%
12% – 18% net IRR
Performance fee
30%
18% – 35% net IRR
Performance fee
35%
Above 35% net IRR
Performance fee
40%
Longevity Strategies Fund · 2026
15 / 19
Strategy Examples
Trade vs. hold — sample policy.
Face Value: $1,000,000Age: 78, MaleLE: 84 monthsPurchase: $285,000Purchase IRR: 14%
Scenario A — Flip
Sold 6 months post-acquisition to tertiary buyer
Purchase Price$285,000
Carrying Cost (premiums)$20,000
Sale Price (6 months)$345,000
Net Gain$40,000
Holding Period IRR~28%
Capital Returned6 months
Scenario B — Hold to Maturity
Held; death benefit collected at LE (84 months)
Purchase Price$285,000
Total Premiums (7 yrs)$175,000
Total Invested$460,000
Death Benefit Received$1,000,000
Net Gain$540,000
Hold Period IRR~15%
Illustrative only. Past performance does not guarantee future results.
Longevity Strategies Fund · 2026
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Illustrative Cashflow
Illustrative portfolio cash flow — assumptions.
Key model parameters — to be updated upon finalisation of fund terms.
Fund & Hold Portfolio
Fund Size$10M to $15M
Liquidity ReservePremiums and expenses
Fund Life6 years (+1-yr extension)
Management Fee1.25% p.a. of committed capital
Miscellaneous Costs0.75% p.a. of committed capital
Hold Portfolio60–70% of deployed capital
Acquisition Price~28% of face value (tertiary)
Mortality Table2015 VBT (multiple TBC)
Premium Rate4.0% of FV p.a., +10%/yr
Trading Book & Return Summary
Trading Book30–40% of deployed capital
StrategyTertiary market policy trading
Return per Cycle15% net per 6-month cycle
Cycles per Year2× (full rotation twice p.a.)
Net Annual Return30% p.a.
Active PeriodFull fund life
These assumptions are illustrative and will be updated upon finalisation of fund structure and completion of the independent actuarial model. The final model will incorporate stochastic simulation and dynamic scenario analysis.
Longevity Strategies Fund · 2026
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Regulatory Environment
A mature regulatory framework.
Multi-layered investor protection and market-integrity safeguards.
NAIC Model Acts
Viatical Settlements Model Act adopted across regulated states — establishing baseline standards.
State Licensing
45 of 50 states require provider and broker licensing with capital and bonding requirements.
Consumer Protections
Mandatory disclosures, rescission rights, suitability standards and fiduciary duties to insureds.
SEC / Securities Overlay
Federal oversight where settlements are deemed securities; institutional-investor exemptions apply.
HIPAA Compliance
Protected health information handling under federal privacy rules across the policy lifecycle.
Industry Self-Regulation
LISA and ELSA membership; code of ethics; best-practice standards across the value chain.
Longevity Strategies Fund · 2026
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Disclaimer
Important Legal Notice
Disclaimer.
THIS IS NOT AN OFFERING. An offering will only be made by means of a final Offering Memorandum and only where permitted by law. This presentation is not intended for public use or distribution.
NO ASSURANCE CAN BE GIVEN THAT THE INVESTMENT OBJECTIVES WILL BE ACHIEVED. Past results are not necessarily indicative of future performance. The Fund's performance may be volatile. Performance figures and exposures are estimated and may be inaccurate or incomplete.
THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially from those projected.
INFORMATION PRESENTED does not involve the rendering of personalised investment advice. All expressions of opinion are subject to change. Asset allocation and diversification do not assure or guarantee better performance.
DIFFERENT TYPES OF INVESTMENTS involve varying degrees of risk. There can be no assurance that any specific investment will either be suitable or profitable for an investor's portfolio.
THE TAX, LEGAL AND ESTATE PLANNING INFORMATION provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific situation.
© 2026 Longevity Strategies Fund. All Rights Reserved.
Longevity Strategies Fund · 2026
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Contact
LONGEVITY STRATEGIES FUND
This presentation is confidential and for information purposes only. It does not constitute an offer to sell or a solicitation of an offer to purchase interests in any fund.
Paragon Longevity Analytics
Liam Bodemeaid · Founder
liam@paragonlongevity.com
Vitaro Group
521 W. Wilshire Blvd · Oklahoma City, OK 73116
+1 (405) 753-9100
info@vitarogroup.com
© 2026 Longevity Strategies Fund. All Rights Reserved.