We reported Q1 earnings last week. The numbers were strong: adjusted net income is up 17% year-over-year, adjusted EBITDA is up 33%, longevity fund AUM is approaching $1 billion.
But there’s one figure that tells a bigger story than any of those: two-thirds.
Major Validation
That’s table stakes. That’s what you’re supposed to do. But the interesting part is what happened next: two-thirds of those investors chose to recommit or extend their investment with us.
These are institutional investors—sophisticated allocators who have options, who run competitive processes, who don’t stick around out of loyalty. They stay because the returns are there, the structure works, and they trust the execution.
When capital comes back and then stays, that’s a different conversation than when it just comes back.
The Cash Generation Story
A year ago in Q1 2025, that number was negative $61.6 million. That’s a $153 million swing in twelve months.
This is what happens when longevity fund AUM scales. As the platform grows and matures, the cash generation capacity becomes visible. And it’s not speculative—it’s happening in real time.
We’re not burning cash to grow. We’re generating it while we grow. That’s a fundamentally different business model than what most people assume when they hear “alternative asset manager.”
The Moment This Asset Class Is Having
As I wrote in my post last week about my panel at the Milken Conference, volatility isn’t an exception anymore. It’s the baseline. The VIX has been in the 20s post-COVID. Markets swing. Headlines drive behavior. Correlation breaks down when you need diversification most.
Longevity assets don’t care about any of that.
Our returns are driven by mortality data—actuarial science, medical underwriting, demographic trends. When equity markets sell off, it doesn’t change the probability curve of someone’s lifespan. When credit spreads widen, it doesn’t impact the cash flows from a life insurance portfolio.
This is what true uncorrelation looks like. And institutional demand is accelerating.
Longevity fund AUM grew nearly 4x year-over-year to approximately $1 billion. That’s not marketing. That’s capital allocators making decisions about where to put money in an uncertain environment.
What’s Next
But the real story in Q1 wasn’t any single initiative. It was the compounding effect of everything we’ve been building: institutional trust, platform cash generation, fund structures that work, and an asset class finding its moment in a volatile macro environment.
Capital came back. And it stayed. That’s the best kind of validation there is.
