Vinson & Elkins advised Vida Capital, Inc. on the transaction
Rewire Holdings LLC (“Rewire”) and Vida Capital Inc. (“Vida Capital”) announce the formation of Merion Square Capital LLC (“Merion Square”), a joint venture, which combines the expertise and core competencies of the two companies.
The asset manager has established an open-ended fund structure, which will primarily invest in insurance-linked securities with an emphasis on Property and Casualty insurance, annuities and mortality-related products. The newly created investment manager leverages Rewire’s reinsurance and insurance-linked securities experience with Vida’s track record and expertise as a dedicated institutional asset manager of insurance related assets.
Merion Square will be led and managed by the Rewire managing principals, Stefano Sola, Richard Pennay and Markus Schmutz (the “Investment Team”). Merion Square will initially launch with $150 million of capital through an open-ended hedge fund structure and will continue to raise new capital throughout 2019. Vida Capital’s team will be responsible for the fundraising, investor relations, finance, compliance and other operational-related functions of Merion Square.
The V&E corporate team was led by partner Milam Newby (Picture) and associate Michael Gibson, with assistance from associates Brittany Smith and Ann Stehling. Partner David Peck and associate Allyson Seger provided tax advice.
Involved fees earner: Milam Foster Newby – Vinson & Elkins LLP; Michael Gibson – Vinson & Elkins LLP; David Peck – Vinson & Elkins LLP; Allyson Seger – Vinson & Elkins LLP; Brittany Smith – Vinson & Elkins LLP; Ann Elise Stehling – Vinson & Elkins LLP;
Law Firms: Vinson & Elkins LLP;
Clients: Vida Capital Inc. ;