Vida Insurance Fund II: Fund Rating and Research File

In brief

Vida Insurance Fund II at a glance

The fund relies on Section 3(c)(7) of the Investment Company Act and Rule 506(b), so its interests go only to qualified purchasers in a private offering. The adviser reports one beneficial owner and none outside the United States. As an insurance-dedicated fund it is held through insurance company separate accounts, alongside the few other holders the Treasury rules allow, and a family reaches it through a policy whose insurer offers it.

It is a series of SALI Multi-Series Fund, L.P., a platform run by SALI Fund Management, LLC (SALI Fund Services), whose Form ADV of 25 August 2026 reports the series' controls; Obra Capital Management, LLC manages the investments.

One point to raise with the insurer: the filing reports that 0% of the fund's assets were valued in the last fiscal year by a person that is not related to the adviser. Essential Fund Services, LLC is the administrator. The figure does not show how prices were set or checked, which is a question for the insurer.

Obra Capital Management, LLC reports 1 regulatory action and 2 civil proceedings in Item 11 of its Form ADV between 2021 and 2023, 2 concerning the adviser itself and the rest other companies in its group, with reported sanctions of about USD 95,000. The full record is set out below.

The rating

Why Vida Insurance Fund II has three stars

Richey May audits the fund every year and the accounts go to investors. As SALI reports it, administration and valuation stay inside its group: Essential Fund Services, a related company, administers the series, and none of the assets were valued by an outside party last year. A 2023 action by the SEC against Obra counts a little against the record.

The rating looks only at the areas below, which matter to a family holding the fund through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

Fund scale and investor base

The fund's gross assets, the number of its owners and how long it has been offered.

Reporting and filings

Whether the fund and its adviser keep their SEC filings current and consistent with each other.

Fit for a life insurance policy

Whether the fund is insurance-dedicated, so that a policy can hold it, and the minimum it asks. Liquidity terms join this element as they are documented.

PPLI.comFund Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The fund at a glance

Identity, offering and service providers

Identity

Legal nameVida Insurance Fund II Series Interests of the SALI Multi-Series Fund, LP

OrganisedDelaware limited partnership

SEC CIK0002056641 EDGAR

Private fund ID805-8960270643 ADV

Investment managerObra Capital Management, LLC IAPD

PlatformSALI Multi-Series Fund, L.P. IAPD

Offering, as filed on Form D

ExemptionsRule 506(b); Investment Company Act s. 3(c)(7)

First sale15 July 2018

Minimum investmentUSD 1,000,000

Amount soldUSD 33.4 million to date

Investors in the offering1

Sales commissionsNone reported

Latest filingForm D/A, 15 September 2026 Source

Size and ownership, as filed on Form ADV

Gross asset valueUSD 32,207,290 (ADV filed 25 August 2026)

Beneficial ownersAbout 1

Owned by non-US persons0%

Service providers

AuditorRichey, May & Co., LLP

CustodianBank of New York Mellon; Charles Schwab & Co., Inc.; Wells Fargo Bank N.A.

AdministratorEssential Fund Services, LLC

Prime brokerNone reported

Valued by a person not related to the adviser0% of assets, last fiscal year

Figures are shown as filed, with their dates. Form D counts investors in the offering and Form ADV counts beneficial owners, so the two numbers need not match. Gross asset value counts total assets without deducting borrowings or other liabilities, so it is not a net asset value. The minimum on Form D can be nominal; the amount a family actually needs is set by the insurer and the policy.

Inside a policy

What to check before this fund goes into a policy

Why the wrapper matters here

Interest from loans and bonds is ordinary income for a US taxpayer, taxed at up to 37% plus the 3.8% net investment income tax, every year. Held through a policy that meets the tax rules, the same income compounds without a yearly tax bill. How the numbers work

Liquidity

The fund's redemption terms are not in its public filings. Read them in the offering documents and set them against the way the policy will need cash: loans, withdrawals and the insurer's own rules for moving between funds.

Who chooses the investments

The policyholder can choose this fund from the insurer's menu but cannot direct what the fund buys. That line comes from the investor control rules, and it is the reason the fund exists in a separate insurance-only form.

Diversification

A policy's separate account must meet the diversification test of section 817(h). Because the fund is reached only through insurance policies, the test can look through to its assets if the fund meets the conditions of the Treasury rules; whether a given account passes is a question for the insurer, not something these filings show.

Valuation

SALI reports that none of the fund's assets were valued last year by a person outside its group. Ask the insurer how it checks the price at which the account buys, sells and reports this fund.

Fees

Management and performance fees are set in the offering documents and are not shown in these filings. They come on top of the policy's own charges.

This is research, not an offer of the fund or advice to buy it. Interests in the fund are available only through an insurance company, and only to investors who qualify.

The adviser's record

Regulatory and legal record of Obra Capital Management, LLC

The full list for the firm is in the manager file.

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

202322 March 2023

Regulatory action by US Securities and Exchange Commission: cease and desist

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The SEC alleged that a former employee of the registrant, in 2019, made a campaign contribution to an elected official before being hired by the registrant, was then hired into a position in which the individual became a covered associate, and within two years after the contribution the registrant provided Investment advisory Services for compensation to a State public pension Fund over which the elected official had influence; the Investment pre-dated the contribution. Pursuant to an offer of settlement, the SEC found, and the registrant neither admitted nor denied, that the registrant violated Section 206(4) of the Advisers Act and Rule 206(4)-5 thereunder.

US Securities and Exchange Commission · Order 19 August 2024 · USD 95,000 · Concerns the adviser itself · Form ADV, Item 11 disclosure

202128 September 2021

Civil action brought by private plaintiffs: money damages

Fund concerned: Vida Longevity Fund, LP, a life settlement fund. None of the insurance-dedicated funds in this file is named.

Private plaintiffs · Dismissed 14 July 2022 · No monetary sanction reported · Concerns the adviser itself · Form ADV, Item 11 disclosure

202119 March 2021

Civil action brought by private plaintiffs: money damages

Fund concerned: Vida Longevity Fund, LP, a life settlement fund. None of the insurance-dedicated funds in this file is named.

Private plaintiffs · Settled 2 May 2023 · No monetary sanction reported · Concerns another company in the group · Form ADV, Item 11 disclosure

These are the matters Obra Capital Management, LLC reports in Item 11 of its Form ADV, filed 23 September 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com about this fund. None of them concerns the fund's investments.

The series runs on the SALI platform. SALI Fund Management's own Form ADV reports no disciplinary matters in Item 11, and the platform's record carries a 30% share of the conduct element for every series it runs.

Reader rating

How would you rate Vida Insurance Fund II?

Tap a star to give your own rating, from one to five, then add your name and email and, if you wish, a comment. Reader ratings are shown separately and never change the PPLI.com Fund Rating, which rests only on what the filings report.

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Vida Insurance Fund II

Vida Insurance Fund II at a glance

Why Vida Insurance Fund II has three stars

Conduct and regulatory record

Reported controls

Depth and experience of the manager

Fund scale and investor base

Reporting and filings

Fit for a life insurance policy

Identity, offering and service providers

Identity

Offering, as filed on Form D

Size and ownership, as filed on Form ADV

Service providers

What to check before this fund goes into a policy

Why the wrapper matters here

Liquidity

Who chooses the investments

Diversification

Valuation

Fees

Regulatory and legal record of Obra Capital Management, LLC

Regulatory action by US Securities and Exchange Commission: cease and desist

Civil action brought by private plaintiffs: money damages

Civil action brought by private plaintiffs: money damages

How would you rate Vida Insurance Fund II?

Sources

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