To paraphrase Benjamin Franklin, life has two certainties: death and taxes.

Credit investors like certainty, so naturally they have converted the first into a bona fide asset class. But there is still work to be done on the second. Enter the growing world of tax receivable agreements (TRAs).

The life settlements space offers some helpful parallels for understanding what is known as the TRA market, a niche credit-esque space where investors like Parallaxes Capital offer a simple trade similar to the life settlement one: they offer liquidity up-front as a rare secondary buyer of a longer-dated asset, which could be nice for some sellers, but is rarely necessary. Still, some people make the trade because a lump sum of hard cash is sometimes more appealing than a wonky tax asset.