Pagaya’s Centralized AI-Powered Network Facilitates Credit Union’s Access to Capital from Leading Alternative Investment Firms
May 15 2023 - 9:00AM
Business Wire
Angelo Gordon, ATLAS SP Partners, and Värde Partners to
Provide Liquidity through Pagaya Network for Multi-Billion Dollar
Credit Union Amid Market Uncertainty
Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or “the
Company”), a global technology company delivering artificial
intelligence infrastructure for the financial ecosystem, announced
today a partnership with a group of leading alternative investment
firms – Angelo Gordon, ATLAS SP Partners, and Värde Partners – to
provide funding for a multi-billion dollar credit union.
Despite current market conditions in the regional banking sector
and rising interest rates, credit unions and banks continue to
focus on the well-being of their members and the communities they
serve. Tightened credit boxes and credit policies are putting more
liquidity pressure on these institutions. Pagaya’s unique funding
network and AI capabilities are well-positioned to solve this
challenge by helping to stabilize the credit union’s balance sheet
and provide a scalable solution to the banking ecosystem.
“The volatility in the financial markets over the last twelve
months has enabled our platform to prove its ability to identify
and execute on interesting opportunities in the face of a rapidly
evolving environment and expanding opportunity set,” said T.J.
Durkin, Head of Structured Credit at Angelo Gordon. “Leveraging the
Pagaya AI network accelerated our ability to both analyze the
underlying data of loans being sold and provide efficient liquidity
to the sellers of those credits.”
“Since the inception of ATLAS SP Partners as a new, independent
franchise, we have been focused on delivering innovative
asset-backed financing solutions and enabling commercial activity
and economic growth for our clients,” said a spokesperson for ATLAS
SP Partners. “We are proud to have worked with a longstanding
partner, Pagaya, in an expedited timeline to provide replicable
financing alternatives for our clients in this market
environment.”
“We are pleased to bring private capital solutions to credit
unions and other financial institutions looking to make room for
growth in their balance sheets,” said Aneek Mamik, Partner and Head
of Financial Services at Värde. “The collaboration with Pagaya and
other like-minded investors expands our financing reach, improves
our underwriting capabilities, and enhances our ability to bring
dependable capital to an increasingly dislocated credit
market.”
“Our AI network has two key pillars of differentiation: capital
strategy and sustained origination growth through our AI,
leveraging FCRA-compliant consumer data," said Gal Krubiner,
Co-Founder and CEO of Pagaya. “We remain laser-focused on bringing
together leading U.S. and global investors and continuing to enable
originators to offer consistent financial products. We offer a
scalable solution to the current macro environment and look forward
to replicating this for other institutions in the future.”
About Pagaya
Pagaya (NASDAQ: PGY) is a global technology company making
life-changing financial products and services available to more
people nationwide, as it reshapes the financial services ecosystem.
By using machine learning, a vast data network and a sophisticated
AI-driven approach, Pagaya provides comprehensive consumer credit
and residential real estate solutions for its partners, their
customers, and investors. Its proprietary API and capital solutions
integrate into its network of partners to deliver seamless user
experiences and greater access to the mainstream economy. Pagaya
has offices in New York and Tel Aviv. For more information, visit
pagaya.com.
About Angelo Gordon
Angelo Gordon is a privately-held alternative investment firm
founded in November 1988. The firm currently manages approximately
$73 billion*, with a primary focus on credit and real estate
strategies. Angelo Gordon has over 650 employees, including more
than 200 investment professionals, and is headquartered in New
York, with associated offices elsewhere in the U.S., Europe, and
Asia. For more information, visit www.angelogordon.com.
*Angelo Gordon’s (the "firm") currently stated AUM of
approximately $73 billion as of December 31, 2022 reflects
fund-level asset-related leverage. Prior to May 15, 2023, the firm
calculated its AUM as net assets under management excluding
leverage, which resulted in firm AUM of approximately $53 billion
as of December 31, 2022. The difference reflects a change in the
firm’s AUM calculation methodology and not any material change to
the firm’s investment advisory business. For a description of the
factors the firm considers when calculating AUM, please see the
disclosure linked here.
About ATLAS SP Partners
ATLAS SP Partners is a global investment firm providing tailored
solutions, industry expertise and execution certainty on
asset-backed financing and capital markets activities that fuel
business innovation and growth. ATLAS SP Partners offers a suite of
flexible solutions across asset-backed warehouse financing, forward
flow and asset purchase, and capital markets and distribution
services. Companies of all maturities, from early-stage growth to
large public companies, operating across real estate, corporate and
consumer financing turn to ATLAS SP Partners for capital and
advisory solutions. To learn more, please visit
www.atlas-sp.com.
About Värde Partners
Värde Partners is a leading global alternative investment firm
specializing in credit and credit-related assets. Founded in 1993,
the firm has invested through multiple credit cycles, building on
its roots in special situations and distressed to invest more than
$95 billion across the credit quality and liquidity spectrum in
both public and private markets. Värde currently manages over $13
billion in assets with teams in North America, Europe, and Asia
Pacific focused on Corporate & Traded Credit, Real Estate, and
Financial Services. For more information, please visit
www.varde.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230515005260/en/
Investors & Analysts Jency John Head of Investor
Relations IR@pagaya.com Media & Press Emily Passer Head
of PR & External Communications press@pagaya.com
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