NEW
YORK and BOSTON,
Jan. 24,
2024 /PRNewswire/ -- Global investment firm, Carlyle
(NASDAQ: CG) today announced the acquisition of a $415 million private student loan portfolio, and
strategic investment into Monogram LLC ("Monogram"), a leading
provider of finance solutions for students and their families. Led
by the former management team of Cognition Financial and backed by
Carlyle, Monogram will partner with Carlyle to originate, acquire,
and manage high-quality third-party private student loan
assets.
The Monogram platform provides a fully outsourced, end-to-end
private student loan solution for lenders. The platform is designed
to be flexible and helps lending partners target risk profiles that
align with their portfolio objectives. Product offerings include
customizable private-label programs, school sales and marketing
support, active portfolio management, and loan loss protection. The
Monogram management team has been in the private student loan
business for more than 30 years, originating and managing over
$30 billion in private student loan
assets. Monogram currently has more than $7
billion in private student loans under management.
"There is an opportunity for private markets to fill the gap
left by traditional lenders reducing their lending to families to
finance their higher education goals," said Akhil Bansal, Managing Director and Head of
Credit Strategic Solutions at Carlyle. "Carlyle is excited to
partner with Monogram to deliver attractive and competitive
financing solutions to the private student loan market."
"Monogram has the data and analytics capabilities previously
part of First Marblehead and Cognition Financial, and a management
team with more than a century of expertise in the student loan
industry," said Seth Gelber, Chief
Executive Officer of Monogram. "Now, with the financial backing of
Carlyle, we're better positioned to help all types of
borrowers."
"I started in this industry nearly three decades ago and I've
never been more excited about our future than I am now. Demand for
well-structured education finance products is as high as it has
ever been," said Daniel Meyers,
Executive Chairman of Monogram.
This transaction was led by Carlyle's Credit Strategic Solutions
("CSS") team, a group within the Global Credit business focused on
private fixed income and asset-backed investments. The highly
experienced team leverages the knowledge, sourcing, structuring,
and breadth of the entire Carlyle investment platform to deliver
tailored asset-focused financing solutions to businesses, specialty
finance companies, banks, asset managers, and other originators and
owners of diversified pools of assets.
As of September 30, 2023, CSS has
deployed more than $1.5 billion year
to date.
About Carlyle
Carlyle (NASDAQ: CG) is a global
investment firm with deep industry expertise that deploys private
capital across three business segments: Global Private Equity,
Global Credit and Global Investment Solutions. With $382 billion of assets under management as of
September 30, 2023, Carlyle's purpose
is to invest wisely and create value on behalf of its investors,
portfolio companies and the communities in which we live and
invest. Carlyle employs more than 2,200 people in 28 offices across
four continents. Further information is available at
www.carlyle.com. Follow Carlyle on X @OneCarlyle.
About Monogram
Monogram makes financial resources
accessible for students and their families to pursue higher
education. The leader in data-driven private student lending
products and programs, Monogram works closely with banks and
financial aid offices to empower students with the loans that best
meet their needs.
With more than $7 billion in loans
under management, Monogram's advanced loan origination platform,
robust credit databases and comprehensive loan-performance
analytics enable banks, affinity groups and other organizations to
offer innovative private student loan products to their
customers.
For more than 30 years, Monogram and its predecessor, Cognition
Financial, have originated and managed more than $30 billion in private student assets. For more
information, please visit www.monogramllc.com.
Media:
Kristen Greco Ashton
Carlyle
Kristen.ashton@carlyle.com
Dawn Ringel
Incenter Marketing for Monogram
Dawn.Ringel@incenterls.com
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SOURCE Monogram