Pagaya, a leading artificial intelligence (AI) investment manager, today announced the closing of its fifth capital markets transaction this year. This latest transaction closed at $200 million and brings Pagaya’s total assets under management (AUM) to over $1.2 billion.
It has been a banner year for Pagaya:
- The firm increased its origination 300% in the past 12 months, and its investment opportunity pipeline is projected to hit $500 million per month at the end of 2020.
- Pagaya has issued five securitizations, solidifying its position as a top ten issuer in 2019 (according to data from Finsight).
- The firm nearly doubled its team to 84 employees and relocated its Tel Aviv office to Azrieli Sarona (Israel’s tallest office tower located in central Tel Aviv, which houses some of the world’s most successful technology companies).
- Pagaya’s CEO and co-founder, Gal Krubiner, was named a 2019 Rising Star of Wall Street.
“Asset management hasn’t significantly evolved in the last 30 years, despite the proliferation of data and firms racing to adopt advanced technologies,” said Harvey Golub, Retired Chairman and CEO of American Express, and Pagaya board member. “Pagaya has accomplished what is just a hope and a dream for most firms and is ushering in a new era of asset management.”
Unlike other asset managers, advanced technology fuels Pagaya’s investments as its AI analyzes millions of data points to underwrite assets and manage risk. The firm’s data-driven investment strategy consistently produces above-market-average returns for investors.
“After significantly investing in the development of proprietary AI analytics, our growth has skyrocketed as our state-of-the-art algorithms have unlocked significant investment opportunities for clients,” said Krubiner. “Pagaya’s achievements wouldn’t have been possible without the dedication of our entire team. We surpassed our targets for 2019 and have adjusted our goals for 2020 accordingly — this is just the beginning.”
Pagaya is a financial technology company reshaping asset management using machine learning and big data analytics to manage institutional money. With a focus on fixed income and alternative credit, Pagaya offers a variety of investment strategies for institutional investors, including pension funds, insurance companies, and banks. Pagaya’s unique technology platform, Pagaya Pulse, runs on a suite of artificial intelligence technologies and state-of-the-art algorithms to deliver a high and scalable performance edge consistently. The company was founded in 2016 by seasoned finance and technology professionals with offices in New York and Tel Aviv.