Carlyle Announces Acquisition of $415 Million Private Student Loan Portfolio and Strategic Investment in Monogram
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
