Singapore’s sovereign wealth fund GIC has increased its stake in United States-Israeli fintech Pagaya Technologies from roughly 7% to 9%. The details of the transaction was not disclosed.
GIC and Pagaya has also extended their existing funding agreement earlier this week for an additional 3 years on top of the original 5-year term, on the same terms as the existing agreement.
GIC is one of Pagaya’s top shareholders and has supported Pagaya in delivering a comprehensive, one-stop solution for institutional investors to invest at scale in consumer credit and real estate assets originated by more than 25 financial institutions and growing.
Tzu Mi Liew
“GIC is pleased to continue investing in Pagaya as the company expands its financial products through the use of AI technology.
With its innovative business model and differentiated performance in challenging market conditions, we believe that Pagaya is well-positioned to create long-term value for investors,”
said Tzu Mi Liew, Chief Investment Officer of Fixed Income and Multi Asset of GIC.
Gal Krubiner
“We are pleased to continue our ongoing partnership with GIC, who has played an important role in the rapid growth of our network over the past few years.
As one of the world’s largest and most sophisticated investment firms, GIC recognizes the power of AI technology driving future opportunity for investors and Pagaya is fortunate to have their confidence and support. This is a long-term strategic relationship for us that we hope to continue for decades to come.”
said Gal Krubiner, Co-founder and CEO of Pagaya.
