Figure’s Private Credit Strategy1 navigates to the related disclosure
Target yield2 navigates to the related disclosure
Target offering size
Figure Private Credit Strategy1 navigates to the related disclosure (the “Fund”) provides exposure to an institutional quality portfolio of residential mortgage assets, allowing individual investors to access attractive yield generating assets in a simple, easy-to-understand vehicle. The Fund holds Figure HELOC whole loans and residuals from Figure HELOC securitizations, with a committed warehouse facility for leverage.
Target offering size
Figure Private Credit Strategy Details
Residential Mortgage Loans
20% over hurdle
Figure Private Credit Strategy1 navigates to the related disclosure provides exposure to an institutional quality portfolio of residential mortgage assets, allowing individual investors to access attractive yield generating assets in a simple, easy-to-understand vehicle. The Portfolio is designed to generate a target yield2 navigates to the related disclosure of 9% annually by investing in a diversified pool of digitally native assets originated on the Provenance blockchain. Provenance is a leading production blockchain for financial services and allows for unparalleled transparency into underlying holdings and the ability to monitor the performance of the Fund and its underlying holdings in real time.
Net return since inception
February 5, 2021
Source: Figure Investment Advisors Internal Analyst
Start investing today
Set up an account. Once logged in, you’ll be directed to the Marketplace. Then, you’ll be able to explore available funds and set up an Investor Passport for seamless access to future investments.
The Figure Investment Advisors LLC team has managed Figure Private Credit Strategy since February 2021. The team has deep Fintech lending and capital markets experience supporting portfolio managers. The Fund is led by Investment Committee Chair Mike Cagney, former Coinbase President and COO Asiff Hirji, Portfolio Manager Bill White and Senior Director of Research Evan Smith.
Mike is the Co-Founder and CEO of Figure Technologies, Inc. and Co-Portfolio Manager for Figure Private Credit Strategy. Previously, Mike was Co-Founder and CEO of SoFi, as well as Co-Founder and managing partner of Cabezon Investment Group. Mike was Head of Financial Products and proprietary trading at Wells Fargo. Mike has extensive experience in consumer credit, ABS, MBS/RMBS, capital markets, and Global Macro, FX, Equity and Credit PM experience. Mike has a BA and MA from University of California at Santa Cruz and was a Sloan Fellow at Stanford Graduate School of Business.
Asiff is the President of Figure Technologies, Inc, and a member of Figure Private Credit Strategy Investment Committee. Prior to Figure, Asiff served as President and COO of Coinbase where he grew the company to over $1 billion in revenue and achieved an $8 billion valuation. Asiff was an Operating Partner with Andreesen Horowitz and previously served as President and COO of TD Ameritrade, growing that business 6x into the nation’s largest online broker. Asiff has also held senior leadership roles with TPG Capital, Saxo Bank, HP, and Bain Capital and has served on a number of public and private boards including Citrix and Advent Software.
Dr. Evan Smith
Dr. Evan T. Smith is the Senior Director of Research at Figure Investment Advisors, a position he has held since 2015 at FIA's predecessor firm. Dr. Smith earned his Ph.D. in International Economics from the University of California, Santa Cruz with a dissertation examining foreign exchange market anomalies using Bayesian statistical techniques. From 2016 to 2018 he concurrently conducted research at Social Finance, a consumer lender and fintech firm, using machine learning to predict consumer behavior and was its first Principal Analyst. In addition to the Ph.D., Dr. Smith earned his M.A. in International Economics from the University of California, Santa Cruz. He received his B.A. in Economics from the University of California, Santa Barbara.
Bill White is the CEO of Figure Investment Advisors and Co-Portfolio Manager for Figure Private Credit Strategy. During his career, Bill has been a Portfolio Manager for funds managed by FIA’s predecessor firm and the ReFlow Fund. He has been Vice President, Trading at SoFi, held various leadership roles with ReFlow and Forward Management and was Vice President, Trading for Morgan Stanley Online where he headed Equity, Options, and Fixed Income trading at the San Francisco office.