Alternative credit specialist CIFC Asset Management’s philanthropic programme, the CLO Initiative for Change, has made its second annual donation.
In support of educating and empowering students to reach their full potential regardless of financial means, CIFC has partnered with the deal parties of its latest CLO, CIFC Funding 2022-II, including RBC Capital Markets, Appleby (Cayman) Ltd, Allen & Overy LLP, Milbank LLP, BNY Mellon, and Locke Lord LLP, to make a collective contribution of over USD225,000 to the TEAK Fellowship (TEAK). In addition to the financial contribution, CIFC team members will partner with TEAK to provide mentorship and/or educational support this year and potentially thereafter.
Founded in 1998 by Justine Stamen Arrillaga, TEAK is a free, ten-year college prep, access, and success program for middle school, high school, and college students located in New York City. Beginning the summer after sixth-grade, TEAK accompanies high-achieving, low-income students on journeys of academic and emotional preparation and mentorship. In addition to helping these students achieve entry into the nation’s most prestigious high schools and colleges, TEAK provides its Fellows with access to internships and professional coaches, ultimately helping to create career opportunities to which these individuals may not have otherwise been aware.
Launched in 2021, CIFC’s CLO Initiative for Change is dedicated to supporting organizations driving social, economic or environmental change. The partnership with TEAK is the second donation made on behalf of the program, which last year contributed $145,000 to Black Girls CODE in support of racial equity and economic progress in the Black community.
