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Allen & Overy supports Black Girls Code through CIFC CLO transaction

Allen & Overy, alongside CIFC, the Royal Bank of Canada, Appleby, BNY Mellon, Milbank and Locke Lord, has participated in the making of a collective contribution of $145,000 to Black Girls Code through CIFC Asset Management’s initiative in connection with its new US CLO, CIFC Funding 2021-IV.

 Black Girls Code is a New York and Oakland-based non-profit focused on mentoring girls of color between the ages of 7 and 17 in STEM fields through exposure to computer science and technology.  

CIFC recently launched its CLO Initiative for Change to support philanthropic organizations and increase the focus on ESG among investors in the CLO community. CIFC Funding 2021-IV was launched as part of that initiative. A&O’s and other counterparties’ contribution to Black Girls Code is net-against-fees that A&O and the other counterparties would otherwise receive for their work on the transaction. 

Larry Berkovich, a Structured Finance Partner at Allen & Overy in New York who advised on the deal, said: “As a longtime collaborator with CIFC, we were delighted to be a part of the first project in their plans to further ESG amongst the CLO investing community. We look forward to partnering further on their CLO Initiative for Change and hope that this transaction sparks more widespread philanthropy within this community of investors for fundamental programs like Black Girls Code.”