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Tribeca Venture Partners backs $100m debt, equity round for CommonBond

4 Sep 2013

universityTribeca Venture Partners has led a financing round of more than $100m in debt and equity for student lending platform CommonBond.

Silicon Valley’s The Social + Capital Partnership also took part in the financing with ex-Citigroup CEO Vikram Pandit, former Thomson Reuters CEO Thomas Glocer and ex-Barclays senior executive Tom Kalaris.

Commonbond allows MBA graduates who carry student loan debt to consolidate their MBA and undergraduate loans at a fixed rate, which the company says can save them more than $17,000 compared to their federal government loan rates.

Tribeca managing partner Brian Hersch said, “CommonBond is uniquely positioned to address both the borrower and lender sides of this market.

“The founders started the company because of a personal pain point, so they can truly identify with the needs of their Millennial borrowers.

“They also have strong backgrounds in finance and have leveraged their experience to secure the capital needed to address the student debt burden while providing attractive returns to investors.”

Tribeca, a firm set up by former GSA partner Brian Hirsch and ex Kodiak dealmaker Chip Meakem, was nearing the halfway mark for its $100m-targeting second fund 12 months ago but has been quiet on the matter since.

The vehicle focuses on seed and early-stage technology companies in New York.

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