Pagaya Opportunity Fund

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The Pagaya Opportunity Fund, a subsidiary of Israeli fintech company Pagaya, has suspended immediate and full withdrawals due to a high number of withdrawal requests. Customers will now receive funds in quarterly installments. The fund operates in the P2P loans market in the U.S. and has been impacted by changes in global markets and rising interest rates. The increased interest rates have led to a decrease in the value of the funds assets and negative returns. The funds valuation has decreased from $1.4 billion to $1.28 billion. Pagaya, the parent company, went public through a SPAC merger at an $8.5 billion valuation but has since seen a significant decrease in its stock price. The company has also recently laid off around 140 employees.