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Harvard Graduates Targeted for Loans With Alumni-Backed Funds

Michael Cagney, a hedge-fund manager backed by China’s largest social-networking website, is starting a series of funds to help students at Ivy League and other top U.S. colleges refinance their loans at lower rates.

Cagney has registered SoFi Capital Advisors LLC with the U.S. Securities and Exchange Commission to manage funds that will finance loans at top colleges, including six members of the Ivy League. Each of the 18 funds will be dedicated to one school and will seek money from institutional investors as well as alumni of that school, according to company officials and regulatory filings.