Gorelick Launches Second Mortgage-Backed Closed-End Fund Of Funds

Dec 9 2010 | 12:40pm ET

Buoyed by the success of its first residential mortgage-backed securities fund of hedge funds, Gorelick Brothers Capital has launched a sequel.

The North Carolina-based fund rolled out the Motorcroft Special Opportunity Fund II with $30 million in initial assets—both firm capital and money from multi-family offices, HFMWeek reports. Unlike its predecessor, the new closed-end vehicle will invest in agency loans, in addition to non-agency and whole loans.

Motorcroft I is up 14% this year.

Former Banc of America Securities collateralized debt obligations head Christopher Skardon will manage the new fund, which has a $200 million capacity. It will invest in between 10 and 15 managers.

Gorelick currently manages $120 million. The first Motorcroft fund debuted in March 2008.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…