Friday, 1 July 2016
Last updated 12 hours ago
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.