Saturday, 23 August 2014
Last updated 20 hours ago
Dec 4 2012 | 8:04am ET
Having raised in excess of $600 million, Colorado hedge fund Deer Park Road has closed its flagship STS Partners Fund to new investors.
Deer Park launched STS Partners —which focuses on deeply discounted, short-duration, high cash-flow mortgage-backed and other asset-backed securities—in May 2008 with $17 million of internal capital.
The firm plans to roll-out a new fund using the same strategy in Q2 2013, although the securities in the new vehicle will be “slightly higher in the capital structure and with slightly lower return expectations.” The new fund’s strategy will “essentially replicate” a strategy Deer Park now uses to manage a $150+ million separately managed account.
Said Michael Craig-Scheckman, portfolio manager and owner of the firm, in a statement: “In order to preserve the ample opportunity we continue to see in our market, near and longer term, we decided it was best to limit the size of the portfolio.”
Established in 2003, Deer Park focuses exclusively on managing deeply discounted mortgage and asset-backed portfolios.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note