Monday, 6 July 2015
Last updated 1 hour ago
Dec 6 2012 | 11:33am ET
Deer Park Corp. is readying a new credit hedge fund as it closes its current offering to new investors.
The firm plans to close its STS Partners Fund, which now manages over $600 million. The distressed mortgage and asset-backed fund has garnered more than $250 million in new assets since May, when it established its three year track record—an impressive one, with annualized returns of almost 30%, Hedge Funds Review reports.
With its first fund closed to preserve performance, Deer Park plans to launch another credit fund in the second quarter. The new fund, based on a $150 million separately-managed account the firm already manages, will employ the same strategy as STS Partners, but will focus on securities higher in the capital structure—with consequently lower returns expected.
May 27 2015 | 2:15pm ET
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