Deer Park Launches New MBS/ABS Fund

Apr 3 2013 | 10:48am ET

Steamboat Springs, CO-based Deer Park Road Corp. has launched a new mortgage/asset-backed fund after closing its flagship $750 million STS Partners Fund.

The new Burgess Creek Fund will employ a strategy similar to one Deer Park has been running in a $170 million separate account for a large institutional investor.

Deer Park Managing Director Will Bashan told FINalternatives in an e-mail that capacity for the new fund was between $1.5 and $2 billion and the minimum investment is $3 million, although that will be lowered to $1 million for the initial June 1 subscription period.

“The Burgess Creek Fund will take advantage of the deal flow, systems and portfolio management process that are used to manage STS, Deer Park’s flagship fund,” said Bashan. “But, Burgess Creek will have a broader mandate than STS, seeking to manage a MBS/ABS portfolio with a wider range of expected yields and total return targets.  Generally, it will be a little higher up in the capital structure.”

Deer Park said the fund launch was prompted by good results in the separate account and investor interest.

Established in 2003, Deer Park focuses on deeply discounted mortgage- and asset-backed portfolios and manages almost $1 billion.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of