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.

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