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

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of