Greg Lippmann's LibreMax Capital To Launch New CMO/CLO Hedge Fund Next Year

Dec 18 2015 | 9:30pm ET

Greg Lippmann’s LibreMax Capital LLC is prepping a new credit-oriented hedge fund early next year. 

Lippmann’s successful bets against subprime mortgages prior to the financial crisis while a trader for Deutsche Bank became part of the plot line of Michael Lewis’s book “The Big Short,” and the subsequent movie. 

The new fund will invest in junior portions of CMOs and mezzanine slices of CLOs, according to a Bloomberg article citing an unidentified source familiar with the matter.

LibreMax is reportedly raising $200 million for the new vehicle, which will have an investment period of two years and a four-year runoff period.

LibreMax was founded in 2010 by Lippmann and president Fred Brettschneider. The firm focused on a variety of structured products including non-agency RMBS, consumer asset-backed securities, CMBS, CLOs, and CDOs, and managed more than $4.1 billion as of May 2015.


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