Deer Park Launches Mortgage Opportunity Fund
Deer Park Road Management Company LP, an alternative asset management firm based in Steamboat Springs, CO, has launched Deer Park Mortgage Opportunity Fund I, a closed-end fund focused on legacy, non-agency residential mortgage-backed securities (RMBS).
The fund will invest in RMBS with the principal objective of realizing long-term capital appreciation and cashflow from its investment, while also looking to provide access to trade opportunities in the structed credit market.
Deer Park will seek to leverage its credit investment experience across cycles to identify and invest in bonds trading at less than their intrinsic value with the intention of holding them to term.
“We believe that liquidity-driven technical factors have driven spreads and relative returns to historically wide levels, resulting in the RMBS sector now trading at levels that offer compelling performance with diminished credit risk,” says Scott Burg, CIO and managing partner of Deer Park.
The fund will be available to qualified and accredited individual and institutional investors and requires a $250,000 minimum investment and a three-year term.
Deer Park was founded by Michael Craig-Scheckman in 2003 and has approximately $3.3 billion in assets under management.