New York (HedgeCo.Net) – Deer Park Road Corp. is launching a new mortgage/asset-backed hedge fund, Burgess Creek Fund, after closing its flagship fund, STS Partners Fund, with $750 million currently under management.
The new fund’s strategy will be similar to what Deer Park has been successfully using for a separate account that it has been running for a large institutional investor with $170 million currently under management.
“When we started running this strategy as a separate account for one of our investors it was a natural extension for us since it took advantage of the deal flow, systems and portfolio management process that we were already using to manage STS Partners Fund”, said Michael Craig-Scheckman, Portfolio Manager and owner of the firm. “Since that time we have produced good results and had a number of investors express a strong interest in this strategy, so we decided to move ahead with the launch of Burgess Creek Fund”.
The firm manages almost $1 billion in several portfolios for investors.
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