Deer Park Bets on Real Estate, Expecting Fed to Cut Rates in ‘24
- Raises $170 million for debut mortgage opportunity fund
- Fed rate cuts on the horizon to boost returns, cut risks: CIO
Deer Park Road Management will aim to capitalize on trades in legacy residential mortgage-backed securities.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Hedge fund firm Deer Park Road Management Co. is set to pounce on beaten-down prices in the residential mortgage market on expectations that the US Federal Reserve will start lowering rates later this year.
The Steamboat Springs, Colorado-based money manager, known for its wildly lucrative wagers on deeply discounted mortgage- and asset-backed securities in the wake of the 2008 financial crisis, has raised $170 million for its debut mortgage opportunity fund, the firm’s Chief Investment Officer Scott Burg said in an interview.