New Fund, Launching January 2025, Seeks to Capture Opportunities in Commercial Mortgage-Backed Securities
STEAMBOAT SPRINGS, Colo., Oct. 7, 2024 /PRNewswire/ — Deer Park Road Management Company, LP (“Deer Park”), an alternative asset management firm with dedicated expertise in the structured credit markets, today announced the launch of Deer Park Commercial Mortgage Opportunity Fund, I (the “Fund”), as a closed-end fund focused on realizing long-term growth of capital from opportunities within distressed commercial mortgage-backed securities (“CMBS”). This private equity-style fund is designed to provide access to investments in CMBS to qualified and accredited investors.
Deer Park has been an active investor in CMBS since the early 2000s building on the firm’s value-focused, opportunistic investment approach across the structured credit spectrum. Deer Park will seek to leverage its unique “Four Pillars” approach and selective investment process to identify bonds trading at less than their intrinsic value by applying fundamentals-driven, bottom-up property evaluation, due diligence, and modeling of individual loan-level outcomes.
“After the successful launch of our recent legacy RMBS-targeted Deer Park Mortgage Opportunity Fund I, we are pleased to announce the Deer Park Commercial Mortgage Opportunity Fund I focused on investments in CMBS. In light of the tremendous disruption seen in commercial real estate over the past several years, we think this is an ideal time to invest in select CMBS opportunities,” said Scott Burg, Chief Investment Officer and Managing Partner of Deer Park. “With the changes unfolding in the commercial real estate market, knowledge and experience in investment selection is a critical component to understanding the sector-specific challenges facing commercial real estate and identifying targets that offer the most attractive risk-adjusted return potential. Importantly, we believe that the distressed pricing levels in CMBS are reminiscent of the residential mortgage opportunity after the global financial crisis and will play out over the next several years, aligning well with the term of the Fund. Deer Park’s experienced and knowledgeable trading team is positioned to identify and acquire the highest conviction investments in the CMBS market to benefit our Funds’ investors.”
The Fund, which will launch in January 2025, is structured to accept investments during the first two years and to wind down by December 31, 2031 (subject to an optional 12-month extension at the discretion of the General Partner). Contact Scott Gibson or Michael Steinberg in Deer Park’s investor relations department to learn more about the new Fund.
CONTACT
Scott Gibson, Head of Investor Relations
970-457-4350
[email protected]
Michael Steinberg, CFA, Managing Director Business Development
970-367-8586
[email protected]
About Deer Park Road Management Company
Deer Park Road Management Company is an alternative asset management firm based in Steamboat Springs, Colorado with total firm-wide assets under management of approximately $3.0 billion as of August 31, 2024. Deer Park was founded by Michael Craig-Scheckman in 2003 with Scott Burg, Chief Investment Officer and Managing Partner, joining the Firm in 2010. Deer Park offers institutional and individual investors from around the globe a range of investment funds to meet their specific needs and objectives including its flagship hedge fund, a daily liquidity mutual fund, and customized separately managed accounts. For more information visit www.deerparkrd.com
SOURCE Deer Park Road Management Company
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