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Tuesday, 16 November 2010

Fund Manager Invests Initial CMBS Fund, Eyes More

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Commercial Real Estate Direct Staff Report

Marketfield Asset Management, a New York investment manager that late last year launched a CMBS fund, has fully invested it and is working on other initiatives that might include a follow-up fund.

The company last year had hired Andrew Parower, former managing director of AIG Investments, where he oversaw a $20 billion CMBS portfolio, to run its new CMBS investment efforts.

It raised capital from foreign investors for Marketfield Credit Master Fund that was plowed into investment-grade CMBS. The fund's investments, which have not been leveraged, have a market value of about $260 million. It raised less than that, but benefited substantially from the run-up in the price of CMBS.

Marketfield is a unit of broker-dealer Oscar Gruss & Son, giving it access to a variety of investors, both in the United States and abroad. So its new initiatives could come in the form of a comingled fund, a separate account, or some other vehicle whose risk profile would be tailored for its investor base.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.

Copyright © 2010 Commercial Real Estate Direct


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS - non-deal specific (CMBS-G), Commercial MBS (CMBS), Institutional Investment (INS), Opportunity Funds (OPPY)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
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