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August 02, 2017  

Debt-Focused MKP Preps Relative-Value Fund

MKP Capital has a new offering in the market.

The debt-focused shop is aiming for a yearend launch of MKP Select fund, which would invest in government securities, agency mortgage bonds and corporate debt, following a relative-value approach with a global-macro view.

MKP chief executive Rich Lightburn wrote in a July 20 letter to limited partners that the offering builds on the firm’s experience in the fixed-income market amid “what we see as a resurgent opportunity set available from relative-value investing.”

The planned fund’s portfolio manager, Joe Train, joined MKP in 2003 from J.P. Morgan. In addition to Lightburn, MKP’s managing members are Thomas DeVita, Henry Lee and Patrick McMahon.

The New York firm manages $6.3 billion through global-macro, credit-product and real estate vehicles. MKP Credit Fund, its credit-product flagship, was up 9.9% in the first half, after dropping 6% last year. The global-macro MKP Opportunity Fund showed a 1.5% first-half decline — a reversal from a 3.9% gain in 2016.