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Industry Updates
From mergers and acquisitions to cutting-edge
tech tools and solutions, here's the company news
the industry is talking about this month.
RICE PARK
CAPITAL CLOSES
ON MSR CAPITAL
COMMITMENT
Rice Park Capital Management LP, a
Minneapolis-based investment firm, has
announced that it has closed on a $300 million
capital commitment from M&G Investments
for its inaugural mortgage servicing rights
(MSR) fund. Rice Park is targeting $600
million in total capital commitments for its
MSR strategy in 2022.
"We are extremely pleased to have M&G
as the anchor strategic investor in our MSR
strategy. Finding the right equity capital is a
key ingredient for Rice Park to build a large
scale and durable MSR investing business,
and we have that with M&G. e initial
$300 million of equity gives us the capacity to
purchase approximately $70 billion of MSRs,"
said Nick Smith, Rice Park Founder, CEO
and Co-CIO. "As a result of our management
team's industry relationships, we've already
begun cultivating MSR investment
opportunities within our network of
origination and subservicing partners. We look
forward to building deep relationships with
these partners and expanding our presence in
the market over time."
Matt Kennedy, Rice Park Co-CIO, said,
"MSRs represent a $120 billion market
opportunity that is difficult to access for
most investors. Rice Park believes it is well
positioned within the market at an attractive
time in the rates cycle."
Morgan Stanley served as the placement
agent for the MSR fund.
