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NEW YORK CITY-Investment manager Fir Tree Inc. said Thursday it had closed its $400-million Fir Tree Mortgage Opportunity Fund. Fir Tree plans to deploy the capital broadly across the mortgage opportunity set, including “senior, high quality mortgage securities, structured products and other areas that are related to the fallout in the US mortgage market,” according to a release.

Terms of the fund allow Fir Tree to call capital from limited partner commitments as the managers identify investment opportunities, the release states. In addition, limited partners have agreed to lock-up of capital over several years to allow Fir Tree to execute its investment strategy through the current credit market cycle.

“As patient investors, we wanted to structure the MOF so that we could properly optimize our LP’s capital in 2009,” says Andrew Fredman, managing partner of Fir Tree. Adds Clinton Biondo, managing director, “Time will be our friend as market fundamentals return in the medium to long term and we capture full value from a carefully-managed portfolio.”

Fir Tree launched MOF in July of 2008 to provide dedicated exposure to opportunities resulting from the collapse of the housing and related structured products markets. The company was founded in 1994 by Jeffrey Tannenbaum.

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