Invesco Closes $1.46B Mortgage Recovery Fund

Invesco Ltd. has held a final closing for its Mortgage Recovery Fund with total commitments of more than $1.46 billion, principally from institutional clients.

Invesco's offering, which invests in its Public-Private Investment Fund, provides exposure to mortgage loans and securities. The fund is managed by three of its investment teams: Invesco Fixed Income, Invesco Real Estate and WL Ross & Co., the distressed-investment affiliate of Invesco.

‘The Treasury Department's [Public-Private Investment Program (PPIP)] initiative of partnering with private investment firms like Invesco re-established a market for mortgage-related securities in 2009 by providing much-needed stimulus to this distressed market,’ says Mark Armour, senior managing director and head of Worldwide Institutional. ‘We are extremely pleased that Invesco's collective investment expertise is an ongoing part of this most critical process.’

The fund has been designed to invest in the mortgage market broadly, including PPIP-eligible mortgage-backed securities and mortgage-related loans. The broad investment strategy provides the investment teams the ability to seek the most compelling mortgage recovery opportunities, Invesco says.

SOURCE: Invesco Ltd.


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