Rice Park Capital Management LP, a Minneapolis-based investment firm, 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. The 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 sub-servicing partners. We look forward to building deep relationships with these partners and expanding our presence in the