Hedge Funds

Greg Lippmann’s LibreMax crosses $1 billion


The founder’s fame and steady returns have propelled fundraising.

LibreMax Capital, the housing-focused credit hedge fund firm launched by Deutsche Bank subprime star Greg Lippmann, has reached nearly $1.1 billion in assets following February 1 subscriptions of about $100 million, according to an investor. The firm now employs 20, up from an initial staff of 12.

Flagship LibreMax Partners returned about 2% last year compared with a gain of 0.47% for the AR Mortgage Backed Securities Index (index data here). Profits were driven by investments in “the more high-yielding [residential mortgage-backed] securities that were considered to be safer,” the investor said. The