Mortgage credit market pioneer, Carrington Capital Management is launching several new funds that aim to profit from a recovery in the real estate markets, Reuters reports. The hedge fund was founded by Bruce Rose in 2003 who has packaged $23 billion in subprime mortgages.

At least one of the firm’s new offerings will focus on those markets expected to recover first, according to Rose. He is now targeting property on the East Coast and West Coast.

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