Here's some more intelligence about the Matawin III fund that is now forming to invest in toxic mortgages: Sponsor Tourmalet Advisors of Connecticut is seeking a minimum investment of $1 million from individuals and $5 million from institutions. Tourmalet is taking a 1.5% management fee on capital pledged to the fund. Its prime brokers on nonperforming loans are Morgan Stanley and Goldman Sachs. As I noted on Friday, the fund is the brainchild of Michael Corasaniti, who worked at the Pequot Capital hedge fund, and also did time in research at Keefe, Bruyette & Woods. Pequot is also the name of the Indian tribe in Connecticut that owns a couple of top earning casinos in the state...
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