The Fund's investment strategy is to acquire, aggregate, manage, securitize and exit investments in securities secured by, or related to, residential and commercial real estate including RMBS, equity and debt investments in collateralized debt obligations (CDOs) that are collateralized mainly by RMBS, senior and subordinated mortgage notes, preference shares and whole loans secured by or related to residential real estate and other related securities and derivatives referencing the foregoing. The Fund may also invest in commercial mortgage backed securities (CMBS) and other securities and debt secured by or relating to commercial real estate. The foregoing shall be collectively referred to as Real Estate Related Assets. The Manager believes that in the context of the current credit markets dislocation and de-leveraging there are numerous current and emerging opportunities to purchase these assets at substantial discounts to their likely ultimate recovery value. The Fund's inception is November 3, 2009.