Tourmalet Advisors, a Connecticut-based hedge fund, is in the process of raising $500 million to invest in nonperforming mortgages, according to an offering circular provided to National Mortgage News.

Tourmalet has already invested $460 million in nonperforming loans (NPLs) through its Matawin Fund and has formed joint venture partnerships with other vulture funds including Kondaur Capital, Irvine, Calif.

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