Almost a year in the making, GMAC-Residential Funding Corp. unveiled a venture capital arm last week that will make later-stage strategic plays in the asset-backed and mortgage-backed securities space. While the corporate venture vehicle has actually been scouting and completing investments for the past few months, the official launch was delayed due to corporate red tape surrounding the use of the tightly-controlled GMAC brand name.

The fund's investments, which will come in at the low end of a $5 million to $15 million spectrum, will focus on companies involved in the origination, processing and secondary trading of asset-backed and mortgage-backed securities. Examples of this type of play include business-to-business exchange portals, Internet processing outfits and digital signature technology.

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