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Cambridge Place's Caliber Fund Shuts On Subprime Loss

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Caliber Global Investment Ltd., a $908 million fund invested in subprime mortgage debt, will close as losses widen on defaulted U.S. home loans.

The London-listed fund, managed by Cambridge Place Investment Management LLP, will sell its assets and shut within a year, Caliber said in a statement today.

Caliber is the second U.K. fund this week to report fallout from rising defaults by American homeowners, following a $91 million annual loss for Queen's Walk Investment Ltd., run by Cheyne Capital Management (UK) LLP in London. Carlyle Group, the Washington-based buyout fund, cut the size of its initial public offering for a fund that invests in bonds backed by mortgages by 25 percent to $300 million today.

``The losses are going to be phenomenal'' for funds worldwide holding subprime debt, said Peter Schiff, president of securities brokerage Euro Pacific Capital in Darien, Connecticut. ``My guestimate in the subprime world is that the majority of loans are going to go into default. Not just 5 or 10 percent, but the majority.''

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