SkyBridge Capital

SkyBridge Capital
Company typePrivate
IndustryInvestment Management
Founded2005
Headquarters527 Madison Avenue
New York City, United States
Key people
Anthony Scaramucci
Raymond Nolte
Brett S. Messing
Websitewww.skybridge.com

SkyBridge Capital is a global investment firm based in New York City, United States. It is run by founder Anthony Scaramucci, Brett S. Messing, and Raymond Nolte.[1][2][3]

SkyBridge produces the SkyBridge Alternatives Conference, or "SALT" Conference, a capital introduction convention.[4] In addition to its annual flagship event in Las Vegas, SALT has hosted conferences in Singapore, Tokyo and Abu Dhabi.[5]

It has offices located in New York and Florida.[6][7]

As of March 2023 Skybridge's assets had dwindled to about $2 billion from a peak of $9 billion in 2015. Investors lost about 30% of their value from the beginning of 2020 through March 2023, 39% in calendar 2022. The fund had reduced the ability of investors to withdraw funds and reduced staffing.[8]

History

SkyBridge Capital was founded in 2005 by Anthony Scaramucci, the co-founder of Oscar Capital Management.[9]

In June 2010, SkyBridge acquired Citigroup Alternative Investments Hedge Fund Management Group. Ray Nolte, who oversaw the Citigroup operation, joined SkyBridge as co-managing partner and chief investment officer.[10] Troy Gaveski, who served SkyBridge as co-chief investment officer from 2019-2021, also joined with the acquisition.[11] The acquisition raised assets under management from $450 million to $5.9 billion.[12]

In March 2015, the company opened its third office in Palm Beach Gardens, Florida.[13] The company was also the title sponsor of West Palm Beach's inaugural bike share program, SkyBike, before the program shut down in December 2019.[14][15]

On January 17, 2017, SkyBridge announced that it had signed a definitive purchase agreement with RON Transatlantic and HNA Capital U.S., with founder Scaramucci stepping down from his role as co-managing partner in order to take a role in Trump administration.[16]

However, on April 30, 2018, HNA and SkyBridge issued a joint statement the two sides had agreed not to pursue the deal, with Scaramucci returning as co-managing partner of the company.[17][18] The Committee on Foreign Investment in the United States had yet to approve HNA's takeover. The statement said that the committee had offered the two sides "a path to approval" if they made certain changes, but that neither side believed it was in its best interest to continue.[19]

In September 2022, the venture arm of FTX bought a 30 percent stake in SkyBridge for $45 million, valuing SkyBridge at roughly $150M.[20] SkyBridge will use $40 million from the proceeds to buy cryptocurrencies to strengthen its long-term balance sheet.[21] The deal additionally provided FTX with a three-year option to acquire 85 percent of the fund group.[20] In November 2022, following the insolvency crisis at FTX, Scaramucci said that he was trying to buy back the stake. Additionally, he added that SkyBridge took a loss on its exposure to FTX's FTT token.[22]

References

  1. ^ Giannone, Joseph A. (23 March 2009). "Now is best time to launch hedge fund: Scaramucci". Reuters. Retrieved 28 March 2015.
  2. ^ Strauss, Lawrence A. (19 July 2014). "Ray Nolte: A Clearer Window Into Hedge Funds". Barron's. Retrieved 28 March 2015.
  3. ^ "Anthony Scaramucci's SkyBridge Hires Brett Messing". Bloomberg.com. 2018-11-13. Retrieved 2020-03-17.
  4. ^ Benner, Katie (May 9, 2013). "A Davos Grows in the Desert". Retrieved February 24, 2022.
  5. ^ "SALT Abu Dhabi: Where finance, technology, geopolitics meet". Arab News. 2019-12-09. Retrieved 2020-03-17.
  6. ^ "Scaramucci's SkyBridge Opens London Office in Push for Growth". Bloomberg.com. 2016-07-28. Retrieved 2020-03-27.
  7. ^ "SkyBridge Capital Opens Office in Seoul, South Korea | Hedgeweek". www.hedgeweek.com. 2015-05-05. Retrieved 2020-03-27.
  8. ^ Burton, Katherine; Maglione, Francesca (April 6, 2023). "Scaramucci's SkyBridge Capital Was Spiraling, and Then Came FTX". Bloomberg Businessweek. Retrieved 2023-04-09.
  9. ^ "The Power 100". Worth. October 17, 2016. Archived from the original on October 21, 2016. Retrieved February 18, 2017.
  10. ^ "Citi Sells Fund of Funds Unit to SkyBridge". DealBook. April 14, 2010. Retrieved 2024-02-10.
  11. ^ Herbst-Bayliss, Svea (July 22, 2021). "Scaramucci says SkyBridge Capital co-CIO Gayeski has left firm". Reuters. Retrieved 2024-02-10.
  12. ^ Ahmed, Azam (May 5, 2011). "SkyBridge Comes Out a Winner in Las Vegas". DealBook. Retrieved 2024-02-10.
  13. ^ Ostrowski, Jeff (4 March 2015). "New York investment firm opens branch office in Palm Beach Gardens". Palm Beach Post. Retrieved 28 March 2015.
  14. ^ Gehrke-White, Donna (4 March 2015). "SkyBridge Capital investment firm expanding to Palm Beach County". Sun Sentinel. Retrieved 28 March 2015.
  15. ^ "West Palm's scooter effort edges out SkyBike rental program". The Palm Beach Post. Retrieved 2020-03-13.
  16. ^ "Sale of ex-Trump aide Scaramucci's SkyBridge on track: executive". Reuters. 2017-09-19. Retrieved 2020-03-13.
  17. ^ "After White House Stint and a Failed Deal, Anthony Scaramucci Is Back Where He Started". Fortune. Retrieved 2020-03-13.
  18. ^ "Scaramucci Is Back — and so Is SkyBridge". Institutional Investor. Retrieved 2020-03-13.
  19. ^ Flitter, Emily (30 April 2018). "Chinese Firm Scraps Deal to Buy Anthony Scaramucci's Hedge Fund". New York Times. Retrieved 3 August 2018.
  20. ^ a b Darbyshire, Madison; Aliaj, Ortenca; Oliver, Joshua (13 September 2022). "Sam Bankman-Fried made $45mn bet on SkyBridge with crypto strings attached". Financial Times.
  21. ^ Aliaj, Ortenca; Oliver, Joshua (9 September 2022). "FTX Ventures buys 30% stake in Scaramucci's SkyBridge Capital". Financial Times.
  22. ^ Parmar, Hema (11 November 2022). "Scaramucci's SkyBridge Is Trying to Buy Back FTX's 30% Stake". Bloomberg News.