SkyBridge Capital

History

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

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. Troy Gaveski, who served SkyBridge as co-chief investment officer from 2019-2021, also joined with the acquisition. The acquisition raised assets under management from $450 million to $5.9 billion.

In March 2015, the company opened its third office in Palm Beach Gardens, Florida. 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.

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.

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. 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.

In September 2022, the venture arm of FTX bought a 30 percent stake in SkyBridge for $45million, valuing SkyBridge at roughly $150M. SkyBridge will use $40million from the proceeds to buy cryptocurrencies to strengthen its long-term balance sheet. The deal additionally provided FTX with a three-year option to acquire 85 percent of the fund group.

References

References

1. Giannone, Joseph A.. (23 March 2009). "Now is best time to launch hedge fund: Scaramucci". Reuters.
2. Strauss, Lawrence A.. (19 July 2014). "Ray Nolte: A Clearer Window Into Hedge Funds". Barron's.
3. (2018-11-13). "Anthony Scaramucci's SkyBridge Hires Brett Messing".
4. Benner, Katie. (May 9, 2013). "A Davos Grows in the Desert".
5. (2019-12-09). "SALT Abu Dhabi: Where finance, technology, geopolitics meet".
6. (2016-07-28). "Scaramucci's SkyBridge Opens London Office in Push for Growth".
7. (2015-05-05). "SkyBridge Capital Opens Office in Seoul, South Korea {{!}} Hedgeweek".
8. (April 6, 2023). "Scaramucci's SkyBridge Capital Was Spiraling, and Then Came FTX".
9. (October 17, 2016). "The Power 100".
10. (April 14, 2010). "Citi Sells Fund of Funds Unit to SkyBridge". [[Andrew Ross Sorkin#DealBook.
11. Herbst-Bayliss, Svea. (July 22, 2021). "Scaramucci says SkyBridge Capital co-CIO Gayeski has left firm". [[Reuters]].
12. Ahmed, Azam. (May 5, 2011). "SkyBridge Comes Out a Winner in Las Vegas". [[Andrew Ross Sorkin#DealBook.
13. Ostrowski, Jeff. (4 March 2015). "New York investment firm opens branch office in Palm Beach Gardens". Palm Beach Post.
14. Gehrke-White, Donna. (4 March 2015). "SkyBridge Capital investment firm expanding to Palm Beach County". Sun Sentinel.
15. "West Palm's scooter effort edges out SkyBike rental program".
16. (2017-09-19). "Sale of ex-Trump aide Scaramucci's SkyBridge on track: executive". Reuters.
17. "After White House Stint and a Failed Deal, Anthony Scaramucci Is Back Where He Started".
18. "Scaramucci Is Back — and so Is SkyBridge".
19. Flitter, Emily. (30 April 2018). "Chinese Firm Scraps Deal to Buy Anthony Scaramucci's Hedge Fund". New York Times.
20. (13 September 2022). "Sam Bankman-Fried made $45mn bet on SkyBridge with crypto strings attached". [[Financial Times]].
21. (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]].