SkyBridge Capital

SkyBridge Capital was founded in 2005 by Anthony Scaramucci, the co-founder of Oscar Capital Management.{{cite magazine |url=http://www.worth.com/power-100-2016/ |magazine=Worth |title=The Power 100 |date=October 17, 2016 |access-date=February 18, 2017 |url-status=dead |archive-url=https://web.archive.org/web/20161021195630/http://www.worth.com/power-100-2016/ |archive-date=October 21, 2016}}

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.{{Cite newsletter |date=April 14, 2010|title=Citi Sells Fund of Funds Unit to SkyBridge |url=https://dealbook.nytimes.com/2010/04/14/citi-sells-fund-of-funds-unit-to-skybridge/ |access-date=2024-02-10 |work=DealBook |language=en}} Troy Gaveski, who served SkyBridge as co-chief investment officer from 2019-2021, also joined with the acquisition.{{Cite news |last=Herbst-Bayliss |first=Svea |date=July 22, 2021 |title=Scaramucci says SkyBridge Capital co-CIO Gayeski has left firm |url=https://www.reuters.com/article/idUSL1N2OY1SU/ |access-date=2024-02-10 |work=Reuters}} The acquisition raised assets under management from $450 million to $5.9 billion.{{Cite newsletter |last=Ahmed |first=Azam |date=May 5, 2011 |title=SkyBridge Comes Out a Winner in Las Vegas |url=https://dealbook.nytimes.com/2011/05/13/skybridge-comes-out-a-winner-in-las-vegas/ |access-date=2024-02-10 |work=DealBook |language=en}}

In March 2015, the company opened its third office in Palm Beach Gardens, Florida.{{cite web | url=http://www.palmbeachpost.com/news/business/new-york-hedge-fund-opens-branch-office-in-palm-be/nkNZP/ | title=New York investment firm opens branch office in Palm Beach Gardens | publisher=Palm Beach Post | date=4 March 2015 | accessdate=28 March 2015 | author=Ostrowski, Jeff}} 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.{{cite web | url=http://www.sun-sentinel.com/business/personal-finance/fl-palm-investment-company-20150304-story.html | title=SkyBridge Capital investment firm expanding to Palm Beach County | publisher=Sun Sentinel | date=4 March 2015 | accessdate=28 March 2015 | author=Gehrke-White, Donna}}{{Cite web|url=https://www.palmbeachpost.com/news/20191227/west-palmrsquos-scooter-effort-edges-out-skybike-rental-program|title=West Palm's scooter effort edges out SkyBike rental program|website=The Palm Beach Post|language=en|access-date=2020-03-13}}

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.{{Cite news|url=https://www.reuters.com/article/us-skybridge-sale-idUSKCN1BT2F5|title=Sale of ex-Trump aide Scaramucci's SkyBridge on track: executive|date=2017-09-19|work=Reuters|access-date=2020-03-13|language=en}}

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.{{Cite web|url=https://fortune.com/2018/05/01/anthony-scaramucci-skybridge-capital-hna-sale/|title=After White House Stint and a Failed Deal, Anthony Scaramucci Is Back Where He Started|website=Fortune|language=en|access-date=2020-03-13}}{{Cite web|url=https://www.institutionalinvestor.com/article/b199pjdpgbxqbh/Scaramucci-Is-Back-and-so-Is-SkyBridge|title=Scaramucci Is Back — and so Is SkyBridge|website=Institutional Investor|language=en-gb|access-date=2020-03-13}} 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.{{cite web | url=https://www.nytimes.com/2018/04/30/business/anthony-scaramucci-hna.html | title=Chinese Firm Scraps Deal to Buy Anthony Scaramucci's Hedge Fund | work=New York Times | date=30 April 2018 | accessdate=3 August 2018 | author=Flitter, Emily}}

In September 2022, the venture arm of FTX bought a 30 percent stake in SkyBridge for $45{{nbsp}}million, valuing SkyBridge at roughly $150M.{{cite web |url=https://www.ft.com/content/57407389-a4c6-4d93-91c4-014853748540 |title=Sam Bankman-Fried made $45mn bet on SkyBridge with crypto strings attached |date=13 September 2022 |work=Financial Times |first1=Madison |last1=Darbyshire |first2=Ortenca |last2=Aliaj |first3=Joshua |last3=Oliver |url-access=limited}} SkyBridge will use $40{{nbsp}}million from the proceeds to buy cryptocurrencies to strengthen its long-term balance sheet.{{cite news |url=https://www.ft.com/content/2767017b-ce15-4e88-9176-337a0d924fb8 |title=FTX Ventures buys 30% stake in Scaramucci's SkyBridge Capital |date=9 September 2022 |work=Financial Times |first1=Ortenca |last1=Aliaj |first2=Joshua |last2=Oliver |url-access=limited}} The deal additionally provided FTX with a three-year option to acquire 85 percent of the fund group. 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.{{cite web |url=https://www.bloomberg.com/news/articles/2022-11-11/scaramucci-says-skybridge-is-trying-to-buy-back-stake-from-ftx |title=Scaramucci's SkyBridge Is Trying to Buy Back FTX's 30% Stake |date=11 November 2022 |work=Bloomberg News |last=Parmar |first=Hema |url-access=limited}}

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Category:Financial services companies established in 2005

Category:Hedge fund firms of the United States

Category:Companies based in New York City