SkyBridge Capital, LLC, which provides strategic capital to talented managers who are starting new hedge funds, has invested in Steeplechase Capital Partners, a value-oriented, long/short
SkyBridge Capital, LLC, which provides strategic capital to talented managers who are starting new hedge funds, has invested in Steeplechase Capital Partners, a value-oriented, long/short equity investment partnership, from its SkyBridge Capital Partners, LP and SkyBridge Capital (Cayman) Ltd funds.
In addition to providing Steeplechase Capital’s investment team with stable, long-term capital, SkyBridge Capital will devote a team of professionals to provide Steeplechase Capital with business-building support.
Steeplechase Capital’s objectives are to deliver superior long-term, risk-adjusted returns by pursuing a bottoms-up and fundamental long/short equity strategy.The firm takes a private equity approach to public market investing, focusing on companies demonstrating asymmetry between price and intrinsic value. Steeplechase Capital is based in Chicago, IL.
Steeplechase Capital Partners is led by Principal and Portfolio Manager Michael Derick, formerly the co-founder and co-portfolio manager of the Primary Strategies Group of Citadel Investment Group in Chicago. At Citadel, he also worked as a senior analyst in the firm’s Global Value Group. Before joining Citadel, Derick was an analyst at Basswood Partners, a deep-value, long-short hedge fund located in New York.
Anthony Scaramucci, Managing Member of SkyBridge Capital, said, ‘Michael Derick has distinguished himself as a successful, value-based investor at two premier investment firms, and we are pleased to join with him in this new strategic partnership to build Steeplechase Capital for the long-term. Steeplechase Capital is the seventh firm in SkyBridge’s portfolio of hedge fund managers.’
Derick of Steeplechase Capital Partners said: ‘Our view that the market is generally efficient over the long-run, and frequently inefficient in the short-run, underpins our approach to investing. We believe there are substantial investment opportunities for a firm like ours that adheres to a disciplined focus on cash flow analysis. We are pleased to partner with SkyBridge, a large, well-capitalized firm with significant distribution as we aim to achieve our investment objectives and build an even stronger organization.’
Steeplechase Capital Partners is a value-oriented, long/short equity investment partnership. Led by Michael Derick, the Chicago-based firm takes a private equity, cash flow-oriented approach to public market investing, focusing on companies demonstrating asymmetry between price and intrinsic value.
SkyBridge Capital, LLC provides strategic capital to talented managers who are developing new hedge funds. The firm’s team of experienced professionals coordinates a global network of partners in sourcing hedge fund managers from its headquarters in New York. SkyBridge Capital has a strategic relationship with MSD Capital, LP, the New York-based private investment firm that exclusively manages the capital of Michael S. Dell and his family. At the end of 2005, SkyBridge Capital completed the initial closing of its SkyBridge Capital Partners, LP and SkyBridge Capital (Cayman) Ltd funds.
In addition to its strategic investment in Steeplechase Capital Partners, SkyBridge Capital has made similar investments in funds including: Westport Capital Partners LLC, which opportunistically invests globally in both real estate properties and public and private securities in the real estate sector; Brompton Cross Capital Advisers LLC, a long/short global equity hedge fund with a focus on the technology, media, and telecommunications sectors; Abdiel Capital L.P., a concentrated value investment fund; Outpoint Capital Management, a value-oriented, long/short equity investment partnership; and Ironshield Capital Management is an investment partnership focused on investing in European stressed and distressed debt and equity special situations.
