Investors are queuing up to withdraw assets from SkyBridge Capital’s flagship hedge fund amid the current market downturn, according to a report by The New York Times.
The firm, founded by Anthony Scaramucci, is reported to be facing a mass exodus of investors from the SkyBridge Multi-Adviser Hedge Fund Portfolios, which in March 2022 held over $2 billion in assets. Investors are said to be be looking to withdraw around $890 million from the fund – about half of its current assets – but many will be unable to do so due to the firm’s policy of capping redemptions during its twice-yearly withdrawal periods.
A letter sent to investors earlier this month, said that the current window was oversubscribed and that only 16% of the withdrawls requested would be granted with investors due to be paid by the end of October.
Earlier this week, news emerged that SkyBridge had also suspended withdrawls from one of its smaller fund of funds, the $230 million Legion Strategies.
