SkyBridge fund down 39% in 2022 on failed crypto bets
SkyBridge Capital, the hedge fund firm found by Anthony Scaramucci, saw losses in its largest fund of 39% last year after investors asked the firm to return half their money after a series of failed bets on cryptocurrencies and now-bankrupt FTX, according to a report by Bloomberg.
The report cites unnamed sources as revealing that SkyBridge’s largest fund, which had assets of $1.3 billion at the end of Q3 2022, had one of its worst months in November 2022, when FTX declared bankruptcy.
Investors, who are limited to making two withdrawal requests each year, asked to pull 60% of the fund’s capital for the 30 September redemption period, but SkyBridge only returned 10%, according to a January regulatory filing.
In filing made by Skybridge on Friday, the firm revealed plans to further cap the amount of money clients can pull from the fund. For the March 31 redemption period, SkyBridge said it plans to give back no more than 5% of assets, according to the filing.