February 27, 2024

The media learned about SkyBridge's plans to launch a fund to invest in Web3 startups

The media learned about SkyBridge's plans to launch a fund to invest in Web3 startups

Founded by Anthony Scaramucci, SkyBridge Capital will launch a venture fund focused on Web3 and the crypto industry. Hefocused on emerging startups and late-stage companies, Business Insider writes, citing knowledgeable sources.

Accredited investors will have access to the structure. The official announcement may take place at the Salt conference on September 12.  

SkyBridge Capital intends to open the fund in the conditions of formation of attractive discounts in the secondary market. Startups with stable valuations after recent investment rounds are also of interest.

Since January 2021, SkyBridge-managed funds have invested ~$425 million in 12 private firms, including FTX, sources said.

Earlier, the media reported that the investment company had frozen the redemption of shares of the Legion Strategies fund after the collapse of stock and cryptocurrency prices. 

About 20% of the structure's portfolio falls on startups that do not have high liquidity. It was assumed that some of them will receive public status this year.

The flagship fund is also experiencing problemsMulti-Adviser Hedge Fund Portfolios. In a conversation with The New York Times, Anthony Scaramucci said that investors sent requests to withdraw $890 million. At the end of March, the structure’s AUM was $2 billion—about 22% of its assets were investments in cryptocurrencies.

Let us recall that in April 2022, SkyBridge submitted an application to the SEC to launch a fund focused on investing in the mining business. 

At the end of June, Scaramucci called bitcoin “technically oversold.”

Earlier, the founder of SkyBridge Capital urged crypto investors to “stick to quality assets.”

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