SkyBridge plans to launch fund to invest in Web3 startups, reports say

Founded by Anthony Scaramucci, SkyBridge Capital will launch a venture fund focused on Web3 and the crypto industry. It targets developing startups and late‑stage companies, according to Business Insider citing informed sources.

Access to the structure will be available to accredited investors. An official announcement could take place at the Salt conference on September 12.

SkyBridge Capital intends to open the fund amid attractive discounts on the secondary market. Startups with sustainable valuations after recent funding rounds are also of interest.

Sources said that since January 2021, SkyBridge-managed funds invested ~$425 million in 12 private firms, including FTX.

Earlier media reported that the investment company froze redemption of shares of the Legion Strategies fund after the crash in stock and cryptocurrency prices.

About 20% of the portfolio comprises startups that do not have high liquidity. It was expected that some of them would go public this year.

The flagship fund Multi-Adviser Hedge Fund Portfolios is also facing problems. In an interview with The New York Times, Anthony Scaramucci said investors had submitted withdrawal requests totaling $890 million. As of the end of March, the fund’s AUM stood at $2 billion — about 22% of assets were invested in cryptocurrencies.

In April 2022, SkyBridge filed with the SEC for a fund focused on investments into mining into mining.

In late June, Scaramucci described Bitcoin as “technically oversold.”

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

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