SkyBridge Citigroup Fund Targets US Affluent

Chidem Kurdas

Having completed its acquisition of Citigroup’s hedge fund investing and seeding business, Anthony Scaramucci’s SkyBridge Capital is looking to raise money.

It will offer a former Citi fund of funds for a relatively low minimum initial investment of $25,000, with the intention of raising more than $1 billion over time.

This fund primarily targets the American mass affluent. But a couple of months ago HFM Week reported that SkyBridge wants to use the Citi deal to expand in Europe by starting Luxembourg-based funds in the Sicav format. Those would be widely available to European investors.

The Luxembourg products were to include a multi-strategy fund as well as a credit-focused strategy, according to the report.

The US product is a multi-strategy vehicle managed by Raymond Nolte, who headed the funds of funds operation at Citigroup since 2005 and with the acquisition moved to SkyBridge as managing partner and chief investment officer. He manages close to $1.05 billion currently. SkyBridge total assets are around  $7.6 billion.

The US fund is for accredited investors only, meaning individuals with a net worth of at least $1 million and organizations with total assets of at least $5 million. But a large number of individuals and organizations in America fulfill that requirement.

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