SkyBridge Capital, Anthony Scaramucci’s global alternative investment firm, announced Wednesday that it will launch a fund to support web3 and crypto startups in September.
This fund will combine traditional venture equity with growth equity, and it is open to accredited investors. Venture and growth equity funds will invest primarily in private web3 financial technology companies and growth and late-stage crypto businesses.
SkyBridge intends to announce the venture funds at its annual Salt conference in September 12.
According to sources familiar with the matter the announcement states that the fund will be at the forefront decentralised finance. This is Scaramucci’s vision. SkyBridge will target firms that trade at discounts on secondary markets and companies that continue to raise primary rounds, according to the report.
Early this year, SkyBridge, a major traditional fund manager, shifted its attention to cryptocurrency.
Market Volatility Hitting Capital Investments
SkyBridge joined the growing number of firms that have stopped withdrawing from crypto-exposed funds a few days ago.
SkyBridge stopped withdrawing funds from its Legion Strategies Fund on 19 July because of its crypto exposure.
Legion Strategies manages approximately $250 million. Only 18%, or about $45 million, is dedicated to investments in cryptocurrencies. The Legion Strategies Fund is exposed via its investments in the Sam Bankman Fried-led FTX Exchange and exposure to BitcoinAlgorand, Ethereum and.
SkyBridge founder Anthony Scaramucci took over and assured clients no assets were at danger of liquidations. He also stated that the suspension was temporary.
Scaramucci said the board had voted to temporarily suspend withdrawals because the fund faced difficulties selling private stocks, which comprise around 20% of the fund’s portfolio.
Private company stocks are becoming difficult to sell amid market volatility and inflationary pressures. One of the fund’s private investments is in the FTX cryptocurrency exchange.