SkyBridge Capital, the alternative-investment firm founded by Anthony Scaramucci, is up for sale, three private equity sources said.
It’s unclear whether SkyBridge has hired an investment bank yet. The New York fund-of-hedge-funds has $11.8 billion in assets under management or advisement as of Oct. 31, the firm’s website said.
Scaramucci founded SkyBridge in 2005 and is currently co-managing partner. He is a member of President-elect Donald Trump’s transition team executive committee and a member of his Economic Advisory Council. He was previously a vice president in Goldman Sachs’s private wealth management, his biography said.
This isn’t the first time Scaramucci has sold his firm. In 2001, Neuberger Berman LLC acquired Oscar Capital Management, the prior firm that he co-founded.
The sale of SkyBridge has also been expected. “Scaramucci wants a position in the Trump administration,” one of the sources said.
Scaramucci is co-host of “Wall Street Week,” which airs on Fox Business Network. The PBS program ran for 32 years hosted by Louis Rukeyser, the award-winning financial journalist, who died in 2006, the New York Times said. Scaramucci revived “Wall Street Week” in 2015.
The SkyBridge sale is expected to attract PE, which has shown an appetite for hedge funds.
KKR in 2015 acquired a minority stake, 24.9 percent, in Marshall Wace. Carlyle Group, from 2010 to 2012, bought majority stakes in three hedge-fund firms including Claren Road Asset Management, Vermillion Asset Management and Emerging Sovereign Group, Bloomberg reported. In August, Carlyle sold its stake in ESG after its hedge-fund business underperformed, Bloomberg said.
Blackstone in June acquired a minority stake in Marathon Asset Management, Reuters reported. In 2015, the firm bought stakes in Magnetar Capital and Solus Alternative Asset Management in separate transactions, and, in 2014, in Senator Investment Group LP, according to press reports.
Executives for Skybridge declined comment.
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Anthony Scaramucci, co-managing partner and founder of Skybridge Capital, speaking at the opening of the SALT conference 2015. Photo courtesy Reuters/Rick Wilking