New York-based SkyBridge Capital, which provides strategic capital
to new and early-stage hedge funds, has invested in Capital Returns Master, a
global long/short equity hedge fund specialising in the insurance industry,
through its SkyBridge Capital Partners and SkyBridge Capital (Cayman) funds.
In addition to providing the fund with long-term strategic capital, SkyBridge
will seek to enhance its investment by providing business-building support to
investment manager Capital Returns, which was founded by Ronald D. Bobman in
2003.
Since its launch, the fund has focused on investment in the global insurance
industry, drawing on Bobman's previous experience as a portfolio manager at
Bedford Oak Advisors and previously in executing mergers, acquisitions and
corporate financings for investor Sam Zell and his insurance holding company
Capsure Holdings.
'The Capital Returns team, led by Ron Bobman, is differentiated by its deep
insurance industry experience and strong portfolio and risk management
disciplines,' says SkyBridge managing partner Anthony Scaramucci.
'We were also attracted to Mr Bobman's consistent record of strong investment
returns over the nearly five-year period since the fund's inception. We look
forward to working together in partnership to further build and grow this
business.'
Bobman says: 'We are pleased to have partnered with SkyBridge Capital, which
has distinguished itself in the industry with its business-building and
investment-support capabilities. Having considered multiple strategic
partners, Skybridge was by the far the best partner to further build our
business.'
Launched in 2006 with backing from Michael Dell, founder of the eponymous
personal computer company, SkyBridge co-ordinates a global network of partners
in sourcing hedge fund managers and providing business-building and
investment-support services.
The firm has strategic investments in seven funds and typically initially
invests between USD25m and USD50m in its underlying managers. In total,
SkyBridge and its underlying managers currently have some USD1.5bn under
management.
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SkyBridge Capital makes strategic investment in insurance industry hedge fund |
Date: Wednesday, April 30, 2008
Author: HedgeWeek
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