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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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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.